Squid Games-based SQUID and Kokoswap (KOKO) are the prime examples. The latest entry to this list is Ethereum Meta (ETHM), which has surged more than 2.35 lakh per cent in the last 24 hours, according to data from Coinmarketcap.
The digital token skyrocketed a whopping 2,37,000 per cent in a matter of hours. The price of this token hit $0.0001194 from merely $0.00000005033 during the period. However, it was trading at $0.00006449 at 11.30 am IST.
The total market cap of this token was a little above $8.5 million, with its traded volume jumping more than 160 per cent in the last one day, at the time of writing this report. The total supply is 99,000,000,000, which is the maximum limit for this token. However, 50.01 billion ETHM tokens were in circulation, the data suggested.
Hitesh Malviya, founder, itsblockchain.com, said Ethereum Meta was trading on a couple of decentralised exchanges with a 24-hour trading volume of around $150,000. “One can expect extreme volatility where the volume or liquidity is low. One large whale move can crash the prices. Investors should keep in mind such scenarios of manipulation before investing a single penny in this new project.”
Ethereum Meta is not a new name in the crypto world. It has been around for three years. Ethereum Meta addresses a major weakness in Ethereum: the lack of privacy. It essentially enables smart contracts where no one can see what has been bought or for how much.
An upgrade called Smart Contract Mixer would be added to the Ethereum platform after it implements Zero-Knowledge Snarks, said Raj A Kapoor, Founder, India Blockchain Alliance. This would make the system more efficient….
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