The digital currency surged 124% in value after the US Securities and Exchange Commission (SEC) accused social site Kim Kardashian of illegally promoting the crypto asset ethereummax. However, a massive dump followed as the ethereummax pump slid 47% lower than the high the cryptocurrency reached on October 3.
The EMAX token market woke up from a lifeless slumber
after the Kardashian SEC charge went public.
Crypto asset Ethereum Max (EMAX), which had been rather lifeless for some time, saw a brief spike on Monday after SEC charges against Kim Kardashian were made public, while Kardashian was forced to pay $1.26 million in penalties. The crypto asset she touted in June 2021 surged 124% higher against the U.S. dollar.18} Ethereum Max (EMAX)pumped until the early morning hours of Tuesday, October 4, when EMAX prices began to plummet at 7:10 AM ET that day.
From the coin’s high of $0.000000009788, it fell more than 47% during the day on Oct. 4. Although EMAX was a bit higher than before the pump, most of the rise was erased Tuesday. However, it is still 18.7% higher in USD value from Monday’s low before the pump.EMAX trading volume is very low, with trading over the past 24 hours amounting to $97,847, with a significant share of EMAX traded in Uniswap V2.A large share of EMAX trading is in wrapped swapped with wrapped Ethereum (WETH), and EMAX also has volume on Hotbit and Bitforex.
As for total supply, there are 2 trillion coins, 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 per unit. Since that day last year, the value of EMAX has remained super low all the way up 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 promoted EMAX. Mayweather participated in touting EMAX despite the fact that he and DJ Khaled were fined by the SEC in 2018 for illegal initial coin offering (ICO) promotions.
At the Bitcoin 2021 conference in Miami, the crowd booed when Mayweather appeared on stage wearing an EMAX T-shirt; NBA Hall of Fame legend Pierce shared a live video of himself dancing with an exotic dancer for Pearce showed his love for EMAX after being fired by ESPN in April; a month later, he tweeted. :
[ESPN] don’t need you. I got [Ethereummax]. I made more money with this crypto in the past month then I did with you guys in a year. The truth will set you free – my own boss.Ethereummax.org See for yourself.
Besides the SEC charges against the Kardashians, three other celebrities were accused of helping pump and dump EMAX in a class action suit against the famous trio. The class action lawsuit describes Mayweather, Pierce, and Kardashian as having defrauded consumers who invested in “Ethereum Max (EMAX) cryptocurrency” tokens in a roughly month-long “pump and dump” scheme.
EMAX executives Giovanni Perone, Steve Gentile, and EMAX developer Justin French were also named in the class action lawsuit.The 25-page lawsuit alleges that the celebrities leveraged their large social media following to “instill confidence” in investors instill” in investors, it states. At the time of this writing,. 110,049 unique addresseshold EMAXs and coins have been transferred 480,893 times since the network was launched.
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