Ethereum
Kim Kardashian’s Crypto-Talent Climbs 124% after SEC Charges. Token Value Drops the Next Day
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 their 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. Kardashian was fined $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 highest of $0. 000000009788 it dropped more than 47% during the day on October 4. Although EMAX is slightly higher than before the pump, the bulk of the increase was erased 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. Large amounts of EMAX trades involve swapping wrapped ethereum with WETH, and EMAX also has significant volume on Hotbit
There are currently two quadrillion coins in circulation, but prices for EMAX today are . This is 1% less than the token’s all-time high of May and EMAX is trading today for prices that are 99.1% less than the token’s all-time high recorded on May 31, 2021. EMAX rose to $0. 000000597636 per unit. EMAX’s worth has been extremely low ever since the day of last year. This was until Kardashian’s charges were made public by Gary Gensler, SEC Chair.
In conjunction with Kardashian, professional boxer Floyd Mayweather promoted EMAX along with former Boston Celtics forward Paul Pierce. 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. After sharing a video of him dancing with exotic dancers, NBA Hall-of-Fame star Pierce expressed his love for EMAX. After being fired by ESPN in April, a month later, Pierce tweeted:
[ESPN] I don’t need you. I got [Ethereummax]. This crypto made me more money in the last month than I did with you in a whole year. TRUTH will set you free — I am my own boss. Ethereummax.org – Check it out!
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. According to the class-action, Kardashian, Pierce and Mayweather allegedly “misled” consumers who had invested in ethereummax cryptocurrency tokens during a nearly month-long “pump-and-dump” scheme.
The class action lawsuit also names
EMAX executives Giovanni Perone and Steve Gentile. Also, Justin French, an EMAX developer, was named. 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.
This story contains tags
$1. 26 million, ad, advertisement, anti-touting laws, Boston Celtics, Celebrities, celebrity, Celebs, Class Action Lawsuit, crypto assets, Emax, EMAX token, ERC20, ERC20 project, ETH Max, Ethereum Max, EthereumMax, famous socialite, Floyd ‘Money’ Mayweather, Floyd Mayweather, Floyd Mayweather Jr lawsuit, Floyd Mayweather Jr., Gary Gensler, Instagram post, Kim Kardashian, Kim Kardashian class action lawsuit, Kim Kardashian cryptocurrency, Kim Kardashian EthereumMax, Paul Pierce, SEC, sec chair, Shilling Ethereum Max, Touting
What do you think about the brief EMAX pump and dump after the SEC charges against Kardashian went public? Please comment below to let us know your thoughts on this topic.
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, 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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Ethereum
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Ethereum
Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K
Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.
The outcome at this level is expected to shape Ethereum’s mid-term trajectory.
Technical Analysis
By Shayan
The Daily Chart
ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.
Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.
The 4-Hour Chart
On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.
This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.
Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.
Onchain Analysis
By Shayan
The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.
During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.
However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.
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Cryptocurrency charts by TradingView.
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