Benzinga - A token with the name “Go F*ck Yourself" (GFY) soared over 160,000% in the last 24 hours.
What Happened: This spike in value comes from Elon Musk’s candid response to advertisers suspending spending on X after a controversy.
In addressing the ad pauses, Musk stated, "Don't advertise," adding, "If somebody's going to try to blackmail me with advertising, blackmail me with money? Go f*ck yourself."
At the time of writing, GFY was trading at $0.0000058. The liquidity of GFY has reached $226.33K, and while the circulating supply data is not provided, the token has attracted around 2.25K holders. Currently, the total market capitalization of GFY stands at $4.59 million.
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Why It Matters: Low liquidity can pose a risk to investment as it may lead to difficulty in buying or selling significant amounts of the asset without impacting the market price.
It's crucial to note that creating new cryptocurrencies is easily accessible to individuals with minimal technical knowledge using Ethereum‘s (CRYPTO: ETH) smart contract system or other blockchain mechanisms. Decentralized exchanges facilitate quick liquidity for these newly minted tokens.
Earlier today, another token named GROK2, seemingly alluding to Musk‘s AI chatbot venture, surged an astonishing 2000%. Market data from Dextools shows GROK2 trading at $0.0004571, with a market cap of approximately $315,400. The 24-hour volume stands at $190,050.
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $37,712, down 1% in the last 24 hours, according to Benzinga Pro.
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