The famous hacker group, Anonymous, is set to launch its currency because Elon Musk and China are disrupting the crypto market. Established almost two decades ago as a forum on 4chan, the hacker group became known for releasing several cyber-attacks on firms, individuals, and governments worldwide.
Anonymous Launch Anon Inu
Some of its well-known cyber attackers were those directed against countries such as the United States, Tunisia, Uganda and Israel and against top firms like Visa, Mastercard and PayPal. The only year the group didn’t launch any significant cyber-attacks was 2011.
That was because Lulzsec, a prominent member of the group, was arrested by the Federal Bureau of Investigation (FBI) during a search to crack down on the organization. Late last year, the group started their attacks again via various YouTube videos.
However, Anonymous’ most recent announcement was the launch of their crypto-asset, which is called Anon Inu. The group said it is launching this new token for two reasons. One reason was to reduce the massive influence of Elon Musk on the crypto market, and the other was a reaction to China’s ban on crypto mining because they wanted to launch their Central Bank Digital Currency (CBDC).
Part of the video stated that “we are convinced that the crypto space hasn’t reached full maturation yet. Hence, we are launching the Anon Inu token. It is a new governance token with several in-built features.
Also, we aim to counter Elon Musk’s meme tokens and as a reaction to China’s crypto ban. We will offer several prizes to our token holders. Prizes include free airdrop tokens, non-fungible tokens and free Anon Inu profile pic. As a team, we will contribute most of our profits to animal shelters, especially dog shelters.”
Trading on the Anon Inu token will be available on the Binance Smart Chain (BSC), and the token’s circulating supply is fixed at one quadrillion (1,000,000,000,000,000). Based on the released roadmap, there won’t be any future upgrades, but the majority of their efforts next quarter will be on promotions, collaborations (especially with influencers) and listing on exchanges, especially Coinmarketcap.
Meme Coins Suffer Huge Losses
The recent market price crash seemed to have affected meme coins (Dogecoin and Shiba Inu) the most. They have fallen in mid-to-high double digits, which contrasts with the single and low double-digit decline for the leading digital assets.
One possible reason for the massive losses experienced by these meme coins was the massive sell-offs on them. The meme coins’ short term growth has surpassed all other digital assets. Hence, when the entire market started crashing, most meme coin holders sold massively to maximize returns on their investments.
For instance, the Dogecoin price at the start of this year was $0.01, but its current price is about $0.1948, representing an almost 1,000% increase within seven months of this year. Furthermore, these coins are liable to erratic movements because they are highly volatile. This high volatility is good when the coins’ price rises, but it’s awful when the price is declining.
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