As a seasoned researcher with a background in both finance and ethics, I find myself increasingly concerned about the wild west that is the crypto market, particularly when it comes to meme tokens like Monkey Pox (POX). My life experiences have taught me that while innovation and opportunity are crucial, they must be balanced with transparency and accountability.
On August 5th, the cryptocurrency known as Monkey Pox experienced a significant surge, more than doubling in value. However, this impressive growth has since been completely wiped out due to worries about potential market manipulation
As an analyst, I’ve observed a significant decline in the value of Monkey Pox (POX). It reached a record low of $0.0355, representing a 68% drop from its weekly high. This substantial plunge has led to a decrease in its market capitalization, now standing at approximately $54 million – a significant reduction from the initial over $92 million
The significant drop can be linked to growing concerns about potential market manipulation, an issue frequently encountered within the meme coin sector
Data from DEX Screener shows that Monkey Pox has over 25,000 holders. Further data from RugCheck shows that the largest holder controls 660 million tokens, or 66% of the total supply. The top holders own 72% of all POX tokens in circulation.
Significantly, the changeable metadata can be modified by the owner as desired, which could potentially be risky given that the originator remains unknown. This contrasts with the stock market where disclosures are customary and mandatory, while a significant number of meme coin creators remain unidentified
Consequently, it’s possible for the developers of the MonkeyPox token to potentially influence the market and end up leaving numerous investors with worthless tokens
Previously, a similar event occurred. In May, Nigerian artist Davido endorsed the $DAVIDO cryptocurrency, which subsequently fell apart. It is speculated that Sahil Arora, the creator, amassed substantial wealth due to the token’s initial surge. Reports suggest that Arora has earned more than $30 million from tokens based on celebrities
/ A deep dive into the story of Sahil, showcasing previously unreleased video material, revealing how he amassed $30M in 2024 by introducing tokens for celebrities—many of which plummeted to no value
— Bubblemaps (@bubblemaps) August 14, 2024
It appears that the Monkey Pox token was probably introduced to cash in on the apprehension caused by Mpox, a condition that the World Health Organization classified as a global health emergency in August. The illness is currently spreading across various nations, with most cases reported in Africa, echoing the anxiety stirred up during the COVID-19 pandemic, which tragically took millions of lives
Creators of meme coins are reaping rewards due to the simplicity of minting tokens on sites such as Pump.fun and SunPump. It’s worth noting that SunPump has amassed over $57 million in fees within just a month after its debut, which underscores the widespread appeal of these digital assets
In nine months since its launch, the platform Pump.fun created by Solana (SOL), responsible for the Monkey Pox token, has amassed approximately $219 million in fees. Beyond the Monkey Pox token, creators have devised novel tokens to capitalize on trending events, such as political tokens like MAGA and ConstitutionDAO, which collectively hold a market value surpassing $567 million
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2024-09-05 18:22