It is not too surprising to see various crypto assets lose over 80% of their value in a day. Numerous rug pulls and useless tokens exist on the market. The following four large moves are all best avoided unless something changes dramatically to give them a long-term appeal.
When a currency has the term “pump” associated with it, it is usually a matter of time until the market price goes the opposite direction. A fresh 100% price decline seems to confirm PumPETH has no long-term plan or value, yet that shouldn’t shock too many people. As the token only trades on Pancakeswap, it appears the developer rugged the liquidity for a quick profit. That is very common where new tokens are concerned these days. Unfortunately, that trend will not end overnight either.
The current price momentum for CryptoRockets is very similar to PumpETH. Moreover, it is another token only trading on Pancakeswap here the creator has seemingly pulled all liquidity. A sudden 95.8% price collapse is never a good sign and shows it is another token to avoid altogether. Interestingly, it has nearly $600,000 in daily trading volume, hinting at how there may be a few affected users.
Doge Rise Up (DOGERISEUP)
While it is understandable people want to chase the next crypto assets with prie potential, everyone can cross off Doge Rise Up from that list. The current 83.2% price loss is, like the other two assets above, a sign of liquidity being removed from PancakeSwap. One must wonder whether that $211,000 in daily trading volume made the developer any money before rugging users.
ZUM Token (ZUM)
Another token losing over 80% in value today, although it is not just trading Pancakeswap. ZUM also trades on Uniswap V2 – which is a bit suspicious – and FinexBox – a rather unknown platform. There is also a pair on Mercatox, yet it has not seen a trade for several hours. Even so, best to avoid ZUM token as it seems that project is dead in the water too.
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