- GG Token has become the 44th largest crypto in market cap despite getting listed in 24 hours.
- In less than a day, GG Token has reached $1 billion in market cap.
- Traders must exercise vigilance if dealing with memecoins to protect their assets.
While the crypto market has fallen by a few notches in the last 24 hours, with Bitcoin (BTC) falling from $27,000 to $26,700 in a matter of hours, a relatively unknown token has reached $1 billion in market cap after getting listed in just a day.
Specifically, the token is called Global Game Token (GGTKN), simply referred to by its official website as GG Token. The unknown contender has only been listed on CoinMarketCap and CoinGecko within 24 hours, yet it has now become the 44th largest cryptocurrency in terms of market capitalization.
As seen above, GG Token has barely any trading volume in the last 24 hours and is only purchasable via decentralized exchanges (DEXs) such as PancakeSwap, PooCoin, and Arken, and centralized exchanges P2PB2B.
It is not sure whether GG Token is a memecoin or if it has real utility — that is, for lottery platforms — as the website alleges. In fact, the website claims that GG Token’s inception dates back to 2009. However, GG Token’s Twitter account only started in March last year. There is also minimum social media engagement on the token’s Twitter handle.
Given the abundance of memecoins and fraudulent tokens today, traders must exercise extra vigilance to protect their assets from malicious entities.
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