Following the U.S. Securities and Exchange Commission (SEC) charges against the socialite Kim Kardashian for unlawfully touting the crypto asset ethereummax, the digital currency jumped 124% in value. However, the ethereummax pump was followed by a massive dump as the cryptocurrency slid 47% lower than the high it reached on October 3.
EMAX Token Markets Wake Up From Lifeless Slumber After Kardashian’s SEC Charges Go Public
After being rather lifeless for quite some time, the crypto asset ethereummax (EMAX) saw a brief spike on Monday after the SEC charges against Kim Kardashian were released to the general public. While Kardashian was forced to pay $1.26 million in penalties, the crypto asset she promoted in June 2021 skyrocketed 124% higher against the U.S. dollar. While the ethereummax (EMAX) pump lasted until the early morning hours on Tuesday, October 4, EMAX prices started to nosedive at 7:10 a.m. (ET) that day.
From the coin’s high of $0.000000009788 it dropped more than 47% during the day on October 4. While EMAX is a touch higher than it was prior to the pump, most of the rise was erased on Tuesday. Although, it is still 18.7% higher in USD value since Monday’s low before the pump. EMAX trade volume is very low, as trades during the last 24 hours equate to $97,847, and a significant share of EMAX is traded on Uniswap V2. A large share of EMAX trades are swapped with wrapped ethereum (WETH) and EMAX also has volume on Hotbit and Bitforex.
There are two quadrillion coins as far as the total supply is concerned, but the number of EMAX tokens in circulation is unknown. EMAX is trading today for prices that are 99.1% less than the token’s all-time high recorded on May 31, 2021. At the time, EMAX climbed to $0.000000597636 per unit. Ever since that day last year, EMAX’s value has been super low all the way up until Kardashian’s charges were announced by SEC Chair Gary Gensler.
In addition to Kardashian, the professional boxer Floyd Mayweather and former Boston Celtics forward Paul Pierce promoted EMAX as well. Mayweather participated in the EMAX touting even though he and DJ Khaled were fined by the SEC in 2018 for unlawful initial coin offering (ICO) promotions.
At the Bitcoin 2021 conference in Miami, the crowd booed Mayweather when he appeared on stage wearing an EMAX t-shirt. NBA Hall-of-Fame legend Pierce showed his affection for EMAX after he was let go by ESPN for sharing a live video of himself 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 in the past month then I did with y’all in a year. TRUTH shall set u Free — My own boss. Ethereummax.org check it out for yourself.
Besides the SEC charges against Kardashian, the three celebrities were accused of helping EMAX pump and dump in a class-action lawsuit against the famous trio. The class-action explained that Mayweather, Pierce, and Kardashian allegedly “misled consumers who invested in ethereummax (EMAX) cryptocurrency” tokens amid 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 said that the celebrities leveraged their large social media followings to “instill 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 launched.
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What do you think about the brief EMAX pump and dump after the SEC charges against Kardashian went public? Let us know what you think about this subject in the comments section below.
Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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