As MineLab Token Gains 1,000% Overnight, This Unseen Crypto Just Bagged $1.8 Million – What Does it Do?

cryptonews.com:

The price of MineLab (MINELAB) has risen by as much as 1,000%, with the new altcoin hitting a peak of approximately $0.058 on Uniswap in the past few hours.

This price represented a gain of around 30,000% compared to its first recorded price on the decentralized exchange, where it's trading against Wrapped Ethereum (WETH).

Yet MineLab has already crashed after its rally in the earlier hours of the morning, with its price falling as low as $0.00012 in the past hour, marking a 99% drop.

This would suggest that coin has already had its rug pulled, yet fortunately for investors there are other, more serious tokens out there, with Bitcoin Minetrix (BTCMTX) already raising $1.8 million in its presale, providing a sign of things to come.

Listed on Uniswap on October 9, MineLab's price chart provides a classic example of an exit scam, with the altcoin basically returning to its original low level.

Looking at the candles above, it's clear that the token's issuers dumped their bags in full as soon as the coin reached its record high, leaving retail traders who bought high holding their bags.

Given the small size of the coin's market, it's hard to say who was buying the token as it neared its peak, yet any buyers should have done some due diligence before taking the plunge.

For one, they might have noticed that the coin, despite its name, has nothing to do with MineLab, a cloud-based mining platform that has only just begun the process of launching its native MELB token.

Yes, that's right, MINELAB has simply piggybacked on MineLab's name to dupe some unfortunate investors, and judging by its very brief rise (and fall), it appears to have worked.

Fortunately, more careful investors may consider looking to other coins that do actually provide