Global events inspire new cryptocurrencies. For example, Queen II. Elizabeth’s demise witnessed more than 40 meme coins. Now, 2022 major sporting event triggers a 1,600% rally for a well-established altcoin project.
Ahead of the big event, this altcoin made 1,600%
World Cup Inu (WCI) is an Ethereum-based cryptocurrency that supports the 2022 FIFA World Cup. The DeFi platform allows its holders to participate in lotteries and sports betting. Users can bet on their favorite teams via Ethereum. Bets are recorded in a smart contract. Then the winners get their money back. However, there is a 10% tax on bets.
Now, the most important thing is that WNI is rallying 1621.8% on the 14-day charts.
After 70% daily volatility, WCI is holding its gains around 1,300% for this timeframe. Similarly, it suffered some losses on shorter timeframes as well.
Now, football lovers are getting ready for one of the biggest events in the world. The FIFA World Cup is one of the most watched events every four years. The 2022 FIFA World Cup will be played in Qatar from 20 November to 18 December. With so many eyes on the case, it’s no surprise that someone would spawn a crypto for it.
It’s good to be cautious
Tokens released at the time of WCI or the Queen’s death celebrate a moment in our time. Therefore, they do not claim to be permanent in the long run. The World Cup Inu can get a lot of attention, especially during the World Cup. But it is unlikely that he will stay after the event is over. Sports betting is a huge industry in itself. It is also full of malicious actors. But a smart contract helps reduce the number of illegal players.
However, Coinecko points out that “the token has a variable tax function in the smart contract to change post-distribution tax rates.”
Still, it’s better to be cautious than sorry on such projects. WCI is currently trading at $0.02102833, down 19% in the last 24 hours.
2022 FIFA World Cup
The 2022 FIFA World Cup is the 22nd FIFA World Cup tournament to be held in Qatar from 21 November to 18 December 2022. As a result of the voting held on 2 December 2010, the host country announced by FIFA was Qatar. Matches in the tournament will be played in 5 different cities and 8 different stadiums. Also, this event will be the first World Cup event hosted by Qatar. As Kriptokoin.com, we have previously transferred the partnership of Algrorand (ALGO) with FIFA.
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