X-Ai Corp, Worst or Best Crypto to Buy Now? XAIC Pumps 2,000% as Elon Musk Starts AI Project
A new coin on PancakeSwap named after Elon Musk's upcoming company, X-Ai Corp (XAIC), has spiked over 2,000% this weekend - likely a pump and dump scam piggybacking on the AI crypto project trend. Here's why we don't recommend buying XAIC.
Often after viral breaking news events, unscrupulous developers create a fake coin and list it on decentralized exchanges like PancakeSwap or Uniswap - where anyone can list a coin - and manipulate the price as they own the supply of tokens. Nothing is known about XAIC coin which exploded Saturday.
About this time last year, Will Smith Inu (WSI) token appeared on PancakeSwap after the Academy Awards, and ended up being a pump and dump not affiliated with the actor or Chris Rock. Its market data is now untracked on CoinMarketCap, and its domain is on the MetaMask warning list.
Many random shitcoins also sprung up on DEX platforms following Queen Elizabeth's death.
While some joke coins are easy to spot, fake tokens named in some way after Elon Musk, Tesla or his new AI company X.Ai Corp can be more dangerous with all the artificial intelligence hype.
Legitimate AI crypto coins have been thriving in recent months - SingularityNET (AGIX), Fetch.ai (FET), OCEAN and RLC to name a few - and investors are always looking for the next cryptocurrency to explode. FOMO'ing into a coin up thousands of percent however is a recipe for disaster.
According to data from Coinbrain, the 24 hour volume that cause the XAIC price to pump over 2,000% this weekend is actually minimal, and its verified liquidity is tiny.
For beginner crypto investors, in other words even if you make a profit you will have difficulty selling any significant amount of XAIC tokens without slippage - large orders won't get filled at a
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