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Algorand breaks out as price eyes higher levels

Algorand breaks out as price eyes higher levels

Algorand announced the appointment of a new Chief Marketing Officer ALGO has gained by…

The post Algorand breaks out as price eyes higher levels appeared first on CoinJournal.

Algorand breaks out as price eyes higher levels
  • Algorand announced the appointment of a new Chief Marketing Officer

  • ALGO has gained by 25% in the past week

  • Algorand has broken past a key resistance, but retracement remains on the horizon.

Algorand ALGO/USD has pumped by more than 25% in the past week. The cryptocurrency traded at a high of $0.40 before retreating to a breakout resistance-turned support of $0.36. $0.40 is the highest price for ALGO since June.

Algorand has been surging previously, but bullish strengths increased with the appointment of a new CMO. Michele Quintaglie became the new Chief Marketing Officer of Algorand on Wednesday. Quintaglie boasts top experience in leading firms at Visa and Fidelity. A breakout at $0.36 happened after the appointment, highlighting that it was the key trigger to the surge. 

ALGO has also been gaining interest ahead of the FIFA World Cup. Algorand is World Cup’s official blockchain partner. The recently unveiled “FIFA+ Collect” allows football fans to acquire digital collectibles of iconic World Cup moments. FIFA+ is powered by the Algorand blockchain.

Algorand retreats after breaking past a key level

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Source – TradingView

From the technical outlook, ALGO has breached the upper limit of the Bollinger Bands. That signals that investors have overbought the token. As a rule of the thump, an asset price is expected to stay within the Bollinger Bands 95% of the time. The breach of the upper limit means that ALGO is likely to retreat further. However, the retracement is an opportunity to buy. The zone to watch is $0.36 and potentially lower around $0.32.

Concluding thoughts

ALGO is bullish amid the appointment of a new CMO and boosts from the World Cup partnership. The token trades above the upper limit of the Bollinger Bands. The current correction is likely to continue until ALGO finds suitable support.

The post Algorand breaks out as price eyes higher levels appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Kim Kardashian fined $1.3 million for scamming her Instagram followers over crypto promotion

Kim Kardashian has been fined $1.26 million by the SEC for an absolutely shameless…

The post Kim Kardashian fined $1.3 million for scamming her Instagram followers over crypto promotion appeared first on CoinJournal.

Kim Kardashian has been fined $1.26 million by the SEC for an absolutely shameless promotion of a cryptocurrency scam to her Instagram followers – who number over 250 million.

She has also agreed not to promote any cryptocurrency for the next three years. Shockingly, however, her lawyers played a blinder and she is not required to admit any wrongdoing.

The settlement has really annoyed me, so I’m about to get a rant off my chest.

What happened?

The incident occurred in July 2021, when Kardashian posted the below to her Instagram.

Ethereum Max – definitely not to be confused with Ethereum – is (was?) an obscure cryptocurrency token that spiked up immensely off the back of Kardashian’s post. I am tempted to use the word scam here, but instead I will be kind and I will instead say “worthless”.

I charted the price action of the token since Kardashian’s promotion. They say a picture tells a thousand words, so here you go:

Turns out, the “cryptocurrency” promoted by Kardashian was launched only a month before her post, and she was paid $250,000 to promote it on Instagram.

Within a week of Kardashian’s post, it was down 70%. Within a month, it was down over 90%. It wasn’t long before it essentially went to zero. Sad.

Kim Kardashian is a predator

It makes my stomach turn to read her post even now, eighteen months on. Kardashian exploited her followers for money, and the language used is abhorrent. “Sharing what my friends told me a few minutes ago” – ye, my friends slip me 250 G’s all the time to make posts on Instagram, Kim.

A massive proportion of Kardashian’s followers are underage. An even bigger proportion idolises her. She gave the seal of approval to what had all the looks of a Ponzi scheme – a copy and paste pump-and-dump of the famous Ethereum.

The anonymous founders of the coin took their chance – as was always planned, one suspects – and immediately dumped on the gullible buyers lured in by Kardashian’s advert.

It is impossible to know how many followers lost money off Kardashian’s post. In truth, I don’t want to know, there is plenty of bad news in the world already. What we do know is that of every dollar that each follower put in, that is now close to zero. By January, when the token had fallen 98% since Kardashian’s investors, she was sued.

How much did Kim get fined?

Obviously, what Kim did was incredibly illegal. You can’t pass off a paid advert for a scam as a personal endorsement.

So, the SEC came calling. Unfortunately, Kim is rich and famous and so, like these things tend to go in the US, she got barely a slap on the wrist. She was fined $1.26 million. To me, this is nowhere near the level of punishment that is deserved, given the shamelessness, greed and cold-hearted nature of the exploitative post.

Kardashian is estimated to be worth $1.8 billion, meaning the fine equates to 0.07% of her net worth. Answer me this – multiply your net worth by 0.07%. Is that number enough to persuade you from repeating a crime? In actuality, it is even less – it is really a $1 million fine and a return of the $250,000 she got paid.

She also has not had to admit any wrongdoing. She does have to resist the temptation to again promote such scams for the next three years, however. How people idolise someone like this is beyond me.

I reached out to Kim last year (screenshot above) off, when the token was down 92%, to get her comments. She has yet to reply. Maybe if she hadn’t ghosted me, she wouldn’t have been sued six months later…

The Kardashian brand is ubiquitous, a powerful Gen Z-fuelled money-making machine. This incident won’t affect things at all and has already been brushed under the carpet. But I really don’t understand; there have been celebrities cancelled for far less than this.

How bad a thing did Queen Kim do?

Make no mistake – this is stealing money from her innocent followers. I could somewhat understand it if she was paid a fortune, but what is $250K to a billionaire like Kim?

In ranting about this in my family WhatsApp group, my (Gen Z) sister leapt to the defence of Kim.

“She is so influential and has achieved more than most people”

“She is such a talented entrepreneur”

“Don’t be so dramatic”

This seems to be the defence of most people. And yeah, I agree – she is rich, influential and outrageously successful. And does she care that a nobody like me is ranting about her on the Internet? No, of course she doesn’t.

But I’m not saying she isn’t successful. That is irrelevant. If anything, it exacerbates how bad her crime is given she knew how impressionable her followers were and how influential she was. A quick $250K cheque was all that was needed for her to farm them all out.

As for being dramatic? Well, yeah – as I type this, that may be a fair point. But the individual stories of people investing in this “cryptocurrency” because Kim lied and said her and her friends were involved in it – only to lose every penny and realise that Kim was in fact paid and had never heard of the cryptocurrency, never mind invested in it – is devastating to read.

I’m willing to bet those people would not feel the same if it was their daughter, their son, their friend who lost chunks of their savings, their college fund, their hard-earned cash because their “idol” lied to them.

The only thing more fraudulent than Ethereum Max is the illusion that Kim Kardashian cares about anyone but herself.

Kim, shame on you.

The post Kim Kardashian fined $1.3 million for scamming her Instagram followers over crypto promotion appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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