New altcoin appears following former FTX CEO’s tweet. It went up by 3091% in one hour

The token was created by a team of unknown developers and may be a scam

14.11.2022 - 14:00

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The material is not an investment recommendation and is published for information purposes only.

What’s new? On the morning of November 14, Sam Bankman-Fried, ex-CEO of the bankrupt FTX crypto exchange, posted a tweet with the word “What” on it. Shortly thereafter, an unknown developer or team created a token with a similar name and launched trading paired with wrapped Ethereum (WETH) on the decentralized exchange (DEX) Uniswap V2.

1) What — SBF (@SBF_FTX) November 14, 2022

An hour after the tweet was posted, the price of WHAT jumped by 3091%. The asset reached its peak at $0,02194. As of 14:05 UTC, its price has corrected to $0,009026, according to Dextools. The trading volume was $412 280. The token is owned by 374 people in total.

The token’s price chart Dextools

Earlier, a similar story happened with the token THE, which appeared after a joke by Ethereum founder Vitalik Buterin and rose by 119 000%. On October 14, he wrote on Twitter that someone should create a project called “THE protocol” to take advantage of how often that article is used in English. Soon after, an unknown development team actually launched a project called The Protocol with the native token THE.

Learn more about high-risk meme coins in GetBlock Magazine’s special feature.

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