Ekta delivered a mammoth return of 2,893,266,376 per cent in the last seven days to $0.4039 from $0.00000001396, as per Coinmarketcap.com data. This means that the token has turned an investment of Rs 1,000 into Rs 2,989.32 crore.
Ekta is a blockchain that brings physical assets and communities on-chain and is moving towards its first public listing.
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New Delhi: Mulitbagger returns from a new or obscure crypto token is not a new fad. However, there is a crypto token that is struggling to get its glory back but is still far behind its all-time peak.
This token is so behind its previous peak that despite a 2.9 billion per cent rally, it is still 96 per cent below its previous peak and zoomed about 25 times to scale the previous highs.
Ekta delivered a mammoth return of 2,893,266,376 per cent in the last seven days to $0.4039 from $0.00000001396, as per Coinmarketcap.com data.
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This means that the token has turned an investment of Rs 1,000 into Rs 2,989.32 crore, which is bizarre and unbelievable as investors are unable to realize such jaw-dropping profits.
Ekta is a blockchain that brings physical assets and communities on-chain and is moving towards its first public listing. It has raised over $5 million in seed funding and private sales.
“It has a decent use case strategy to create profit with purpose by bridging the physical world with the digital world, integrates traditional businesses with blockchain technologies and unlocks new economic opportunities for everyday people,” said Raj A Kapoor, Founder, India Blockchain Alliance.
“Most of these boomers cannot get sold at these prices. They are generally programmed that way and one should keep off such one-time wonders,” Kapoor added.
However, this token is operating at a very micro level with a total market cap of less than $5 million. Though, the 92 per cent fall in volume and trade of merely $2,250 signals towards the trap for the buyers.
According to the project itself, there are 12,097,924 tokens in supply, and the maximum supply is capped at 420,000,000 Ekta tokens, the data from Coinmarketcap suggests.
Sharat Chandra, VP- Research & Strategy, EarthID, a self-sovereign Identity Management Platform, said, “It appears to set itself apart from the usual run-of-the-mill token projects. Ekta’s mission is to fuel the development of projects aimed at cleantech, wise tech, ocean startups, alternative medicines, permaculture and aquaponics.”
Ekta has laid out plans for a grand EktaVerse with an NFT marketplace and EktaHybex, a Hybex (a Hybrid Exchange), he added. “As NFTs and blockchain-based games are less sensitive to vagaries of global crypto trends, Ekta is spot on in leveraging Play to Earn games and DeFi.”
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