Pollux coin POX price gains 13% on controversy and scam accusation

Key Takeaways:

Pollux POX price jumped 13% on July 31 without apparent reason. The multitude of different POX tokens could provide more insight. The team has not yet commented on its affiliation with any of the mentioned projects.

YEREVAN (CoinChapter.com) – Pollux coin POX is a sleepy project dedicated to decentralized cloud storage. Its social media presence has not been active since March 2023, and there were no Pollux news headlines to be found since an LBank listing in 2022

However, on July 31, the POX price token jumped 13% without apparent cause and reached ₹143.90 INR ($1.82) in theAsian-Pacific hours.The chart below also shows that the PO coin price has been choppy since July 25, jumping up double digits and paring gains the same day

Pollux (POX) coin price against the USD. Source: CoinMarketCap.com

Meanwhile, the India-based project’s exchange rate in the local Rupees did not enjoy an uptrend. Pollux (POX) coin price INR equivalent moved only 0.8% in the previous 24 hours.

Pollux (POX) coin price INR chart. Source: coingecko.com

While sudden price jumps are not uncommon in the digital asset sector, the multitude of POX tokens out there could be the reason. Here is a detailed recap of what happened.

Pollux coin scam affiliation – Which POX are we talking?

Asimple POX search on social media revealed that there are more POX tokens out there than the traders bargained for. For example, the new project apparently spawned after Elon Musk’sTwitter rebranding into X.TheTwitterverse was full of “Proof-of-X” project’s “coming soon” click bates with tags reading “x1000 gem.”

PAUSE! The Proof-of-X project mentioned above is NOT the Binance Chain-based mobile application “Proof of X,” which also features the token POX.

Adding insult to injury, another project featuring the token POX popped up after a short dig. The “Private Foxes” also use the ticker POX for their token. The NFTproject has a 2.0 version on the way. However, after tweeting the news, they got slammed with rug accusations.

CoinChapter reached out to the Pollux team, but they did not yet reply on the project’s affiliation with any of the aforementioned POX coins. Meanwhile, alerts through social media can spread like wildfire.Thus, Pollux coin price might have benefitted from the fuss the same-name projects created onTwitter andTelegram.

Pollux coin scam status remains on hold until more information is available. However, the project’s whitepaper also contains red flags.

For example, it does not describe how Pollux is different from other decentralized cloud service projects on the market. The whitepaper does not explain the technology behind the service Pollux provides.According to CoinMarketCap, the project has only 1 commit on GitHub, and, as mentioned, there is very little social media presence.

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Lilit Chichyan

Lilit is aYerevan-based Markets writer, skilled in 3 languages, and interested in writing about the tech world, trading, art, and science. She also has a background in psychology and marketing, which helps deliver the right message to the target audience.

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