Pollux POX Price Jumps 13%, But What is Behind It?
• Pollux coin (POX) price jumped 13% on July 31 for an unknown reason.
• There are multiple POX tokens out there, such as the “Proof-of-X” project and the NFT project “Private Foxes”.
• The team has not yet commented on its affiliation with any of the mentioned projects.
Pollux Coin Price Jump
Pollux coin (POX) price jumped 13% on July 31 without apparent reason. The digital asset’s exchange rate in the local Rupees moved only 0.8% in the previous 24 hours, but POX still reached ₹143.90 INR ($1.82) in the Asian-Pacific hours due to this sudden jump.
Multiple POX Tokens
The project’s social media presence has not been active since March 2023, so it’s unclear why the token suddenly spiked in value. A simple search revealed that there are more POX tokens out there than traders had expected: The new “Proof-of-X” project spawned after Elon Musk’s Twitter rebranding into X, while another NFT project called “Private Foxes” also uses the ticker POX for their token.
Team Silence
CoinChapter reached out to the Pollux team but they did not yet reply on its affiliation with any of these projects or why the Pollux coin price suddenly surged in value. This has led some people to speculate that alerts through social media might have spread quickly and caused a spike in trading volume for Pollux coin, although this remains unconfirmed at this time.
Choppy Price Action
The chart below shows that Pollux coin price has been choppy since July 25, jumping up double digits and paring gains the same day:
Pollux (POX) coin price against USD chart Source: CoinMarketCapcom
Conclusion
Until more information is available about why Pollux coin price suddenly spiked so much, speculation surrounding a possible scam remain unconfirmed; however it is clear that there are multiple POX tokens out there which could be influencing each other’s prices – either positively or negatively – depending on how news spreads around them online through social media channels like Telegram and Twitter .