What's Going On With EthereumMax (EMAX) Cryptocurrency?
EthereumMax (EMAX), an ERC20 token, was trending at press time, featuring at the eighth spot on CoinMarketCap's list of cryptocurrencies — buoyed by the interest generated by the boxing match between Floyd Mayweather and Logan Paul.
What Happened: The exhibition match between Mayweather, a boxing legend, and Paul, a YouTube personality, lasted for eight rounds and ended without an official winner being read.
During the game, Mayweather was seen sporting an EthereumMax logo and a link to the project's website. EMAX was also the exclusive cryptocurrency used for purchasing tickets for the event online, its website claims.
At press time over a 24-hour period, EMAX traded 1% lower at $0.0000002176. The newly launched coin has risen a whopping 1900% since May 28.
EMAX traded 1.5% and 4.2% lower against Bitcoin (BTC) and Ethereum (ETH), respectively, over 24 hours.
BTC traded 1.59% higher at $36,492.23, while ETH traded 3.71% higher at $2,767.92 at press time.
Why It Matters: As per the EthereumMax project’s website, EMAX is a yield-based token that provides a 2% distribution of every transaction to existing holders.
See Also: Shiba Inu, Ethereum Classic, Polygon — May's Best Performing Cryptos
The project is also pitching itself as a “culture token” with exclusive access to sporting events, concerts, and the likes.
There are plans to launch a non-fungible token marketplace in the third quarter of 2021 which will allow users to buy, sell and win digital collectibles.
The fight between Mayweather and Paul has given the cryptocurrency a bout of publicity including a billboard in Times Square.
How cool is this?! An early holder in eMax donated a billboard in Times Square to eMax because they did so well with the token, and this was their way of showing their appreciation and saying thanks. WOW what a ‘token’ of appreciation! Our community is second to none, THANK YOU! pic.twitter.com/dpHkceNSiK
— EthereumMax (@ethereum_max) June 6, 2021
Both, the contestants are controversial, as per a separate New York Times report. Mayweather has been convicted of domestic abuse charges multiple times and Paul receiving heavy criticism for filming a YouTube video in Japan in a forest known for suicides and for including a dead body in the offending video.
Mayweather promoted several initial coin offerings during their heyday in 2017. Several people associated with the offerings promoted by him were subsequently indicted and some even sentenced for fraud.
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