A star-studded support base didn’t prevent EthereumMax (EMAX) from tanking over 15% in the early hours of Tuesday.
What Happened: EMAX traded 15% lower at $0.000000175 at press time over 24 hours. The celebrity-backed cryptocurrency traded 15.3% lower against both Bitcoin (BTC) and Ethereum (ETH).
It should be noted however that EMAX is still up near 30% over a seven-day trailing period.
BTC traded 3.41% higher at $40,549.75 at press time over a 24-hour period.
See Also: How To Buy Bitcoin (BTC)
On Monday, television personality Kim Kardashian shared a story with her Instagram following.
The story came with a disclaimer and stated, “Are you guys into crypto???? This is not financial advice but sharing what my friends just told me about the Ethereum Max token!”
“A few minutes ago Ethereum Max burned 400 trillion tokens—literally 50% of their admin wallet giving back to the entire E-Max community.”
Why It Matters: Among the numerous hashtags included in the story was #AD, which stands for advertisement, an important legal cover, as first noted by Decrypt.
EMAX spiked last week thanks to the publicity generated by an exhibition match between boxing legend Floyd Mayweather and YouTuber Logan Paul.
The token that pitches itself as a “culture token” was the sole cryptocurrency for purchasing tickets for the event.
Former National Basketball Association player Paul Pierce took a dig at his former employer ESPN — owned jointly by Walt Disney Co DIS and Hearst Communications — while endorsing EMAX on Twitter.
Benzinga’s Take: It is important to exercise due diligence while investing in any cryptocurrency with a low market capitalization and high volatility.
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