Useless Ethereum Token (UET) Sees Significant Pump
Created as a warning and for comedic value, UET is now on the move, with significant trading volumes.
Cryptocurrencies are surprising in many ways. Now, a token created as a funny warning, is doing the improbable. Useless Ethereum Token (UET), an asset that gathered more than $340,000 in an ICO last year, is having a pump on the HitBTC exchange.
The coin is up more than 300% in the past day, as trading volumes exceeded 300ETH.
The suddenly dramatic chart still happens on a relatively niche market, but still, the event looks much like a pump on a token that rarely saw any action, beyond a few hundred dollars' worth of trades.
Un-serious, comical, or prank coins have proven in the past that they have some influence over the crypto community. And in trading, anything is possible.
UET started to retreat from its peaks just as fast as it had climbed up. And yet even UET has the characteristics of a scarce crypto coin, with around 3.9 million tokens in circulation.
Even the token's creator is dismayed at the trading situation:
Six months later and you people are still trading these tokens? Unbelievable.— UselessEthereumToken (@uetoken) 12 січня 2018 р.
What is most notable is that the ICO proceeds in the summer, when Ethereum had a much lower price, were around $90,000, but have grown in dollar terms since. But now, UET has the added risk of being a risky and volatile coin going through pump-and-dump cycles.
A similar ICO, of a Useless Waves Token, failed to take off, not even gaining a small piece of the fame of UET, at least as a meme.
This is not the first time UET has pumped, as at one point its price grew by 450% overnight. Even more curious things have happened, such as the continued trading of the Confido ICO token, which is still working and active, despite the ICO creators absconding with the funds raised.