In the fascinating realm of decentralized exchanges (DEX), a jaw-dropping soar in the value of Bitcoin derivative XBTC caught everyone’s attention, skyrocketing by a staggering +30,000%. This monumental hike is part of the recent wave of interest in Bitcoin DEX tokens, which gave rise to a similar rally by competing projects like BITCOIN2.
Amid an impressive volume of nearly $210k, XBTC took off like a rocket, mainly manifested in almost exclusively green candles. The shift from an initiation price of $0.00001 to a present trading value of $0.0005832 has left the DEX markets in both amazement and scepticism.
The astonishing upward journey enticed more than 300 DEX traders to hold positions. Simultaneously, the absence of any notable retracement or consolidation phase, coupled with an enticing $198k in locked liquidity, raised suspicions. It forces one to wonder if this scenario is another rendition of ‘too good to be true’?
A thorough dissection of XBTC’s smart contract reveals a cleverly concealed fact – a 100% sales tax. This excessive taxation, by which the entire proceeds from the sale are deducted, hints at a classic ‘honey pot’ scam operation. It draws investors into an investment with a false promise of hefty returns, which they later realise are unfeasible to cash.
Nonetheless, XBTC served as a harsh teacher, forcing more than 340 bag holders to learn a costly lesson on the importance of due diligence. In the midst of this cautionary tale, Wall Street Memes (WSM), the newest market entrant, came under the spotlight. This prospective crypto presale has emerged as 2023’s biggest meme coin launch, with an extraordinarily successful presale exceeding all expectations to raise $22.5m.
WSM aims not merely to tokenize the popular anti-bank movement, Wall Street Bets, but also seeks to revolutionise our understanding of digital value. Initial investors are particularly enticed by the democratic price point, merely $0.0331. It’s clear that the support for WSM is growing by the day.
Driven by their original anti-bank principles
Source: Cryptonews
