Monkey Pox Token Crashes, Erases All Gains Amid Concerns Over Market Manipulation

Monkey Pox (POX) dropped to a low of $0.0355, down 68% from its weekly high. This plunge reduced its market cap from over $92 million to just above $54 million.

The value of Monkey Pox (POX), a new crypto token, surged by more than 100% on Wednesday, Aug. 5, reaching a high of $0.1148. However, the token has since erased all its gains and dropped to a low of $0.0355, a decrease of 68% from its weekly peak.

The market cap of Monkey Pox also decreased significantly, dropping from over $92 million to just above $54 million. This steep decline is attributed to concerns over market manipulation, a common issue in the meme coin space.

According to data from DEX Screener, Monkey Pox has over 25,000 holders. Further data from RugCheck shows that the largest holder controls 660 million tokens, which is approximately 66% of the total supply. The top holders collectively own 72% of all POX tokens in circulation.

It's important to note that the metadata of Monkey Pox is mutable, meaning it can be altered by the owner at will. This poses a risk as the creator of the token is anonymous.

Unlike in the stock market where disclosures are expected and required, many meme coin creators are not identified. Therefore, there is a risk that the creators of the Monkey Pox token may manipulate the market and leave many investors at a loss.

We've previously covered how creators are cashing in on the meme coin wave by having a friend buy the token initially and then posting about it on social media. This tactic creates the illusion of organic hype and encourages韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜韭菜