- ExcaliburCoin (EXC) pumps by over 1,000% in a day
- It is the third time this trend repeats itself
- The project is dead in the water since 2019
BELGIUM (CoinChapter.com) — It is not entirely abnormal to see relatively unknown crypto assets shoot up in value. Excaliburcoin (EXC) is such a prime example. Its value is skyrocketing these past 24 hours, yet no one knows what the project is about or why it is still around.
Also read: Cardano (ADA) anticipates major price correction on ‘overbought’ fears.
What Is ExcaliburCoin (EXC) About?
After some digging, it becomes apparent that ExcaliburCoin is one of the many ICOs years ago.
The team presented the project as an Ethereum token from Japan. Moreover, the group aimed to establish a place for creators to send works on a wider world stage and build a digital reputation. Thus, there was some initial interest in this venture with a strong focus on unifying creators of all goods and arts under one roof.
Although it is unclear how much money ExcaliburCoin raised, people seemingly forgot the token quickly.
That is, until today when its price shot up by over 1,000%. Such trading behavior is not abnormal among altcoins, although one must wonder if paying $42.64 for EXC is a good deal. More importantly, it seems the token only trades on the Bibox exchange in an EXC/ETH pair. That pair has, for reasons unknown, a daily volume of $4.51 billion.
What makes this even more remarkable is how Bibox usually generates under $400 million in daily trading volume.
Its major pairs are BTC/USDT and ETH/USDT, followed by EOS/USDT. EXC Is not in the statistics for any significant trading volume, yet it somehow attracted ample attention. Such efforts are likely to peter out quickly, though. It is the third time this coin notes a flash pump before crashing down to its previous value.
A Deeper Dive Into Statistics
Per the ExcaliburCoin smart contract, there are over 2,000 token holders today.
The maximum total supply is over 48.2 billion, giving it an incredibly high market cap at the price of $42.64. However, that price is unlikely to hold, as there is only one somewhat reputable exchange to trade the asset.
Moreover, the last transfer involving the smart contract dates back to more than 53 days ago, courtesy of CoinExchange.
Even though the ExcaliburCoin Twitter account still exists, it has not been active since 2019.
An exciting development, although it seemingly confirms the project is dead in the water. There is no other social activity for this currency, making the price pump all the more curious. On the other hand, it is a Japanese project, so maybe local efforts to generate buzz are underway, although that seems unlikely.
Interestingly, the EXC all-time high value is, per Messari, $162 million per coin.
A spectacular value, although not hard to achieve when there is almost no liquidity. As most excitement regarding this price surge is now behind us, it is a matter of time until ExcaliburCoin returns to normal values. Unfortunately, that value will be is tough to predict, as there is no purpose for this crypto asset.
That will not prevent speculators from trying to make it seem otherwise, though.
