So-called “scandal” tokens are seeing a massive pump as risk appetite in the broader crypto market amps up as Bitcoin (BTC) hits fresh highs for the year above $42,000.
Scandal tokens are cryptocurrencies/tokens associated with failed or defunct crypto projects/firms that were struck down by high-profile scandals.
While the failure of their associated project/firm renders these tokens pretty much useless and worthless, speculators still view them as potentially offering short-term trading opportunities.
One feature of such coins as that they are often heavily shorted, raising the prospect of a potential short squeeze.
Let’s take a look at some of the best scandal coins to buy now.
FTT Token ($FTT)
$FTT, the utility token that used to offer its holders various trading benefits on FTX’s now failed and defunct exchange has been forming an ascending triangle in recent weeks.
These chart patterns tend to form ahead of bullish breakouts.
Assuming FTT does break higher, a more than 2x rally back towards $10 per token could be on the cards.
Of course, owning FTT remains highly risky, given the token has lost all of its original utility thanks to FTX’s downfall.
Terra Luna Classic (LUNC)
Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that experienced a spectacular blowup in May 2022, has been enjoying a spectacular resurgence in recent days.
At the current price of $0.00025, LUNC is up nearly 400% since its October lows.
Analysts have cited various factors such as plans to revive the Terra blockchain’s stablecoin UST to its 1:1 peg by buying up Bitcoin and continued support and burns from Binance as helping the cryptocurrency.
However, it remains a highly risky bet as very few people or crypto market participants continue to use the blockchain in wake of 2022’s disaster.
Terra Luna (LUNA)
LUNA, the cryptocurrency that powers the new Terra blockchain launched by Terraform Labs in the immediate aftermath of the original Terra ecosystem’s block-up but has since been wracked with scandal amid Terra creator Do Kwon’s arrest, has also been pumping in recent days.
LUNA was last just above $1.0 per token, up around 2.5x since October.
Like the Terra Luna Classic blockchain, very few crypto market participants are using the blockchain, so it remains a highly risky bet.
Better Alternatives to Consider
While the possibility of a short-squeeze means the above-mentioned cryptocurrencies could offer good short-term gains, they remain highly risky.
Investors looking for an even better chance of making quick gains with coins that aren’t linked to high-profile scandals should check out some of the top presale projects.
Here are some of cryptonews.com’s favorite up-and-coming projects.
Bitcoin ETF Token ($BTCETF)
Despite only launching its presale a few weeks ago, Bitcoin ETF Token has already been able to pull in over $2.7 million from investors because of its audacious pitch into the lucrative Bitcoin ETF theme that underpins the current crypto rally.
$BTCETF is also garnering attention because of its DeFi attributes.
$BTCETF tokens can be bought in presale today and staked to earn an annual percentage yield currently sitting at 487%, as per the project’s official staking dashboard.
Meme Kombat ($MK)
Another exciting new presale that has been generating a lot of hype recently has been for a crypto start-up called Meme Kombat.
Meme Kombat blend together the world of crypto gaming and gambling with its exciting platform were users are able to bet on the outcomes of exciting battles between characters based on some of the crypto world’s most popular meme coins.
Early $MK investors can also benefit from generous staking rewards, which are currently more than 100% annually.
The project has already raised close to $2.4 million, despite launching just weeks ago.
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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