Crypto market volatility has now become a daily occurrence. In recent times, several lesser-known currencies have also been taking over the market overnight, with huge price increases in a very short span of time.
On Monday, the coin name ‘Sish-Tzu’ was added to that list. Amidst this growing popularity of cryptocurrencies across the world, recently, the coin modeled after a beloved, playful Chinese dog breed named ‘Sit-Zoo’ saw an incredible price increase of over 600,000% in just two hours.
According to international crypto exchange, CoinMarket Cap, the coin was initially trading at $0.00000009105. It traded at $0.00005477 with a drastic price increase in just two hours. That is, if someone has invested Rs 1,000 in this currency, he has got a return of Rs 60 lakh after 2 hours.
However, in this race of overnight price hikes, Sitju is not the first. A few days ago KokoSwap, Ethereum Meta, ARC Governance, and other lesser-known coins also showed high price growth in a short period of time. However, all these were temporary.
Experts are still unable to explain the reasons behind the sudden rise in prices of lesser-known crypto-currencies. However, Sharat Chandra, an emerging blockchain and technology promoter, said that this kind of price increase in the market will not last long. He claims that the respective currency has only seen profit due to the dominance of NFT and Metaverse Gaming.
Incidentally, according to information on the official website of Sitzu Coin, its purpose is to raise funds through the sale of NFT tokens to help sick, abused, neglected animals. In fact, the coin’s developer team is optimistic that the token’s positive impact on animals will benefit token savers in the future. However, their claims are still subject to verification.