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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