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Kim Kardashian-promoted crypto surges 124% after SEC claim, while token value drops the next day.

The digital currency jumped 124% in value after the US Securities and Exchange Commission (SEC) accused socialite Kim Kardashian of illegally promoting the cryptocurrency Ethereum Max. However, Ethereum Max’s rise was followed by a massive drop as the cryptocurrency fell 47% below its October 3 highs.

EMAX Token Market Wakes Up From A Lifeless Sleep After Kardashian’s SEC Claim Is Published

Cryptocurrency Ethereum Max (EMAX) surged temporarily on Monday after being lukewarm for quite some time after the SEC charges against Kim Kardashian were made public. While Kardashian was forced to pay her $1.26 million fine, her June 2021 advertised crypto assets surged as much as her 124% against the US dollar. The rise in Ethereum Max (EMAX) lasted until the early hours of Tuesday, October 4, when the price of EMAX began to plummet at 7:10 am (ET) that day.

From the coin’s high of $0.00000009788, it dropped more than 47% during the day on Oct. 4. However, the US dollar is still 18.7% higher in value since Monday’s pre-pump low. EMAX has a very low trading volume, with the last 24 hours traded at $97,847, with the majority of EMAX traded on Uniswap V2. The majority of EMAX trades are swapped with wrapped Ethereum (WETH), and EMAX also has volume on Hotbit and Bitforex.

Kim Kardashian Touted Cryptocurrency Gains 124% After SEC Claim, Token Value Drops Next Day

As far as total supply goes, there are 2,000 trillion coins, but the number of EMAX tokens in circulation is unknown. EMAX is trading today at a price 99.1% lower than the token’s all-time high recorded on May 31, 2021. Since that day last year, until Kardashian’s charges were announced by SEC Chairman Gary Gensler, EMAX’s value has been very low.

In addition to Kardashian, professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce also promoted EMAX. Mayweather took part in EMAX’s pitch in 2018, even though he and his DJ Khaled were fined by the SEC for promoting his coin offering (ICO) with illegal initials.

The crowd booed Mayweather when he took the stage wearing an EMAX t-shirt at the Bitcoin 2021 conference in Miami. Legendary NBA Hall of Famer Pierce showed his love for EMAX after he was fired from ESPN for sharing a video of himself dancing live with an exotic dancer. A month after he was fired from ESPN in April, Pierce murmured:

[ESPN] i don’t need youi got [Ethereummax]I made more money with this crypto last month. The truth sets you free—my own boss. Check it out at Ethereummax.org.

In addition to the SEC indictment against Kardashian, three celebrities have been accused of aiding EMAX’s Pump and Dump in a class action lawsuit against the famous trio. In a month-long “pump and dump” scheme, it allegedly “defrauded consumers who invested in the cryptocurrency Ethereum Max (EMAX).”

EMAX executives Giovanni Perone, Steve Gentile, and EMAX developer Justin French were also named in the class action lawsuit. The 25-page lawsuit said celebrities leveraged large social media followers to “instill trust” with investors. At the time of writing, 110,049 unique addresses hold EMAX, Since the network started, the coin has been transferred 480,893 times.

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What are your thoughts on the brief EMAX pump-and-dump after the SEC charges against Kardashian were made public? Let us know what you think about the matter in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols currently emerging.

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Kim Kardashian-promoted crypto surges 124% after SEC claim, while token value drops the next day.

Source link Kim Kardashian-promoted crypto surges 124% after SEC claim, while token value drops the next day.

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