As the crypto market continues to flourish, risk appetite is increasing, resulting in a surge in the popularity of so-called “scandal tokens.” These are cryptocurrencies or tokens associated with failed or defunct crypto projects that were marred by high-profile scandals. Despite their lack of value due to project failures, speculators still consider them as potential short-term trading opportunities.
Rising Interest in Scandal Tokens
One noteworthy scandal token is $FTT, the utility token previously utilized for trading benefits on FTX’s now defunct exchange. This token has been exhibiting an ascending triangle pattern, which often precedes a bullish breakout. If $FTT manages to break higher, it could potentially rally back towards $10 per token, offering a more than 2x return. However, it’s crucial to note that investing in $FTT remains highly risky due to the loss of its original utility.
Another scandal token experiencing a resurgence is Terra Luna Classic (LUNC), the cryptocurrency associated with the original Terra blockchain that encountered a significant setback in May 2022. Despite the disaster, LUNC has seen remarkable growth, increasing nearly 400% since its October lows. Factors like the plan to revive the Terra blockchain’s stablecoin UST and continued support from Binance have contributed to LUNC’s recent success. Nevertheless, investing in LUNC remains highly speculative due to the lack of blockchain usage following the previous incident.
LUNA, the cryptocurrency powering the new Terra blockchain, has also witnessed a surge in recent days. Despite the scandal surrounding Terra creator Do Kwon’s arrest, LUNA has climbed to just above $1.0 per token, representing a 2.5x increase since October. Similar to the Terra Luna Classic blockchain, the low crypto market participation in the new Terra blockchain makes it a highly risky investment.
Exploring Promising Presale Projects
Investors seeking opportunities for quick gains without the association of high-profile scandals may find promising projects in presales.
- Bitcoin ETF Token ($BTCETF): This presale project has already garnered significant attention by raising over $2.7 million. It aims to tap into the lucrative Bitcoin ETF theme that drives the current crypto rally. The project’s DeFi attributes have also contributed to its popularity. Investors can buy $BTCETF tokens in the presale and stake them to earn an annual percentage yield currently at 487%.
Buy BTCETF Here - Meme Kombat: Blending crypto gaming and gambling, Meme Kombat is an exciting presale project that allows users to bet on battles between characters based on popular meme coins in the crypto world. Early investors in $MK can also enjoy generous staking rewards, yielding over 100% annually. Despite its recent launch, Meme Kombat has already raised close to $2.4 million.
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Disclaimer: Cryptocurrency is a high-risk asset class, and investing in these tokens and projects carries significant risks. This article is provided for informational purposes only and should not be considered as investment advice. Please be aware that you could potentially lose all of your capital.
