A new coin on PancakeSwap named after Elon Musk’s upcoming company, X-Ai Corp (XAIC), has spiked over 2,000% at one point on PancakeSwap – likely a pump and dump scam meant to piggyback on the AI crypto project trend. Here’s why we don’t recommend buying XAIC.
What is X-Ai Corp (XAIC) Coin?
Often after viral breaking news events, unscrupulous developers create a fake token and list it on the decentralized exchange – where anyone can create a coin – and manipulate the price as they own the supply of tokens. Nothing is known about XAIC coin which exploded Saturday.
About this time last year, Will Smith Inu (WSI) token appeared on PancakeSwap after the Academy Awards, and ended up being a pump and dump not affiliated with the actor or Chris Rock. Its market data is now untracked on CoinMarketCap, and its domain is on the MetaMask warning list.
Many random shitcoins also sprung up on DEX platforms following Queen Elizabeth’s death.
While some joke coins are easy to spot, fake tokens named in some way after Elon Musk, Tesla or his new AI company X.Ai Corp can be more dangerous with all the artificial intelligence hype.
Legitimate AI crypto coins have been exploding in recent months – SingularityNET (AGIX), Fetch.ai (FET), OCEAN and RLC to name a few – and investors are always looking for the next pump to buy into. FOMO’ing into a coin up four digits with low liquidity however is a recipe for getting rekt.
XAIC Token Liquidity
According to data from Coinbrain, the 24 hour volume that cause the XAIC price to pump over 2,000% this weekend is actually minimal, and its verified liquidity is minimal.
For beginner crypto investors, in other words even if you make a profit you will have difficulty selling any significant amount of XAIC tokens without slippage – large orders won’t get filled at a given XAIC price.
XAIC token could also dump as quickly as it pumped – when, if it is a scam, the holders of most of the XAIC supply sell and ‘pull the rug’.
Elon Musk has not announced any upcoming crypto project he backs, only ever lending his support to Dogecoin and Bitcoin. Many new coins on PancakeSwap that name themselves after the billionaire SpaceX founder are malicious, some even having manipulated smart contracts that prevent buyers from being able to sell.
We recommend sticking to new coin listings on centralized exchanges (CEX) platforms rather than DEXes, unless you’re an experienced trader. X-Ai Corp has already corrected 50% from its top, and most predictions on social media are for it to fully retrace.
Best Crypto to Buy Now
Investing in a new cryptocurrency early in its roadmap with high upside potential is usually a winning strategy – as long as the project is legitimate.
CryptoNews has reviewed many upcoming crypto launches still at the presale stage, which unlike XAIC coin have a public team behind them.
One of most hotly anticipated projects of 2023 is Love Hate Inu (LHINU) which has now raised close to $5 million in its presale.
Its CEO is doxxed – Carl Dawkins is a veteran in the cryptocurrency space, having worked with a range of brands and exchanges, and been a speaker at blockchain conferences around the world.
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