A flood raises all ships, including those believed to have been wrecked. At least it looked like this on Wednesday when some previously dormant altcoins were “brought to life”, seeing rallies between 3,000% and 6,500% per week.
The most prominent was Karma (KARMA), A social network project that was originally started on the EOS blockchain in 2018. In the past seven days Karma’s dollar value rose 6.530%, with the token rising from a sub-centered price of $ 0.000464 to $ 0.030767.
The trading volume increased by 35,400% over the same period. However, don’t assume that this means that liquidity is readily available. From a weekly low of $ 2, trading volume rose to $ 710 on Wednesday.
The token had lost more than 99% of its value between 2018 and 2020, and that’s the same year activity was last seen on the project’s Twitter account. Unsurprisingly, Karma’s Telegram channel saw plenty of new additions over the past week, but there was no news from the team.
Karma migrated from the EOS blockchain Worldwide asset exchange The latest announcement on social media relates to integrating the token into a WAX cloud wallet. Have WAX Protocol Token (WAXP) gained 348% in the last month alone. as they rode the wave of NFT (Non-Fungible Token) madness.
The other altcoin that came to life this week Nestree (EGG) was up 3.018% over the past seven days, from $ 0.005511 to $ 0.171872. More than half of that spike occurred in a five-minute window early Wednesday morning, suggesting a less natural price movement. More than 96% of the token’s trading volume of USD 7 million came from the South Korean exchange Bithumb, on which trading in the Korean won dominated.
Nestree launched in 2019 and describes itself as a reward-based blockchain messaging system. The project’s Twitter account became less active over time, with four posts in 2020, followed by just one this year. The last announcement was a very succinct “roadmap” that gave only a few details on how to develop an e-commerce website.
More than 10,000 Nestree app downloads were recorded on the Google Play Store. However, the reviews mention that certain personal information, including a cell phone number, is required to complete registration. One user commented, “This is against the spirit of blockchain-based chat applications.”
As can be seen from the figures above, the cryptocurrency market doesn’t always discriminate. All price data shown here comes from CoinMarketCap.