Make Ethereum Great Again (MEGA) token has experienced an extraordinary surge of 10,000% on decentralized exchanges within the last 24 hours, outpacing the gains of leading cryptocurrencies Ethereum ETH/USD and Bitcoin BTC/USD.
What Happened: Inspired by the famous slogan “Make America Great Again” during Donald Trump’s successful 2016 presidential campaign, MEGA aims to channel the same spirit into the Ethereum ecosystem.
BTC, ETH gained 0.1% and 0.12% respectively in the last 24 hours.
The MEGA token’s meteoric rise comes at a time when the cryptocurrency community is witnessing considerable shifts in sentiments and behaviors.
In a blog post, the MEGA team expressed their observation of influencers and long-term holders, who were once critical of gatekeeping in the industry, transitioning to becoming the new gatekeepers themselves. “We have seen those who preach the religion of Diamond Hands turn into lettuce hands. This inconsistency has kept community sentiment unsettled.”
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Why It Matters: Taking cues from HEX founder Richard Heart, the MEGA team encourages individuals to shift their focus from what PulseChain (the upcoming project associated with MEGA) can do for them and instead contemplate what they can contribute to PulseChain.
The Securities and Exchange Commission (SEC) has initiated legal action against Heart and his cryptocurrency ventures, which include Hex, PulseChain, and PulseX. According to the SEC, Heart, also known as Richard Schueler, is accused of illegally generating over $1 billion in funds by selling unregistered securities.
It is alleged that Heart utilized at least $12 million of the raised funds to acquire extravagant items, such as luxury cars, watches, and a rare 555-carat black diamond known as “The Enigma,” according to a previous report.
While the MEGA token’s price surge is astonishing, it is important to note that some tokens with low trading volumes can pose risks.
Data from Dextools showcases a total market cap of $730.79 and a 24-hour trading volume of $475.88K for MEGA. As of the time of writing, the token’s trading price stands at 0.0000000008387073790016757.
Photo by Igor Faun on Shutterstock
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