Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset ethereummax, the digital currency jumped 124% in value. However, the ethereummax pump was followed by a massive dump as the cryptocurrency slid 47% lower than the high it reached on October 3.
EMAX Token Markets Wake Up From Lifeless Slumber After Kardashian’s SEC Charges Go Public
After being rather lifeless for quite some time, the crypto asset ethereummax (EMAX) saw a brief spike on Monday after the SEC charges against Kim Kardashian were released to the general public. While Kardashian was forced to pay $1.26 million in penalties, the crypto asset she promoted in June 2021 skyrocketed 124% higher against the U.S. dollar. While the ethereummax (EMAX) pump lasted until the early morning hours on Tuesday, October 4, EMAX prices started to nosedive at 7:10 a.m. (ET) that day.
From the coin’s high of $0.000000009788 it dropped more than 47% during the day on October 4. While EMAX is a touch higher than it was prior to the pump, most of the rise was erased on Tuesday. Although, it is still 18.7% higher in USD value since Monday’s low before the pump. EMAX trade volume is very low, as trades during the last 24 hours equate to $97,847, and a significant share of EMAX is traded on Uniswap V2. A large share of EMAX trades are swapped with wrapped ethereum (WETH) and EMAX also has volume on Hotbit and Bitforex.
There are two quadrillion coins as far as the total supply is concerned, but the number of EMAX tokens in circulation is unknown. EMAX is trading today for prices that are 99.1% less than the token’s all-time high recorded on May 31, 2021. At the time, EMAX climbed to $0.000000597636 per unit. Ever since that day last year, EMAX’s value has been super low all the way up until Kardashian’s charges were announced by SEC Chair Gary Gensler.
In addition to Kardashian, the professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce promoted EMAX as well. Mayweather participated in the EMAX touting even though he and DJ Khaled were fined by the SEC in 2018 for unlawful initial coin offering (ICO) promotions.
At the Bitcoin 2021 conference in Miami, the crowd booed Mayweather when he appeared on stage wearing an EMAX t-shirt. NBA Hall-of-Fame legend Pierce showed his affection for EMAX after he was let go by ESPN for sharing a live video of himself dancing with exotic…
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