DUST Token Price Soars on False GTA Rumors
If you’ve been following the crypto market today, you might have seen DUST, the native token for NFT collection DeGods, rally from $0.62 to almost $0.80. The reason? A strange and baseless rumor that the new Grand Theft Auto will feature the cryptocurrency.
However, the rumor, unfortunately, turned out to be unfounded, but that didn’t stop DUST from going on a wild ride, despite being down over 90% from its all-time high. The utility and governance token, found on both Ethereum and Solana, was initially distributed to DeGods holders through their staking program, awarding DUST to those who staked their DeGods NFTs. The token, like most of the market, hadn’t seen much action during the bear market, until it captured the speculative appetite of Crypto Twitter earlier this morning.
The rumors behind the Dust rally
The rumors were sparked by a tweet made by Twitter user “Top Smoke,” who alleged that the VP of creative writing at Rockstar Games follows DeGods on Twitter and pointed out similarities between DeGods’ Twitter banner and the GTA font. DeGods’ banner had changed to a GTA-inspired landscape with “the city in the cloud” written in the corner, featuring the GTA font.
DeGods had recently updated their Twitter banner to an image of a sprawling city with the GTA font overlaid, and traders found the rumors just believable enough because crypto rumors have been tied to GTA for years. The rumor then spread across Twitter, prompting DUST to rally. After a series of events, the DeGods Twitter account decided to issue a statement, squashing the rumors by saying, “bro I just liked the font,” leading DUST to fall from its peak near $0.80 to $0.66 — still up 8% on the day.
Hot Take: Market Speculation and Rumors
The incident raises questions about the impact and potential risks of market speculation and the role of false rumors in rapid price movements. The DUST rally demonstrates the influence that baseless claims and speculation can have on cryptocurrency markets, highlighting the need for careful evaluation and restraint. In the ever-changing landscape of crypto, it’s essential to critically assess information and avoid making investment decisions based on unverified rumors.
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