Several penny tokens have fared well in recent months but have gone under the radar for a number of reasons, including the fact that they are not as well-known as market leaders and hence receive less attention. Take Bitecoin, for example. Many have been shocked by this lesser-known cryptocurrency’s meteoric ascent in just 24 hours. According to CoinMarketCap, a market research organisation that records price movements of many coins, the currency gained 19,650 percent between January 16 and 17 to hit $0.000003271 from its previous value of $0.0006462.
However, by January 18, it had given up a significant portion of its gains, settling at $0.0003839. And the coin’s quick rise and fall in value has raised doubts about its viability as a rewarding investment vehicle. Financial experts frequently warn against “phishing” coins, which climb suddenly before losing all of their gains even faster.
Cryptocurrency based South Korean sitcom Squid Game had similar dramatic volatility. The coin, which was named after the show, attempted to profit from euphoria but, in an apparent hoax, lost all of its value within 24 hours. Crypto investors refer to this type of swindle as a “rug pull.”
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