The new cryptocurrency, which will launch on April 30, is gaining popularity due to its similar name to AMC Entertainment.
A new cryptocurrency, expected to launch on April 30, is gaining popularity and mentions on social media due to its name similar to AMC Entertainment Holdings.
, which is publicly traded.
What happened
A new cryptocurrency called The AMC Token
It is scheduled to launch on April 30 and uses the name of the AMC theater chain to entice people to buy the token.
For its part, AMC has not announced the token, nor has it indicated any connection to an Ethereum-based token. Ethereum
Adam Aron, CEO of the theater chain, which is fairly transparent to investors, also did not mention the token on his Twitter, nor did he follow the official account of the AMC token.
Instead, the coin’s developers claimed it was “inspired by the GME and AMC movements” and used the theater chain’s name.
AMC Tokens provide fair distribution and price discovery is determined by supply and demand. There will be no pre-sale or whitelisting of tokens until the launch is complete.
The token is also known as the Apes Movement Community Token in press releases published on several major financial media sites, including Globe Newswire.
“TAMC is proud to be the first token to create wealth for its holders through social/meme currency status and expose misconduct in today’s financial system for the benefit of the few,” the statement read.
because it matters
AMC Entertainment is one of the hottest stocks of 2021, attracting a broad fan base and community members who often refer to themselves as apes.
AMC Token is trying to capitalize on the community by hinting at its association with the movie theater giant.
The token promises to “go to the moon” and has sponsored posts on other sites promising returns of 10x, 100x and 1,000x for the token.
The official Twitter account for The AMC Tokens dates back to November 2021, having previously shared and retweeted other tokens before rerouting to this TAMC post in February 2022.
Many coins and tokens have attempted to capitalize on the success of other tokens by launching tokens that often end up being a rug-like handle, with founders making money with their money and new owners being pulled off the rug. Some tokens allow users to buy rather than sell their tokens.
Last year, the cryptocurrency market witnessed tokens like The Squid Game, based on the popular Netflix Inc series.
, and a coin inspired by the Will Smith slap, the Will Smith dog. The value of these tokens usually spikes, but then drops again later.
Another coin called Accept Crypto launched by Dogecoin influencer Doge
, Matt Wallace is trying to capitalize on the strong Dogecoin community and the slogan of retailers accepting Dogecoin as a payment method. The value of the coin skyrocketed, only to crash later.
Investors should always be cautious when entering new tokens without a verified record and should only take the risk they are willing to lose.
