Massive price swings in cryptocurrencies is on the rise with Ethereum Meta being the latest token to see a jaw-dropping surge within a matter of hours.
The digital asset has surged by over 2,13,000% to a high of $0.0001194 from $0.00000005604, data from Coinmarketmap showed. However, currently, the crypto is trading at $0.00006226 at 16:40 pm (IST).
Little-known cryptocurrencies surging and falling thousands of percentage points within a matter of hours is becoming a latest trend these days. This also indicates the risks and volatility in crpto-based trading.
With huge price swings in little-known cryptocurrencies becoming the norm, experts raised concerns and advised investors should be watchful which picking such tokens.
Recently, Kokoswap has surged from $0.01005 to $7.22 in just 24 hours, surging by a massive 71,000%. HUSKYX, again a crypto which is little-known to regular investors has seen a rally of over 45,000% in 24 hours, jumping from a low of $0.000000004089 to $0.000001878.
Squid Games-based SQUID token has also seen a similar rally a few days back.
Ethereum Meta, which boasts of a market capitalisation of mere $3.1 million, addresses a major weakness in Ethereum: the lack of privacy. The token also enables smart contracts where no friend, family, nor foe can see what you bought or for how much.
With the new Ethereum Meta’s Smart Contracts, this token allows direct anonymous payments between parties.
Ethereum Meta transactions exist alongside normal (nonanonymous) transactions. Each user can convert nonanonymous coins (Ethers) into anonymous coins, which is basically Ethereum Meta.
Users can then send Ethereum Meta to other users, and split or merge Ethereum Meta they own in any way that preserves the total value. Users can also convert Ethereum Meta back into normal Ether, obfuscating any possible traceability.
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