What Happened: A cryptocurrency called CumRocket (CUMMIES) surged 634% in a single day, taking its market cap to over $140 million, according to data from CoinMarketCap.
The project’s main goal is to provide an NFT marketplace for 18+ content, where creators get paid in crypto and tipped in the CumRocket token CUMMIES.
CUMMIES are traded on the Binance Smart Chain, and according to the project’s tokenomics, every time someone sells a token, they are charged a 5% tax, of which 2.5% is burned automatically, while the other 2.5% is distributed to existing holders.
CumRocket considers itself to be more than a “meme-coin,” and as per its roadmap, it will be releasing its NFT marketplace in Q2.
“Paying for adult content in crypto provides both buyers and creators with anonymity, something that other popular platforms fail to provide,” said the project in its whitepaper.
“We want to take pornography, a multi-billion dollar industry, and put it on the blockchain,” they said.
Why It Matters: Crypto analysts on Twitter have suggested that the reason that these meme coins are exploding is due to the “extreme mania/euphoria” stage of the bubble.
We’ve entered the extreme mania/euphoria phase of the bubble.
Where investors completely ditch fundamentals, and blindly buy into literally anything.
This is the worst time to FOMO, and most risky phase of a market bubble. pic.twitter.com/7d93Bp3qM7
— Mr. Whale (@CryptoWhale) April 22, 2021
An analyst called “Mr. Whale” describes this phase as one where investors completely ditch fundamentals and blindly buy into literally anything.
At press time, the market-leading cryptocurrency Bitcoin fell under $50,000 for the first time since March 8, and most leading altcoins recorded large corrections overnight.
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