In recent weeks, Bitcoin DEX tokens have been capturing the attention of crypto traders with their extraordinary price movements. One such token, XBTC, has experienced a jaw-dropping surge of +30,000%. However, experts have raised concerns about the legitimacy of this astounding rise, suggesting that XBTC may actually be a scam. Let’s delve deeper into the questionable nature of XBTC and explore the potential risks associated with investing in such tokens.
XBTC’s sudden surge, driven by approximately $210k in trading volume, has mesmerized DEX markets. The token’s price skyrocketed from its initial launch price of $0.00001 to its current trading price of $0.0005832 – an astonishing +31,078% move. While many traders eagerly jumped on board, over 300 DEX traders have become bag holders, holding positions in what experts suspect to be a scam coin.
Upon scrutinizing XBTC’s smart contract, experts discovered an alarming red flag. Hidden within the contract is a line that sets a sales tax of 100%. Typically, a sales tax is a small percentage of each transaction that goes to the project creator. However, in the case of XBTC, the entire sale proceeds are “taxed” during the transaction. This unusual feature is reminiscent of a “honey pot” scam, designed to lure investors into an investment that ultimately prevents them from realizing any gains.
Unfortunately, despite the $198k in locked liquidity and the seemingly impressive price action and technical structure of XBTC, many investors have suffered substantial losses. Over $200k has been lost, leaving approximately 340 bag holders with a hard lesson in due diligence. However, these losses may serve as a valuable reminder to the crypto community about the importance of thorough research and skepticism when dealing with volatile tokens.
Amidst the resurgence of meme coins, a project called Wall Street Memes (WSM) has emerged as a standout contender in the market. Unlike popular meme coins like Dogecoin or JIM, WSM has garnered significant attention on Crypto Twitter. Boasting a community of one million members, the project has raised a staggering $22.5m in pre-sale funding, surpassing all expectations and solidifying its position as one of the most anticipated coin launches of Q3 2023.
One of the key factors attracting investors to WSM is its democratic price point. Priced at just $0.0331 during the pre-sale, WSM has experienced considerable growth, driven by the allure of potentially lucrative gains. Furthermore, the project’s commitment to inclusivity is evident in its token distribution strategy. With 30% allocated for community rewards, 20% towards liquidity, and 50% available in the pre-sale, WSM aims to create a project that caters to the masses.
WSM’s explosive growth on social media, evidenced by its impressive community of one million followers, is a testament to its success. This rapid expansion is likely to attract major centralized exchange (CEX) listings, including Gate.Io, potentially propelling the WSM token to new heights. The project’s track record, demonstrated by the success of the Wall Street Bets NFT collection, has further contributed to its popularity and potential for continued growth.
As XBTC fades into the background amidst suspicions of being a scam coin, investors are seeking new opportunities. Wall Street Memes has emerged as a promising candidate, offering a democratized approach to meme coins and generating significant excitement within the crypto community. However, it is essential to remember the inherent risks associated with the crypto market. Investments within this high-risk asset class should be approached with caution and thorough research. Always exercise due diligence and seek professional advice before making any investment decisions.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies carries the risk of losing all of your capital.
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