Maximine Coin (MXM) raises eyebrows: 750% up in one month

29 Mar, 2019 | Updated: 29 Mar, 2019
by Alberto Arnaldo
Price Analysis
Maximine Coin (MXM) raises eyebrows: 750% up in one month

A 750% increase in a matter of a month, with no strong fundamental news attached whatsoever, seems like something to look into. Maximine Coin is the protagonist of this rather suspicious bull run.

The Singapore-based project describes itself as a “highly efficient and transparent cloud-based pool mining platform”, with an “international presence in the industry”.

As little as 700 Twitter followers and an overwhelming 98% of its trading volume coming from a single exchange are not positive indicators at all for a project which has grown in an absurd manner along 2019, jumping from market cap lows around $7 million in February to its current level above $200 million.

Having a single exchange boasting such share of the volume of a project is red flag by itself, but it could be overlooked if at least it was a well-known and trusted partner. And that is everything what CoinBene is not, judging from reactions of the crypto community to recent incidents such as the exchange’s halting all withdrawals and deposits in an unscheduled manner in the middle of a wallet maintenance.

Read more: Coinbene hacked? Community reacts following wallet downtime maintanance

After making headlines once more this week for being one of the best performing tokens (making it to such heights such as the 32nd spot by market cap according to CoinMarketCap, but only the 70th according to CoinGecko), some independent researchers have asserted that more than $105 million in Ethereum and other tokens were sent from CoinBene to three addresses, following the unplanned exchange shutdown incident.

The crypto community, largely unaware of this massive potential scamcoin, appears to be starting to realize of the real nature of MXM. 

Read more: Is 87 percent of crypto trading volume fake?Maximine Coin (MXM) pumps over 30%

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Read more about: CoinBene Scam Hack

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