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JCT Currency Surges by 700% in 2 Hours, Another Scam Coin?

JCT token which is relatively unknown to the majority of the decentralized world has surged by 700% in just 2 hours. Japanese Content Token or JCT is handled by a Singapore based blockchain and it has grabbed the attention of the analysts for its ridiculous gains within a very short period of time.

Usually, whenever such kinds of cases occur, where a relatively unknown token see their price skyrocket in a matter of a few hours, it turns out to be a scam or Ponzi scheme. At around 7:30 UTC, the JCT token was trading at around $0.045, however, by 9:30 UTC the trading price of JCT touched $0.362.

The prices only dipped by 16% in the following hour, which is not surprising as the token holders might have seen this as a perfect opportunity to sell their tokens at 700% profit.

Another Scam in the Making?

JCT prices did not just surge against USD, it also surged by a whopping 651% against the bitcoin, 625% more than Ethereum, and a few exchanges which have listed JCT for trading reported that the volume of the token reached $704,000.

The trading volume data given by the exchanges paints Starck contrasting picture given the surge resulted in the addition of $93 million to JCT’s valuation. Another concerning discovery suggests that 41% of the total trading volume originated from an unregulated exchange. All these factors combined point to a case of wash trading and many other price irregularities.

Is JCT Another Scam Coin?

If we look deep into the JCT token and its origination, there is a very short history of the token. The token was added on different exchanges only this April, and there is no announcement of its creation or addition. Since the token has not shown any traceable significant gain before the current surge, it understandable that most of the traders haven’t heard of it earlier.

However, the creators of the token did try their best to get the token into the limelight by entering into a partnership with Tomochain, a public blockchain project, before listing it on 5 exchanges. Another factor that makes JCT a scam is that the unprecedented rise was not triggered due to organic causes, and up until now the irregularity in prices only point towards wah trading being the sole cause of its massive rise.