The developer team of a small-cap altcoin claimed that they received a large investment from an established venture capital firm.
The developers of the Ethereum-based cryptocurrency called Juicebox (JBX) claimed to have completed a $69 million investment round led by Paradigm.
Following the development, hundreds of cryptocurrency followers who believed in this announcement bought the JBX token, causing the price to suddenly rise. The price of the altcoin, which was at $0.0032 before the announcement, climbed to $0.0043 with the fake announcement.
Daily chart showing the rise and fall of the JBX price.
However, about an hour later, a new announcement was published on the team’s official X account and it was announced that the investment sharing was an April Fool’s joke. Then, they called on users not to buy tokens, thinking that JBX would rise due to this announcement.
JBX has a total market cap of $7.28 million and is not listed on any centralized cryptocurrency exchange.
After the team announced that the announcement was an April Fool’s joke, the price of the altcoin decreased and is trading at $ 0.0035 at the time of writing this article.
Waiting for more than an hour to announce that the announcement in question was an April Fool’s joke caused reactions among the cryptocurrency community.
*This is not investment advice.
