This New Meme Token is Up 11% as Everything Else Sells Off - Everything You Need to Know

cryptonews.com:

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Rich Quack (QUACK) is up by 11% in the past 24 hours, beating the market as a whole, which is down by 1.5% today. At $0.000000001695, it's also up by 90% in a week, by 100% in a month, and by just over 1,900% in a year.

This makes QUACK one of the best-performing coins in the top-300 (by market cap), with the deflationary meme token witnessing a particular significant rally since Saturday. Investors are also apparently being drawn to its staking and incubation platform, with holders able to invest in early blockchain projects.

However, despite its performance over the past couple of days, QUACK is actually still down by 89% compared to its all-time high of $0.000000015463 from last November. As such, it may not be as great an investment as it first seems, with other newer tokens arguably offering better opportunities for bigger returns.

Early on Friday morning, QUACK stood at $0.000000000926775, yet it quickly rose to a seven-day high of $0.000000001722 early this morning. This represents a gain of 85%, which is where the altcoin's impressive metrics across various short-to-medium term timeframes largely come from.

It's worth pointing out that, even if QUACK is one of the best-performing tokens in the market's top-300, its volume remains very, very small. For instance, when it reached its seven-day high early this morning, it rose to a 24-hour trading volume of only $7.7 million, compared to $24 billion for Bitcoin.

Still, QUACK is one of today's trending coins, and it seems that at least some investors have been drawn by the coin's deflationary tokenomics.

Based on BNB Chain, QUACK