The cryptocurrency market has recently seen an unprecedented rise in the token called Smoking Duck (DUCK), which few people have heard of before. In the last 24hrs the token value has moved up by 755.46% moving from $0.000005 to $0.00002397 for each DUCK token.
This exponential growth has placed Smoking Duck on the map, and at the time of this writing the market capitalization is $1,246,242. Still it looks relatively small from industry leaders’ point of view, nevertheless this is a major achievement as a token previously took the 2883rd place in the global cryptocurrency ranking.
This new phenomenon which has blown up DUCK has a high 24 trading volume which is about $1,171,856. This demonstrates the total token volume has increased to a phenomenal 1174.43% showing that the token is highly active in the buying an selling process. The volume to market cap ratio has also to a high of 94.03 % indicating high liquidity and trader activity within the short term.
According to Smoking Duck’’s white paper, there will be a maximum circulating supply of 52,000,000,000 tokens. Such fixed supply structure is favored by investors since it can result from scarcity and thus appreciate over time. The fully diluted market capitalization, which uses the total supply of tokens and reflects the currently available market cap within $1,246,242.
Many theories have been made within the cryptocurrency community about why has DUCK been experiencing such an increase in its price but the fundamental question still remains unanswered. The skeptics point out that the token could have been the beneficiary of an active organic and organic social media marketing or rich influencer endorsement… Some again argued that subsequent developments or the existence of promising partnership opportunities that may have been disclosed or rumored inevitably raised investors’ attention.
However, the current status of the strategic move is a very important factor that prospective investors should consider carefully. Cryptocurrencies are famous for their highly unpredictable prices and such rapid growth of price often translates to a proportionally aggressive decrease in price. Any decision to invest in DUCK is burdened with unknowns surrounding the fundamentals of the project, its team, or its application.
However, the Smoking Duck incident underlines not only the set of problems mentioned but also the volatility and uncertainty of cryptocurrency market at large. It is a constant signal that a one time obscure tokens can quickly trigger market interest and see their value skyrocket.
From the smell of it, professionals are closely watching the action attempting to determine if this is a mere pump and dump scam or the start of a real project with people buying into it. Some have compared it to other meme tokens that also surged in the same way recently, for example DOGE or SHIB.
Infracstructure and programs other than this particular token DUCK make up the larger ecosystem that the rise of organization supports. This goes in harmony with the continued demand for high-risk investment in the emerging cryptos markets when research is still unceertain and volatile. This event may also act as the stimulus for the discussion of market manipulation issues and the necessity to have more control over the cryptocurrency market.
Since the information on Smoking Duck’s soaring is public, the company is sure to attract extra attention from investors including retail and institutional investors. All this boosting the project’s examination from the fundamental point of view, it is possible to come across some information that can add weight to its existence or, on the contrary, hasten its depreciation.
As of now, absolutely nobody seems to know what is going to happen to DUCK and the entire cryptocurrency community has been polarized. For some, it is a chance to make good money out of the popular token now pumping its value, while others are more cautious with the need to investigate the situation before entering the market.
Everyone will especially watch out for Smoking Duck to see if it will continue gaining the traffic that it started enjoying recently or whether the bicycle will slow down and then fade out like usual. In any case, this event is also one more fragment of an ongoing saga of cryptocurrency market and its capability to produce unexpected events and to offer incredible both profit and losses within several hours.
Over the next several days and weeks, market participants will be paying close attention to the further evolution of events connected with Smoking Duck and their impact on cryptocurrency market. As always, potential investors are advised to do their own research and bear in mind what their risk profile is when dealing with any cryptocurrency let alone those with such volatile prices.
