Is Ethereum Meta's 1750% rally too good to be true?

Highlights

  • Ethereum META (ETHM) on 18 November, witnessed a massive price rally of 1743.48% in the last 24 hours.
  • The token had hogged the headlines on Wednesday when it gained a massive 98,699.77% in a day.

On a day when the likes of Bitcoin, Ethereum, Cardano etc., are trading well below their previous week’s high, one crypto is making these bigwigs nervous. Ethereum META (ETHM) on 18 November, witnessed a massive price rally of 1743.48% in the last 24 hours. The token had hogged the headlines a day earlier on Wednesday when it gained a massive 98,699.77%, on a day when the fortunes of larger peer Ethereum went sideways. Now, there is a phenomenal gain for crypto, that has a market cap of just US$46,655. 

What is Ethereum META?

Ethereum Meta is a token that aims to address the significant weakness of Ethereum. Ethereum, though considered to be one of the tokens that have greater utility than Bitcoin, often struggles with privacy issues. But ETHM acts as a secure transport layer, enabling the users to use smart contracts, wherein, the transaction data is kept private. Through ETHM smart contracts, one can use them to direct anonymous payments.

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Users can seamlessly convert their traditional Ether tokens into Ethereum Meta and anonymously complete the transactions. At the same time, the users can also split or merge Ethereum Meta and convert them back to normal Ether, obfuscating any possible traceability.

Is Ethereum Meta's 1750% rally too good to be true?

Besides, Ethereum Meta, with its ability to mix the tokens by using wallets that controlled by smart contracts, can ensure that the transactions are secure and reinforce the consensus of the Network. 

Too good to be true?

Well, if numbers were an indication, then Ethereum Meta does sound like an ideal crypto to invest in now. Raking big returns, it is one of those too good to be true kind of a token that immediately catches the attention of the investors.

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Currently, at the time of writing (BST 12:21 pm), ETHM is trading at US$0.0000009088 with a 24-hour volume of US$586,888. The 2728-ranked token has a live market cap of US$2,000.90 with a circulating supply of 50,010,379,198 ETHM coins.

The hike has had Twitter world abuzz, giving varied opinions about the token with few of them suggesting that it could be a scam and suggested that it could be a simple pump and dump case. The basis of this theory is based on the fact that it’s a token that has high volatility and low volume.

Hence, it could well be a case of some parties pumping up the price without actual buyers in the market. Few Twitter users also suggested that when they try to sell the token on Pancake, the token doesn’t reflect the USD figures, indicating that it could be a scam. 

Conclusion

Well, Ethereum Meta has managed to get the attention of the investors. Whether it’s a scam or a genuine token, only time will tell, but for now, this indeed seems to be a golden goose that everyone seems to be chasing to make the most of the rally.

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