XMax (XMX): The 1,400% Growth Altcoin with a Ghost Town Community
XMax (XMX) broke into the market cap top hundred on Monday after 65% surge on the day, which compounds a 1,400% surge over the course of the month.
An ETH-based token with a focus on dApps and gaming, XMax’s sudden explosion is very surprising given that not a peep has been heard from the team since the end of last year.
The website is stripped empty, the Medium blog hasn’t been added to since November, the Twitter account has been dormant for seven months, and the Telegram channel is full of spam posts advertising airdrops for completely unrelated projects.
Something’s Happening on Huobi
Of the five exchange’s XMX is present on, over 98% of its daily trades came from Huobi Global on Monday. That amounts to $14 million of the token’s $15 million trade volume – the highest ever recorded for XMX since it began trading in early 2018.
From the daily low of $0.002621, the value of XMax climbed to $0.004337 – a 65% increase.
Pulling back to the monthly chart, we see XMX’s meteoric rise in the past thirty days. From a dollar value of $0.000289, the month’s gains amount to 1,400%. That number would be higher (2,093%) if the all-time high in the middle of the month had been sustained.
Self described as a: “Blockchain Ecosystem and Developer SDK for the Video Game and Entertainment Industry,” the last time any mention of XMX was made on Huobi was over a year ago, when it was first listed.
And scouring XMax’s official channels in search of some rhyme or reason behind the recent pump reveals a team that appears to have just gotten up and left.
XMax Ghost Town
The XMax twitter account was created in May 2018, and after sending out 182 tweets, has been dormant since December of the same year. The project website provides no information whatsoever, while the Telegram account is very active – just not with anything to do with XMax. Scrolling through the past few months of airdrop advertisements reveals no posts from the XMax team, nor community members:
The project’s Medium blog was last updated on November 26th. At the time, they claimed to have over 4,000 twitter followers (now 3,000), and 88,000 telegram followers (now 44,000).
The Etherscan page reveals almost 140,000 addresses for XMX – a remarkably large number for a token with such a sparsely populated community. Given the project’s Chinese roots, it may be possible that its popularity comes from behind the Asian curtain.
By time of writing, XMax is the 95th ranked cryptocurrency in the world, with a market cap of just under $75 million. Its value has grown 3,369% since February, without so much as a team to pump its hype on social media.
The obvious suspicion is blatant manipulation, and it’s unlikely that very many people were able to capitalize on XMX’s recent movements.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.