Tag: Market

Gang Token Drama: Allegations, Mockery, and a Market Crash

Crypto influencer MrPunk.eth launched $GANG, cashed out $10M, and mocked investors. Allegations of a pump-and-dump scam fuel controversy.



The $GANG token, launched by crypto influencer MrPunk.eth, quickly went from soaring to crashing 98%. It all started with MrPunk.eth using his massive social media reach to hype the coin. However, after a brief surge, the token plummeted, and accusations started flying.

The famous crypto investigator @freakyfawi accused MrPunk.eth of selling $1.3 million in $GANG tokens within two minutes of tweeting about it, cashing out a total of $10 million weeks later. Of course, immediate rumors of a classic “pump and dump” surfaced, with prices suddenly spiking only to fall just as quickly and leaving most investors with extraordinary losses.

GoFundMeme, the company behind $GANG, took to its defense, stating that MrPunk.eth had used special features to avoid snipers and that the team wasn’t involved in buying tokens. Yet some users weren’t buying it, accusing GoFundMeme of being in on the scam.

Meanwhile, MrPunk.eth snubbed his followers’ concerns, even to the point of making fun of those who lost money by calling them “broke losers.” As the drama unfolds, @freakyfawi unveiled MrPunk.eth’s real identity as Rajinder Pathani. In any case, it was either market manipulation or a rug pull; the crypto community was abuzz with debate.

Also Read: Coinbase Bets Big on Solana & Hedera Futures – Here’s What’s Coming

Crypto Market Surges to $3.12T, Surpassing Tech Giants in Valuation

The crypto market hit a massive hit of $3.12 trillion and majority of thanks goes to the impressive surge of Bitcoin, reaching as far as $89,500. This makes crypto more big than tech giants like Microsoft and is nearly on par with leading tech companies like Nvidia and Apple. If Bitcoin manages to cross $100K by end of the year, it could hit $2 trillion in market cap. In order to push the market to $4 trillion, experts are eyeing on altcoins for next rally. In short, crypto’s on fire and there’s no signs of if backing off anytime soon.

The cryptocurrency market is has reached a new milestone. Its going up like crazy, especially after the U.S. presidential election, as of just recent the total market capitalization by crypto has reached a staggering  $3.12 trillion. This has led it to surpass many massive tech giants including Microsoft and is right behind world’s top companies like Nvidia and Apple. This surge also largely benefitted Bitcoin and once again proved itself to be a must have digital asset right now.

As of November 12, the price of BTC is $88,656.67 after riding on 8% rise since past 24 hour. This coin alone holds market cap of over  $1.77 trillion which is larger than the GDP of Spain. Bitcoin’s today rally has also driven its market cap above that of silver yet again. Experts predict, this token has potential to cross $100K mark by the end of December, if that happens BTC will alone hold $2 trillion in market cap. This will surely boost overall crypto market scene and push its overall market capitalization to $4 trillion.

Read more about Bitcoin: Bitcoin Boom: Election Day Surge and Six-Figure Speculation

However  Rachael Lucas from BTC Markets believes the push towards $4 trillion will not solely be because of BTC. She says it requires help from up and coming altcoins’ upward thrust. While this will reduce Bitcoin’s dominance, no other platform is even close to BTC so it shouldn’t affect much.

Nevertheless, as Bitcoin continues to dominate, other virtual currencies such as Ethereum and Solana are also expected to comply with the upward trend.

Bitcoin, Ethereum Surge After Major Short Liquidations

Summary

Bitcoin and Ethereum are experiencing bullish momentum due to recent liquidation. Data provided by Coinglass states that over $138 million are in liquidation with $95 million coming from shorts position.

Ethereum Leads Liquidations and Gains

Ethereum showed exponentially good results at charts with $27.69 million in liquidation of which $23.84 million were from shorts position. This growth has also boosted ETH’s value by 3.1%, reaching $2,730. Ethereum’s trading value has also skyrocketed by 117% with grand total value of $17.4 billion as investors interest has been gathered. Notably, the largest single liquidation order was on Binance, worth $6.64 million in the ETH/USDT pair.

Bitcoin Follows Close Behind

Bitcoin saw $25 million in liquidations, with $21 million coming from shorts. This short squeeze helped BTC reach a four-month high of $69,460, though it corrected slightly and is now trading at $68,700. BTC’s daily trading volume spiked by 74%, climbing to $24 billion.

Broader Market Impact

The international crypto market has been on three-month high of $2.49 trillion. However analyst believe if this is to continue there’s a possibility of tides turning the other way, triggering sell-offs as traders and investors scramble to limit their potential loss. Conclusively, the surge of liquidation does shine a positive light on crypto space but further surge might cause potential problems.

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