Key Takeaways:
- UFO coin price spiked sharply on July 26.
- The token was reacting to the news of the US Congress debating on the existence of UFOs.
NEW DELHI (CoinChapter.com) — UFO coin, a memecoin that aims to “create entertainment around memes and UFO/Alien culture,” saw massive gains after the US Congress convened a hearing on the unidentified anomalous phenomenon (UAPs), better known as UFOs.
UFO coin price spiked 393% on July 26 to reach a new all-time-high near $0.0001918, as UFO hearing news hit the wire. However, the UFO coin price dropped by over 57% to $0.00008142 within an hour of reaching its new ATH.
The erratic price action of the memecoin saw UFO coin price again spike 83% to reach $0.0001498 before profit booking the wind out of the token’s sails. The sell-off continued on July 27, with the UFO coin price rallying slightly as trading progressed as the wider markets saw an influx of buyers.
UFO coin was not the only beneficiary of the hype surrounding Congress’s UFO hearing. A swarm of new tokens existed in the 24 hours since July 26. These tokens had tickers like “ALIENX,” “ALIEN,” “UFO,” and a plethora of other extraterrestrial-themed words.
These new tokens are often a scam designed for traders looking to profit off a new hype or fad. However, the only entity profiting from these tokens is their creators.
Interestingly, the spike in UFO coin price could also translate into a spike in the sales of tinfoils and maybe RVs.
Congress Wants In On ‘The Truth Out There‘
The House of Representatives’ recent hearing was historic as it marked the US government’s most serious acknowledgment of the mysterious sightings. The landmark hearing saw former US government officials claiming the existence of alien spacecraft and ‘biologics.‘
David Grusch testified under oath to accuse the US government of covering up alien visits and UFO sightings. Grusch was a former Pentagon task force member on Unidentified Aerial Phenomena (UAP).
Grusch ducked several questions, stating that the questions were not suitable for discussion in a public setting. Yet, the whistleblower did claim that the government had recovered ‘non-human‘ pilots from UFOs.
The former Pentagon employee refused to answer some of the juiciest questions, such as whether the government has communicated with ETs or murdered someone to cover up aliens’ existence. Moreover, Grusch stated that he had not seen any government-captured alien spacecraft with his own eyes.
However, the whistleblower stated he had talked to 40 witnesses who claimed the government had alien crafts. Though, he did not share in which convention he met the 40 witnesses.
The UFO hearing did not have bombshell revelations, yet it was the first time Congress openly acknowledged a commitment to investigate UFOs.
Crypto X Reacts To The Hearing
Crypto X (formerly Twitter) had a mixed reaction to the hearing.
Billionaire investor Anthony Pompliano was ecstatic when Grusch testified that the government had recovered alien pilots from UFOs. Celebrating the hearing, Pompliano stated, “What. A. Time. To. Be. Alive.“
Another X user, Kevin Swenson, pointed out that ‘non-human‘ did not necessarily mean aliens, stating that it could refer to AI-based entities, animals, etc. However, his opinion received some ridicule, with one user asking:
“What were they then, Kevin? Dogs? Kangaroos?“
Crypto Michael, a crypto trader with more than 18,000 followers, highlighted that other military officials had privately shared nearly identical stories of alien sightings with reporters.
While netizens remain divided on the existence of aliens, traders would be wise to stay away from the recently born UFO/alien-themed tokens, lest scammers “beam up” their money.
