Pump and Dump – The Pump and Dump is a well-known phenomenon in the crypto world. These tokens are usually powered through the use of influencer marketing. This is what happened with the Ethereum Emax scam. Kim Kardashian and Floyd Mayweather are being sued by aggrieved investors for their promotion of the dubious project.
Smoky project, maxi marketing
The token EthereumMax becomes known when Floyd Mayweather arrives at the bitcoin conference 2021 in June with a t-shirt featuring the token based on Ethereum. The following week is the influencer Kim Kardashian who shared a story touting the Ethereum Emax token to his 200 million subscribers. The basketball player Paul Pierce had also promoted it through a Tweet on May 26, 2021.
“@espn I don’t need you. I have Ethereum Max, I made more money with this crypto in the last month than with you in a year. The truth will set you free. My own boss. Go see it for yourself. »
It was without counting on ryan hugerich and other investors harmed by the more than free communication of these influencers. They have in fact undertaken a lawsuit against the three celebrities, as well as against the company behind the Ethereum Emax project. They accuse influencers of promoting the token so they can sell their positions with it. maximum profit. Thus leaving “normal” investors with positions no longer worth almost nothing…
The price of Ethereum Emax at a minimum
Launched on May 17, 2021, the token EthereumMax performed until seeing its price multiplied by 14 to May 29, 2021… to finally lose almost 80% of its value total 11 days after the highest peak! The plaintiffs against this uninhibited pump and dump operation had taken their positions between May 17 and June 14. This walking disaster left many investors with a wallet no longer worth anything.
On the token price chart, we can distinguish the times when the influencer marketing has borne fruit. We can then see that the token goes below its launch price. He lost 97% of its price from the highest recorded.
Pump and Dump scams are very present in the crypto world. To avoid being trapped, you have to be very attentive and do your own research. It is worth remembering that influencers are absolutely not qualified to introduce you to this kind of project. Plus, you don’t know what they have in mind and it’s not uncommon for such unscrupulous influencers to financially profit from their followers..
Failing to come across scams, you can at least avoid tripping over the carpet and invest on a trusted platform. To not miss the opportunity of a lifetime and buy your bitcoins and other cryptos, register on the KuCoin platform and start trading your BTC or other cryptos there today! (affiliate link)