What is Rekt Coin ? Unraveling Factors Behind Its Hype

In the past few days, the crypto world has been clamouring with intensive discussions around the REKT coin or $REKT.

Origins of Rekt Coin

In the world of cryptocurrency, the term ‘Rekt‘ is used as an abbreviation for ‘wrecked‘. This means that the origin of the Arbitrum-based meme coin takes inspiration from investors who have suffered massive losses. The origin of the word ‘wrecked’ comes from the online gaming community, wherein it means someone who has been defeated or embarrassed. 

What makes Rekt Coin valuable?

In the crypto world, there are usually several factors that dictate a coin’s stability and valuability. Rekt ticks right on most of the boxes. Its founding team includes Dave Waslen, who is a seasoned crypto geek and is well-respected in the community. The coin has the backing of some of the big names in the industry like Arthur Hayes, Crypto Daku, Crypto Banter, and others. The team’s experience and the presence of prominent backers give investors confidence in the project. 

At present, Rekt appears to be a community-held token, which is not being traded by a closed group of investors. The coin is being talked out by not the founding team, backers and several community members. This shows that the token is being accepted by many. 

Also, Rekt’s launch with 1 million tokens didn’t include any pre-sales. The token’s founding team provided everyone with a fair chance to invest in the new coin. This helped generate more interest from investors. And as a result, the coin’s price skyrocketed on the launch date itself in October 20. 

In the first hour of listing, the coin made a 7x jump. Within hours of launch, the Rekt token gained 803% at its peak. It generated a profit of $5 million within 24 hours of its launch. 

What’s the buzz surrounding Rekt Coin?

Rekt Coin had gained traction in the online community even before its launch and during the time of its official listing. Since then, the coin has been trading quietly till last week. Between October 20 and October 21, the token generated good volumes. 

Rekt’s trading volume reached a whopping $24 million in 24 hours. Around 300 wallets made $5 million. On average, a crypto trader managed $16,600 per wallet.

REKT made $24,6 million volume in 24 hours.

~300 #crypto wallets made a total of $5 million.

Here is what happened 🧵(and how @bubblemaps can help) pic.twitter.com/dcVmf40OGy

— dealer.eth (@dealerdefi) October 20, 2023

At present, the total supply of the Rekt token is 420 trillion. However, the token is a meme coin and often faces questions about stability and volatility. But risk-taking investors looking to take meme coins to the moon are often putting thousands of dollars into the project. 

As per a Twitter-first crypto analyst, dealer.eth, Arthur Haynes holds 2.2% of the supply of Rekt while the top 20 holders have around 25.5% of the supply. And most wallets do not interact with one another. 

However, the frenzy seems to be over, as the price of the token has declined by more than 30% in the week. Its daily trading volume has also witnessed a decrease in the last 24 hours. 

Where can you buy Rekt Coin?

Though relatively new, trading with Rekt coin can be done on multiple platforms including centralized and decentralized crypto exchange platforms. For instance, the meme-based coin can be traded on platforms like Bitget, Gate.io, Hotcoin Global, MEXC, Binance, and Uniswap v3 (Arbitrum).

Numbers to Look Out For Around REKT:

• All-time high of REKT- The highest price paid for REKT stands at $15.73, which was recorded on 20 October 2023.
• All-time low of REKT- The lowest price paid for REKT stands at $5.36, which was recorded on 26 October 2023.
• Daily Trading Volume of REKT- The daily trading volume of REKT is $884,770 in the last 24 hours, representing a 15.20% decrease from one day ago.