Ethereum Meta Price: Pump and Unload? Crypto turns Rs 1,000 into Rs 2.37 crore in one day

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New Delhi: Cryptocurrencies are known for their wild swings in a very short period of time, while micro-tokens are renowned for their bizarre movements. Such tokens, with a tiny market cap and extremely low liquidity, deliver ultra-multibagger returns in just a day or two. However, not all investors can make money with such tokens.

SQUID and Kokoswap (KOKO) based on Squid Games are the best examples. The latest entry on this list is Ethereum Meta (ETHM), which has jumped over 2.35 lakh percent in the past 24 hours, according to data from Coinmarketcap.

The digital token skyrocketed 237,000% in a matter of hours. The price of this token reached $ 0.0001194, down from just $ 0.00000000005033 during the period. However, it was trading at $ 0.00006449 at 11:30 a.m. IST.

The total market cap for this token was just over $ 8.5 million as its traded volume jumped over 160% in the past day, at the time of writing. The total supply is 99,000,000,000, which is the maximum limit for this token. However, 50.01 billion ETHM tokens were in circulation, according to the data.

Hitesh Malviya, founder of itsblockchain.com, said Ethereum Meta trades on a few decentralized exchanges with a 24-hour trading volume of around $ 150,000. “You can expect extreme volatility when volume or liquidity is low. A single whale move can bring prices down. Investors should keep such manipulation scenarios in mind before investing a single penny in this new venture. ”

Ethereum Meta is not a new name in the crypto world. It has been around for three years. Ethereum Meta fixes a major weakness in Ethereum: the lack of privacy. It basically enables smart contracts where no one can see what was bought or for how much.

An upgrade called the Smart Contract Mixer would be added to the Ethereum platform after the implementation of Zero-Knowledge Snarks, said Raj A Kapoor, Founder, India Blockchain Alliance. It would make the system more efficient. “In addition, the Ethereum Meta token is also the foundation of the anonymous electronic marketplace accessible by the Tor browser, and it offers a completely anonymous experience,” he added.

Analysts, however, have called this another scam where the price increase occurs on the charts and no investor can see any real profits in their accounts.

The token price only increases because $ 4,659 was added to increase liquidity, said Manav Bajaj, founder of Panther Quant. So technically, a buy of $ 5,000 adds to the volatility. “Tokens are redeemable for cash, so developers can increase the supply at any time. Plus, 99% of the tokens are in a single wallet. People who buy or promote these types of tokens just by watching the growth on the graphics are stupid, ”he added. .

Market experts have said that such stories in the cryptoversy are purely pump-and-dump games.

Abhay Aggarwal, founder and CEO of Colexion said investors should be skeptical of these tokens as their prices are almost negligible and liquidity is in the hands of a few.

“It’s quite easy for someone to throw tokens and create a buzz. But investors shouldn’t fall into such traps and risk their money. They should focus on the team behind the token and the projects being helped. by this one, “he added.

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