Cryptocurrency offered by Kim Kardashian increased 124% after SEC fees, token value dropped the next day

After the United States Securities and Exchange Commission (SEC) charged Kim Kardashian on social media for illegally touting the crypto asset ethereummax, the digital currency surged 124% in value. However, this ethereummax pump was followed by a massive dumping as the cryptocurrency fell 47% lower from the highs it reached on October 3.

EMAX Token Market Wakes Up From Doze After Kardashian’s SEC Fee Goes Public

After a relatively quiet period, crypto asset ethereummax (EMAX) had a massive spike on Monday after the SEC’s allegations against Kim Kardashian became widely publicized. While Kardashian was forced to pay a $1.26 million fine, the crypto asset she promoted in June 2021 has skyrocketed 124% higher against the US dollar. While the ethereummax (EMAX) pump lasted until the early hours of Tuesday, October 4, the EMAX price started dropping at 7:10 a.m. (ET) that day.

From the coin’s $0.000000009788 high, it is down more than 47% on the day on Oct. 4. Although the EMAX is slightly higher than it was before the pump, most of the gains were erased on Tuesday. Although, it is still 18.7% higher in USD value since Monday’s low before pumping. EMAX trading volume is very low, as trading in the last 24 hours is equivalent to $97,847 and a significant portion of EMAX is traded on Uniswap V2. A large portion of EMAX transactions are swapped with ethereum covered (WETH) and EMAX also has volume on Hotbit and Bitforex.

Cryptocurrency offered by Kim Kardashian increased 124% after SEC fees, token value dropped the next day
Cryptocurrency offered by Kim Kardashian increased 124% after SEC fees, token value dropped the next day

There are two trillion coins by total supply, but the number of EMAX tokens in circulation is unknown. EMAX is trading today at 99.1% below the token’s all-time high recorded on May 31, 2021. At that time, EMAX had risen to $0.000000597636 la for each unit. Since that date last year, EMAX’s value has been super low until the Kardashian charges were announced by SEC Chairman Gary Gensler.

In addition to Kardashian, professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce also promote EMAX. Mayweather joined the EMAX offering even though he and DJ Khaled were fined by the SEC in 2018 for promoting an illegal initial coin offering (ICO).

At the Bitcoin 2021 conference in Miami, the crowd booed Mayweather as he appeared on stage wearing an EMAX t-shirt. NBA Hall-of-Fame legend Pierce has shown his affection for EMAX after he was given permission by ESPN for sharing a live video of him dancing with exotic dancers. After being fired by ESPN in April, a month later, Pierce tweeted:

[ESPN] I don’t need you. I got [Ethereummax]. I made more money with this crypto last month, then I did with you all for a year. TRUTH Will Set You Free – My Own Boss. check it out for yourself.

Read more: EU MiCA Green Spots: Major Turning Point for Europe’s Crypto Scene and Bitcoin KYC

Besides the SEC charges against Kardashian, the three celebrities are also accused of helping EMAX pump and go bankrupt in a class-action lawsuit against the celebrity trio. The class action lawsuit explains that Mayweather, Pierce, and Kardashian allegedly “deceived consumers to invest in the cryptocurrency ethereummax (EMAX)” in a “pump and sell” scheme that lasted nearly a month.

EMAX CEO Giovanni Perone, Steve Gentile and EMAX developer Justin French are also named in the class action. The 25-page lawsuit says that celebrities have leveraged their large social media followings to “build trust” with investors. At the time of writing, 110,049 unique addresses hold EMAX, and the coin has been transferred 480,893 times since the network’s launch.

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