A token named EthereumX (ETX) jumped by more than 70,000,000% in just over 24-hours, driving investors crazy over this bullish course of action. The token is a copycat of Ethereum, the world’s second-biggest cryptocurrency. Investors claimed to have witnessed the token reach as much as $50,000, generating instant millionaires.
Indeed the token is another scam that is made for the classic rug pull tactic. While the token’s bullish surge is something to admire, it seems that a glitch ticked off this scam event. If the price action was true, EthereumX would’ve broken barriers in the entire crypto industry.
According to a report presented by Watcherguru, the token reached $50,850 from $0.008945, generating a market capitalization of $4.4 trillion, which is nearly thrice of the world’s first and biggest cryptocurrency, Bitcoin. However, this seems to be a glitch from CoinmarketCap’s database and not an actual event.
EthereumX: another scam token
According to statements by members of the crypto community on Twitter, such scams have been prevalent in the crypto market for quite some time. Back in 2017, attempts were made to close the creation of such scam tokens. However, it seems that coins like EthereumX just keep popping up.
This shitcoin is up 66.5 million percent within the last 24 hours. Retail noobs be like: “ooooh wow! now looks like a good time to buy.”
said a Twitter user
These scam tokens need to be removed from the industry, and it seems that the government will have to take regulatory steps. The Infrastructure Bill that awaits President Biden’s approval is just one of the many regulatory processes against scam tokens.
Furthermore, another scam token, the Squid Game token, also ate millions of investors’ money as the token creators were not known. The website and the Twitter handle of the token responsible for promotions all vanished without a trace.
With such incidents prevailing currently, it is very important that every investor does their own research before trying their luck.