A new Ethereum-based (ETH) altcoin is seeing a colossal spike in price after ETH co-creator Vitalik Buterin joked on social media about its potential creation.
Last week, Buterin made a Twitter joke that someone should create a project called “THE protocol” to take advantage of how common the word “the” is used.
“Someone should make a project called ‘THE Protocol,’ so that their shills can say ‘Look, so and so mentioned THE!’ pretty much any time anyone says anything.”
However, Buterin’s joke soon became a reality after an unknown development team actually constructed a crypto asset called THE Protocol (THE) just a short while later.
Since October 17th, THE has seen an eye-popping 119,118% increase in price, going from $0.0000384 to $0.04578 in just a matter of hours.
THE has since stabilized and is changing hands at $0.02246 at time of writing, a 19.2% decrease during the last 24 hours, according to DeFi [decentralized finance] data aggregator DEXTools.
Just hours after THE saw its staggering price increase, Buterin once again sounded off on Twitter, sarcastically asking his audience “what have I done?”
Though THE’s developers have launched a website for the digital asset, not much information is given as to what its use cases could be.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Yudhistirama
Credit: Source link