$BITSU is trending with high percentage gains, but some traders report not being able to sell, and its similarities to other scam coins.
Proceed with caution if you attempt to buy Bitsubishi on Pancakeswap. High percentage gains for coins only listed on one crypto exchange – and a decentralized exchange (DEX) – sometimes don’t represent real buying volume, only thin order books and low liquidity.
Bitsubishi Crypto – What is it?
The Bitsubishi crypto asset appears to have been launched in late April at $8 and hit $7,000 within its first month of trading, being one of the biggest crypto gainers today and this week.
Bitsubishi price history
In our top crypto gainers post yesterday we noted its best to stick to verified crypto projects listed on at least one centralized exchange if you’re a beginner investor.
The project describes itself as a DeFi coin and ‘the best digital asset global payment solution’. It is on Coinmarketcap however the BITSU market cap and circulating supply are self-reported and not verified by the CMC team.
Some potential investors on Twitter noted that their questions to the admins were deleted and they were blocked, and others were removed from the Bitsubishi Telegram group.
Via Twitter – under the $BITSU cash tag
One Twitter user pointed out the similarity between the Bitsubishi website and a previous team that carried out a ‘rugpull’ – dumping all tokens on the market to pull the rug out from investors, resulting in a price crash to zero.
On Pancakeswap DEX selling is done by swapping an asset for another crypto – some traders report being unable to swap Bitsubishi crypto tokens for BNB (Binance Coin).
Crypto rug pull journalist @quantwhale yesterday tweeted ‘Lots of red flags. Stay safe if you in this’ and in a previous tweet ‘$BITSU pumped big time by influencers and bots’.
From $8 to $7,000 is an 87,500% percentage gain within the space of a couple of days – also over a weekend when liquidity is lower – and is often not realistic, even for a cryptocurrency asset.
As the youtuber above points out the BITSU market cap on CMC is in the trillions, more than Bitcoin and the total crypto market cap.
In November 2021 the squid games crypto ‘rug pulled’ investors, going from from mid four figures to zero in the space of five minutes, after previously being one of the biggest crypto gainers in the days leading up to the crash.
In April 2022 Will Smith Inu (WSI) collapsed in a similar way and its market data is no longer tracked by Coinmarketcap – note that CMC tracks price data for both legitimate crypto projects and ones that may be scams, until after that is proven to be the case.
Update – the BITSU price has now reached $21,500 with a $6 trillion market cap, showing an over 500% percentage gain.
Update II – Coinmarketcap now displays a warning disclaimer – ‘Smart contract of the following asset can be modified by the contract creator (for example: disable selling, change fees, mint new tokens, or transfer tokens). Please DYOR and proceed with caution.’
The Bitsubishi price has risen to $23,800, up 700% – however buyers are unable to sell, explaining the high gains which will stay unrealized for those trading BITSU.
Update II – BITSU dumped 70% from around $27.6k to $8.8k, so far on May 25th.
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Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.