The $MILK token, which unlocked a 60x return in 24 hours on Uniswap, has emerged as the next copy-cat explosion as DEX-launched tokens continue to generate enormous profits by imitating popular currencies.
There has been a noticeable increase in the number of DEX-launched tokens that have gained tremendous interest in recent weeks. Some of these tokens include the well-known APX, SAMBO Bot, Baby Meme, REFUND, XDOGE, and IO.
But $MILK token is different; this time, copycatting MILK token by Cardano’s top DEX MuesliSwap is driving the spike more so than meme power.
Uniswap Surge: MILK Token Skyrockets 60x, $100K Funding Secured,Uniswap Surge: MILK Token Skyrockets 60x, $100K Funding Secured
The real $MILK token is generated as a compensation for yield farming on MuseliSwap using MyYield, and it is based on ADA or ERC-20.
The actual $MILK coin has a 10m capped supply, however this copy-cat token on ERC-20 has a 69.78Tn total supply, meaning it has no inherent value.
However, the fictitious $MILK token has succeeded in pulling off its charade; its breakout 60X surge to a market capitalization of around $5 million bears witness to its potential for a moonshot.
$MILK Price Analysis: Will the Fake $MILK Token Continue to Rise or Will It Eventually Collapse?
At $0.000000006188, $MILK is presently trading at a market price that represents a 24-hour move of +267% as it breaks out of retracement once more.
This fictitious $MILK coin was introduced on November 6 and saw a modest initial uptake, with very little price movement in the first 48 hours of trade.
But on November 8, around three in the morning, a sharp increase in volume sparked off a breakout pattern. Price initially rallied to a support level at $0.000000001311, which prepared the market for a massive spike higher.
The price surged 151% in just 6 hours, reaching an all-time high of $0.0000000095, more than double the gains of the bold early buyers.
Soon after, when traders realised their unexpected winnings, the price of $MILK underwent a retracement, plunging to lower support at $0.00000000458.
The lower trendline seems to be holding, and the price has risen over the last three hours to reach local resistance around $0.000000006432, setting the foundation for a second rally leg.
Amidst the massive movements, $MILK’s market capitalization has increased to a healthy $4.33 million, a record high for any meme currency introduced by DEX; nonetheless, it is a phoney copycat token.
Even if a market cap at current levels indicates that there is limited room for growth from here and that most investors should enter the market later, buy pressure is still high (representing 77% of transactions over the last hour).
But as high-risk DEX traders flood the market in an attempt to profit on the excitement around Bitcoin ETFs, a new prospect with far greater copycat potential than $MILK is starting to emerge.
Uniswap Surge: MILK Token Skyrockets 60x, $100K Funding Secured,Uniswap Surge: MILK Token Skyrockets 60x, $100K Funding Secured,Uniswap Surge: MILK Token Skyrockets 60x, $100K Funding Secured , Uniswap coin Crypto news, Uniswap coin News