A rising tide raises all boats – even those previously believed to be shipwrecked. At least it looked like this on Wednesday when some previously dormant altcoins came back to life and saw peaks between 3,000% and 6,500% during the week.
One of the most important was Karma (KARMA), a social media project that was originally launched on the EOS blockchain in 2018. Over the past seven days, Karma’s dollar value rose 6,530% as the token rose from a partial price of $ 0.000464 to $ 0.030767.
Trading volume increased 35,400% over the same period but doesn’t assume liquidity is available. From a weekly low of $ 2, trading volume had risen to intoxicating highs of $ 710 by Wednesday.
The token had lost more than 99% of its value between 2018 and 2020. This year, each activity was last tracked through the project’s Twitter account. Karma’s Telegram channel is expected to have had numerous new additions over the past week, but no news has been released from the team.
Karma switched from the EOS blockchain to Worldwide Asset eXchange in 2019. The latest announcement on social media relates to the integration of the token into a WAX cloud wallet. The WAX Protocol Token (WAXP) itself has grown 348% in the last month alone as it has successfully mastered the wave of NFT mania.
The other resurrected altcoin this week, Nestree (EGG), rose 3,018% over the past seven days, rising from $ 0.005511 to $ 0.171872. Over half of that spike occurred in a five-minute window early Wednesday morning, suggesting a less natural price movement. Over 96% of the token’s trading volume of USD 7 million came from the South Korean exchange Bithumb, which was dominated by trading in the Korean won.
Nestree was launched in 2019 and is described as a reward-based blockchain messenger. The project’s Twitter account became less active over time. Four posts in 2020 have only been followed by one in 2021. The most recent announcement was a very brief “roadmap” that gave vague details on developing an e-commerce website.
Over 10,000 installations of the Nestree app were recorded in the Google Play Store. However, reviews mention that certain personal information, including a cell phone number, is required to sign up. One reviewer noted, “This goes against the spirit of blockchain-based chat apps.”
As can be seen from the figures above, the cryptocurrency market doesn’t always discriminate. All pricing data comes from CoinMarketCap.