Home Bitcoin News Bitcoin Scam Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a rip-off?

Why did Star Wars Cat (SWCAT) crypto soar over 2600%? Is it a rip-off?

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The cryptocurrency market goes by way of robust instances as geopolitical tensions between Russia and Ukraine have worsened over the previous few weeks.

Amid turbulent instances, when the worldwide crypto market cap recorded a 4.3 per cent lower over the previous day, a cryptocurrency gained 2614.52 per cent on the time of writing.

In response to CoinMarketCap knowledge, Star Wars Cat (SWCAT) crypto was buying and selling at US$ 0.00007184 per token at 8 AM EST. The one-day quantity of Star Wars Cat crypto was up 6898.19 per cent on the time of drafting.

What’s Star Wars Cat?

As per the official web site, Star Wars Cat (SWCAT) is a non-fungible token (NFT) idea growth and a role-playing recreation (RPG). Utilizing the underlying blockchain, the belongings on the chain are produced, collected, propagated, and developed, amongst different features.

Star Wars Cat has a distributed community and makes use of blockchain technology to conduct peer-to-peer transactions. The official web site mentions that gamers can trade and talk with no third get together.

As an NFT product, the Star Wars Cat platform options distinctive cats, and every sequence of cats are produced by way of the collaboration of a workforce of artists.

As well as, each distinctive cat can be a part of within the cat metaverse recreation and take part in farm mining, communication, and leisure.

SWCAT is the native token of Star Wars Cat, and it may be utilized in all buying and selling environments below the SWCAT ecosystem. The overall provide of SWCAT tokens is 10 billion, and it has a most provide of 233.6 million.

Additionally Learn: What is GoCryptoMe coin?

In response to CoinMarketCap knowledge, Star Wars Cat has a self-reported circulating provide of 212.7 million. The cryptocurrency is listed on cryptocurrency exchanges like PancakeSwap (V2) and Decoin.

Backside line

Cryptocurrency is a extremely risky market, and big value surges of lesser-known cryptocurrencies must be handled with warning.

Star Wars Crypto                                                                                        ©2022 Kalkine Media® 

Notably, there was no obvious motive for the huge value hike. There have been quite a few situations when the token value elevated dramatically after which pale away inside no time.

The official Twitter account of Star Wars Cat has been suspended, which occurs when an account violates the principles of the micro-blogging platform.

Additionally Learn: Why is KNC crypto grabbing attention?

Danger Disclosure: Buying and selling in cryptocurrencies includes excessive dangers together with the danger of dropping some, or all, of your funding quantity, and is probably not appropriate for all traders. Costs of cryptocurrencies are extraordinarily risky and could also be affected by exterior components equivalent to monetary, regulatory, or political occasions. The legal guidelines that apply to crypto merchandise (and the way a specific crypto product is regulated) might change. Earlier than deciding to commerce in monetary instrument or cryptocurrencies you ought to be totally knowledgeable of the dangers and prices related to buying and selling within the monetary markets, fastidiously contemplate your funding aims, stage of expertise, and danger urge for food, and search skilled recommendation the place wanted. Kalkine Media can’t and doesn’t characterize or assure that any of the knowledge/knowledge obtainable right here is correct, dependable, present, full or applicable on your wants. Kalkine Media is not going to settle for legal responsibility for any loss or injury on account of your buying and selling or your reliance on the knowledge shared on this web site.

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