Investment

Zero to 6,000% in seven days, sleeping altcoins come to life

The rising tide is raising all ships – even those previously considered shipwrecked. At least that’s what it looked like on March 17, when some formerly sleeping altcoins exploded back to life and fluctuated between 3,000 and 6,500% in a week.

The most important of these was Karma, a social media project originally launched on the EOS blockchain in 2018. Over the past seven days, the dollar value of Karma increased 6,530% when the token climbed from the subcent price of $ 0.000464 to $ 0.030767.

Trading volume increased by 35,400% over the same period, but do not assume that this means that liquidity is readily available. From a weekly low of $ 2, trading volume rose to a median of $ 710.

The token lost more than 99% of its value between 2018 and 2020, the same year that any activity was last witnessed from the project’s Twitter account. Karma’s Telegram channel predictably saw a number of new additions over the past week, but no news from the team has emerged.

Karma migrated from the EOS blockchain to WAX in 2019, and the latest announcement on social media concerns the integration of the token with the WAX ​​cloud wallet. WAX itself (WAXP) gained Just last month 348%, how successful riding a wave NFT mania.

Another re-awakened altcoin this week, Nestree (EGG), recorded an increase of 3,018% over the last seven days, which climbed from $ 0.005511 to $ 0.171872. More than half of this fluctuation occurred in a five-minute window early on Wednesday morning, indicating less than natural price movements. More than 96% of the $ 7 million token trading volume came from the South Korean stock exchange Bithumb, where trades against Korean won dominated.

Nestree was launched in 2019 and is described as a reward-based blockchain messenger. The project’s Twitter account became less active over time, with four posts being monitored in 2020 and only one in 2021. The latest announcement was a very short “plan” that provided vague details about the development of e-commerce websites.

Google Play has seen more than 10,000 installs of Nestree, but reviews mention that certain personal information, including a mobile phone number, is required to register. One reviewer he noted“It’s against the spirit of blockchain chat applications.”

As the above figures suggest, the cryptocurrency market does not always discriminate. All pricing data taken from CoinMarketCap.


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