Nugen coin scored a listing on LBank but dropped 99% – what’s next?

YEREVAN (CoinChapter.com) – Nugen coin, a new Web3 project, has been on the scene for over a month. According to the latest news, crypto exchange LBank listed the coin on Aug 31. However, after the opening trade at $30, the NUGEN coin value dropped to $0.2 on Sep 1.

NUGEN coin has grand plans

As mentioned, the Web3 project is new on the crypto scene. Moreover, it is not yet listed on any other exchanges and coin-tracking websites, such as CoinMarketCap or CoinGecko. Generally, most of the information on the NUGEN comes either from the project’s team or from promotional articles.

Thus, potential investors should have their ‘scam alert’ dishes rotating. According to the Nugen coin website, the plans for September 2022 are quite ambitious. The project plans to get listed on the aforementioned coin-tracking websites and launch the NUGEN CEX exchange and its own bank: NEO NUGEN – “licensed in 50 states in the USA.”

The multitude of goals for the rest of the quarter does seem too much for Q3, considering the unstable state of the crypto market and the global economy.

Also read: Pig Butchering Scams Involving Fake Crypto Platforms Are on the Rise.

Meanwhile, the goals for Q4 include the launch of the NUGEN energy coin, NGE. The project calls it a “futuristic asset” that aims to overcome clean water limitations globally.

In compliance with the United Nations’ 2030 Agenda of Sustainable Development Goals, NUGEN will release a sustainable energy-based coin called NGE. This asset will be backed by technology that could also stay on par with the 2050 global climate goal within the span of 15 years.

says Nugen coin.

Is Nugen a scam?

The Nugen coin scam alert also goes off as the project provides a lengthy whitepaper without giving out much detail. For example, the project defines its mission as “do the right thing at the right time for the right reason,” which doesn’t carry any real weight.

Furthermore, the second half of the mission is to “do [their] part and just a bit more every day to make people adopt cryptocurrencies.” Meanwhile, the whitepaper doesn’t actually specify the exact actions required, except for lowering transaction fees.

NUGENs will also facilitate transactions on our trading platform. In this regard, the platform will levy a minimal fee on users who buy or sell virtual currencies. Unlike other trading platforms that have high transaction fees, NuGen will impose only a small fee.

reads the whitepaper.