The squid coin operation team has just been slapped with money and ran out of the coin circle. How many leeks have been cut from EDG?
EDG, have you maxed out your circle of friends recently? E-sports players are partying all night, and the crowds are not aware of it.
But what you may not know is that there is an altcoin with the same name, which also took advantage of the heat to harvest a wave.
On November 6, Beijing time, the highly anticipated League of Legends Global Finals officially kicked off . Almost at the same time, an altcoin named Edgeware (token EDG) also began to pull aggressively, rapidly rising from the previous $0.013. To $0.0299 on the evening of November 6, the intraday increase reached 130% ; in the early morning of November 7, the EDG team in the Mainland China division ushered in the night of the championship, and almost at the same time, the EDG altcoin also ushered in a “highlight moment.” “, rose to $0.033.
But the heat will always fade, and the hot EDG coins will soon usher in an avalanche decline. At 12 o’clock on November 7th, the price of EDG coin quickly fell to $0.022 in just 12 hours. As of 18:00 on November 9th, the latest price of EDG coin was $0.019, a 24-hour drop of more than 5% . Behind this round of simple and brutal ups and downs, many speculators in the currency circle have been harvested at high points.
The reporter noticed that the EDG coin was issued in early 2020 and has been listed on 5 exchanges. Although the currency introduction material does not mention League of Legends and other information, it has repeatedly been used during League of Legends events with the name of the special token of EDG. Pulling up, but basically every time the good is not long.
Up to now, the currency has a historically highest price of US$0.057, a historically lowest price of US$0.0012, a maximum supply of 5 billion EDG, and a maximum supply of 636 million yuan in market value.
“The hot behavior of EDG coin rubbing against League of Legends is pure speculation.” A senior analyst in the industry told the Beijing Business Daily that the price fluctuations may be due to small plates and short-term trading enthusiasm may lead to sharp price fluctuations. Of course, there may also be dealer manipulation.
In fact, it is not just EDG coins. At present, many cryptocurrency projects are constantly thinking about various tricks, creating new terms, and rubbing hot spots to attract users, including the recent fire squid coin.
After the squid coin price reached a high point on November 1, it fell to $0.0008 in just 5 minutes, which was almost cleared. On November 3, the exchange showed that squid coins could not be traded, and the operation team was accused of running away with money.
Just a month ago, the police destroyed a gang that carried out fraud in the name of investing in virtual currency, arrested 25 suspects, involved more than 300 deceived people, and involved more than 10 million yuan in funds. According to reports, the The currency does not have the characteristics of the blockchain, it is a fictitious concept, and it is actually an “altcoin”.
A reporter from Beijing Business Daily learned from many interviews that the current altcoins on the market generally have three types of characteristics: one is the issuer’s main body is not clear, or the information of the organization or team members is fraudulent, and the trading system is mostly deployed overseas; the other is the lack of A clear project schedule often advocates “high rebates and high returns”; third, there are no specific application scenarios, but they are good at fabricating backgrounds and creating facades to increase confusion.
Liu Feng, director of the Blockchain Technology and Application Research Center of Shanghai University of International Business and Economics, told reporters that the projects in these altcoins often did not invest too much in the technology ecology. Instead, they promoted hot spots in marketing and public opinion and engaged in marketing. , And finally use the hot spot to buy low and sell high to speculate on virtual currencies.
As early as 2017, the Central Bank and other seven ministries jointly issued an announcement on preventing the risk of token issuance financing, requiring all types of token issuance and financing activities to be stopped immediately; this year, the Central Bank, Central Cyberspace Administration, Supreme People’s Court, Supreme People’s Procuratorate, etc. The ten departments once again worked together to make a big move. In addition to characterizing virtual currency-related business attributes as “illegal”, they also stated that they will strengthen the risk monitoring and early warning of virtual currency trading speculation, and will build a multi-dimensional and multi-level risk prevention and disposal system.
From the perspective of the industry, all kinds of altcoin scams have broken through the limitations of traditional geographical space and require various departments to strengthen joint efforts to combat criminal acts. In addition, investors should stay away from being vigilant.
A senior analyst in the industry added, “Altcoin itself is not a derogatory term in the currency circle, but altcoins in China are usually associated with speculation and fraud. For speculators, try not to participate in these hot altcoin transactions and mining. , Not to mention leveraged transactions, we must improve our discernment, and rationally treat the price fluctuations in the virtual currency market.”
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-squid-coin-operation-team-has-just-been-slapped-with-money-and-ran-out-of-the-coin-circle-how-many-leeks-have-been-cut-from-edg/
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