As MineLab Token Gains 1,000% Overnight, This Unseen Crypto Just Bagged $1.8 Million – What Does it Do?

As MineLab Token Gains 1,000% Overnight, This Unseen Crypto Just Bagged $1.8 Million – What Does it Do?

The price of MineLab (MINELAB) has risen by as much as 1,000%, with the new altcoin hitting a peak of approximately $0.058 on Uniswap in the past few hours.

This price represented a gain of around 30,000% compared to its first recorded price on the decentralized exchange, where it's trading against Wrapped Ethereum (WETH).

Yet MineLab has already crashed after its rally in the earlier hours of the morning, with its price falling as low as $0.00012 in the past hour, marking a 99% drop.

This would suggest that coin has already had its rug pulled, yet fortunately for investors there are other, more serious tokens out there, with Bitcoin Minetrix (BTCMTX) already raising $1.8 million in its presale, providing a sign of things to come.

As MineLab Token Gains 1,000% Overnight, This Unseen Crypto Just Bagged $1.8 Million – What Does it Do?

Listed on Uniswap on October 9, MineLab's price chart provides a classic example of an exit scam, with the altcoin basically returning to its original low level.

Looking at the candles above, it's clear that the token's issuers dumped their bags in full as soon as the coin reached its record high, leaving retail traders who bought high holding their bags.

Given the small size of the coin's market, it's hard to say who was buying the token as it neared its peak, yet any buyers should have done some due diligence before taking the plunge.

For one, they might have noticed that the coin, despite its name, has nothing to do with MineLab, a cloud-based mining platform that has only just begun the process of launching its native MELB token.

Yes, that's right, MINELAB has simply piggybacked on MineLab's name to dupe some unfortunate investors, and judging by its very brief rise (and fall), it appears to have worked.

Fortunately, more careful investors may consider looking to other coins that do actually provide what they promise, with several high-potential presale tokens doing the rounds at the moment.

Presales are an effective way of finding promising projects in and amongst all the vaporware and scams, with projects that raise substantial sums offering some early evidence that they're likely to gain a critical mass and succeed.

And one of the most notable new presales in the market right now is being held by Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised close to $1.8 million in its presale.

This is highly impressive for a sale that has been running for only a few weeks, and it provides a strong indication that the market is increasingly gaining confidence in Bitcoin Minetrix, which will enable people to indirectly mine Bitcoin by staking BTCMTX tokens.

Its platform works by converting staked BTCMTX into tokenized mining credits, which can then be spent to mine Bitcoin.

Not only will this open up Bitcoin mining to a wider pool of participants, but it will also earn Bitcoin Minetrix users freshly minted BTC in return.

They'll also receive newly issued BTCMTX as compensation for staking, meaning that the altcoin will be profitable on several fronts.

Bitcoin Minetrix's platform is set to launch in the next few months, with investors able to join its presale by visiting the official Bitcoin Minetrix website.

The coin will have a max supply of four billion BTCMTX, with 1.4 billion of this being made available to the presale, which will come in ten stages.

1 BTCMTX currently costs $0.01110, although this will climb to $0.01190 by the sale's tenth stage, before potentially rising even higher once it lists on exchanges.

Visit Bitcoin Minetrix Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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