What Is Monkey Pox (POX) Token? And Could It Be A Scam?

Monkey Pox (POX) is a meme-based cryptocurrency that has drawn significant attention due to its extreme price movements and concerns about its legitimacy. Launched on Solana, it surged by over 200% within a short span, driving up excitement among investors. However, it later experienced a sharp decline, dropping 71% from its peak, raising red flags about potential market manipulation.

The token was launched just a week ago, at the start of September. It’s still up nearly 120% since launch, even after the latest crash. However, multiple industry experts are calling this token a rugpull scam and urging investors to avoid it.

Here’s a closer look at the controversial POX token.

Key takeaways

• POX is a meme-based cryptocurrency that gained popularity by leveraging social media and the public attention surrounding the Monkeypox virus outbreak.
• The token surged by over 200% within a short period, peaking at $0.10, before plummeting 71% due to sell-offs and profit-taking by large holders.
• The token raises concerns due to the concentration of ownership, with more than 65% held by a single wallet.

Why is POX so popular?

The Monkey Pox (POX) token’s popularity is partially linked to the global concern surrounding the Monkeypox disease. The token’s name capitalized on the heightened public awareness and media coverage of the virus outbreak. By associating itself with a real-world event, the token attracted attention from both the cryptocurrency community and the broader public.

Meme tokens often use tactics to drive visibility and leverage trending topics to create hype. In this case, the POX token’s rise coincided with the growing discussions around the Monkeypox disease, which contributed to its viral spread on social media platforms.

However, the link between the token and the actual disease is purely nominal and has no practical or medical relevance. The token’s surge was driven more by speculative trading and opportunistic marketing rather than any legitimate connection to the health crisis.

Here’s a combination of other factors that influenced its popularity:

• Meme coin hype: Like other meme-based cryptocurrencies, POX leveraged social media buzz and its playful association with the Monkeypox virus outbreak. Meme coins often gain traction quickly due to their viral nature and community-driven interest, particularly when they reference current events.
• Rapid price surge: POX’s value surged by over 200% in a short time, attracting speculative traders looking to capitalize on quick profits. Such extreme price volatility often attracts attention from both novice and experienced traders.
• FOMO (Fear of Missing Out): Investors, seeing the sharp rise in value and media buzz, jumped in to avoid missing out on potential gains. Meme coins typically create strong FOMO, as early buyers may experience massive short-term returns.
• Social media marketing: The token’s team and early adopters actively promoted it across social platforms like X (Twitter), creating a wave of interest. Social media posts about its gains and predictions for continued growth helped spread awareness.

Is Monkey Pox (POX) token a scam?

Yes, the token is highly likely to be a scam. A key issue is the centralization of ownership, where more than 65% of the token supply is held in a single wallet. This type of concentration allows for easy manipulation, as large holders can quickly dump the token, causing massive price drops.

Another concern stems from market manipulation. The token’s price skyrocketed by over 200% in a short period, attracting speculative traders. However, this rapid rise was followed by sharp corrections, including a 71% crash, which is common in so-called ‘pump-and-dump’ schemes where early investors profit at the expense of latecomers.

Several obscure projects linked to the developers also contribute to the skepticism. The developers behind POX have reportedly been involved in failed projects before, raising doubts about their intentions with this one. The team’s poor track record and the speculative nature of the token fuel the perception that POX could be a rug pull — a scheme where developers abandon the project after taking investors’ money.

Investors should be extremely cautious as POX shows multiple red flags of being a high-risk investment with potential scam characteristics. RugCheck and other analysis tools highlight these issues, urging people to stay vigilant.

Always perform thorough research and consider the risks before investing in meme-based or high-volatility tokens like POX.