Rekt is the latest memecoin to surge in value as it rose by more than 90% after being listed on exchanges.
The Arbitrum-based token has only been around for a few days but has generated a notable following. Like most memecoins, it has no specific purpose, with its website saying it is all “about getting rekted.”
“At REKT, we believe that investing should be thrilling, not boring. That’s why we’ve created a token that’s designed for people who want to take risks, have fun, and maybe even get a little bit rekted along the way,” the website reads.
Of course, anyone familiar with the dynamics of such token offerings know that they typically create more losers than winners.
In social media posts, Rekt’s developers even play into the characterization of memecoins as high-risk investments that often leave people out of pocket (or rekt). They do however insist that their project is not a fraud. “We won’t rug you, we will just $REKT you,” the team said on Twitter.
Rekt is a popular crypto slang that means a total financial loss.
Exchanges Want Users to Get REKT
Despite the lack of clear-cut use cases, the memecoin has seen several centralized exchanges list it for their users.
AscendEX crypto exchange announced that it listed a REKT/USDT trading pair for trading. The firm added that withdrawals would become available for its users from April 24.
Another less-known exchange Lbank.com also announced that it had listed the REKT token.
Perhaps the biggest exchange to list the memecoin is Justin Sun-backed Poloniex. The crypto trading platform said it was excited to welcome REKT, adding that it would be available for trading immediately.
Meanwhile, MEXC Global also listed REKT for futures trading with a 10x leverage. Other exchanges that have listed it include BitGet and the decentralized exchange platform, Uniswap.
Bot Helps Kick off Memecoin Season
Following the triple listing, REKT’s value soared to a new all-time high of $0.00000003935, according to CoinMarketCap data. However, it has dropped retraced to $0.00000003389 at the time of writing.
As BeInCrypto reported this week, purposely inflating the price of cryptocurrencies by “pumping” has recently taken a high-tech turn. What’s called a Maximal Extractable Value bot was found to have profited from at least two memecoin pumps that saw the WOJAK and PEPE tokens increase in value by 80% and over 200% respectively in a short space of time.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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Oluwapelumi Adejumo