Almost everyone participating in the crypto space is looking for the next coin that will deliver insanely high gains. It looks like EXMR fits the bill judging by its impressive rally in the last 24 hours.

EXMR is trading at $0.0745 at the time of this press after soaring by an impressive $1,860% within the last 24 hours making it one of the biggest gainers. It is currently ranked 2201 on Coinmarketcap and has a market cap of just $80,303 with 6.3 million EXMR in circulation.

Its recent price spike occurred with a 24-hour trading volume of just $24,239. If you purchased just $100 worth of the EXMR cryptocurrency before its price spike, at a price of $0.004, it would be worth $1,862 at the prevailing price of $0.0745. Impressive gains to attain in a matter of hours. Such gains are bound to attract attention.

What is EXMR?

It is a crypto project developed by a team of developers whose vision was to develop a crypto payments platform with a deep focus on cryptography. Their goal was to make it possible for anyone to sell goods or services online and receive payment in cryptocurrency form in a hassle-free manner. The project promises to achieve those payments with minimal gas fees, with the hopes of attracting a lot of attention in the cryptocurrency market.

The EXMR Foundation Network promised to deliver merchant tools, a payment gateway, token swaps, secure wallets and fiat services as part of its offering. These offerings would be backed by a point of sales system, e-commerce plug-ins and crypto exchange APIs to facilitate connectivity and proper functioning of their ecosystem. EXMR is based on a proof-of-stake consensus mechanism which means users can stake their tokens to earn rewards.

Should you buy EXMR?

EXMR’s approach to the market is similar to that of AMP, although it looks like the platform has failed to garner enough traction to achieve its goals. Its latest bull run seems to be driven by a relatively low trading volume which suggests that it might be a price pump. This theory is further supported by the lack of any recent developments that might explain the purchase.

Further exploration on the project’s socials reveals that their last post on Twitter was in January this year. Specifically on January 15 when they announced that the EXMR Foundation was seeking registration in Estonia with plans to acquire a wallet license and crypto exchange license. However, the developers have been quiet since then and a user by the name “Blue Sea” on the EXMR FDN OFFICIAL’s Telegram channel notes that the developers abandoned the project.

The project’s website is still running and it even highlights a roadmap stretching from Q4 2020 to Q4 2021. However, there were some concerning aspects of the projects that were bound to raise flags. For example, the project claimed to be in favor of decentralization and yet they encouraged users to buy more than $2,000 worth of EXMR which they would stake on behalf of users to deliver a $0.01% daily return. This is what they promised in a promotional video published on YouTube in 2020, and seemed absurd considering that the project was having a hard time getting off the ground.

Such high promises are impossible without a project that has already reached critical mass and clearly, the EXMR project was not yet there. It seems like the project overpromised and underdelivered. Despite it being dead in the water, its EXMR tokens remain active in the open market, which explains the recent price spike after some selling volume. There is little incentive to trade it unless one wants to take on the high risk to ride a potentially brewing pump+dump wave.