Altcoin Jumping 1000% in 1 Week: Challenged the Market!

Global events have often inspired the creation of new crypto tokens. For example, Queen II. Elizabeth’s death resulted in the creation of more than 40 meme coins. In contrast, the next big event for 2022, the FIFA 2022 World Cup, has not surprisingly spawned the creation of a new altcoin.

World Cup Inu (WCI) is an Ethereum-based cryptocurrency that supports the 2022 FIFA World Cup. Token’s Defi (decentralized finance) platform allows them to participate in sports betting. Users can place bets for their favorite teams through the Ethereum Network.

However, the most intriguing thing is that WCI rallied around 1000% on the 7-day charts. The altcoin tested the lowest level of $0.003134 throughout the week, reaching the highest value of $0.03447. The altcoin has lost some of its value and is currently trading at $0.02343.

Fifa 2022 world cup

Koinfinans.com As we have reported, football is one of the most popular sports in the world. Also, the FIFA World Cup is one of the most watched and celebrated sporting events every four years. The 2022 FIFA World Cup will be played in Qatar from 20 November to 18 December. With a lot of interest in the event, it’s no surprise that someone created a crypto token for it.

Can such crypto tokens be long-lived?

Cryptocurrencies like WCI or tokens released at the time of the Queen’s death are created for a pivotal moment. Therefore, they remain in the market until the excitement of the event continues. WCI may attract a lot of attention, especially during the World Cup, but it is unlikely to stay after the event is over.

Besides, sports betting is a big industry in itself and full of malicious players, but a smart contract can help reduce the number of illegal players. Unless, of course, the WNI token is a currently unprovable fraud case.

In summary, it is better to be cautious than excited in such projects.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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