Ketacoin collides with All In and soars a thousand times, who will be the next Wang Dalu?

Ketacoin collides with All In and skyrockets, who will be the next Wang Dalu?

Author: Mu Mu

On August 8th, the movie “All-In” was released and the box office soared, ranking first on the Douban Hot Movies List. The film is based on thousands of real fraud cases, depicting the various tricks of the swindlers and the horrifying plight of the victims.

“CoinCoin,” “Ketai Coin,” “Token,” and other encrypted elements appear multiple times in the film as the “bait” of the fraud group. In the movie, Wang Dalu plays the role of Ah Tian, a gambler who mortgages his property to cash out 8 million yuan to buy Ketai Coin, but ends up losing everything and ultimately jumps off a building to commit suicide.

What’s magical is that in the real cryptocurrency market, there really is a Ketai Coin, which is classified by the crypto community as a Meme coin and is also known as “Tugou Coin” in China. It is a virtual currency issued by an anonymous team, promoting grassroots culture, having no practical value, and designed for speculation.

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Even more magical is that Ketai Coin “collided” with “All-In” and became the object of frenzy buying in the Chinese crypto community during the movie’s premiere, and was even touted as “Golden Dog” in some crypto community groups. As a result, in just 3 days, Ketai Coin rose nearly 10 times, with the highest increase reaching a thousand-fold.

However, on the day of the movie’s release, the price of Ketai Coin plummeted by 60%. The scenes in the movie became a reality, but it is unknown whether there are any “Wang Dalu” among the investors who suffered losses.

1. Riding the wave of a popular movie, Ketai Coin skyrockets a thousand-fold

“Now switch to Ketai Coin, a phenomenal domestic meme.” On Twitter, a crypto project named Ketai Coin used a line from the movie “All-In” as its slogan, claiming to create a phenomenal domestic meme, and even used a movie screenshot as the background image of its Twitter account, and no one knows who its issuer is.

Ketai Coin promotion appearing on overseas social platforms

“To succeed, go crazy first and rush for money regardless of everything; take one chance, become a rich second generation, only by going all out can you avoid failure.” This line from the character “Manager Lu” played by Wang Chuanjun in “All-In” is also used as a promotional slogan for Ketai Coin.

The anti-fraud movie “All-In” comes with its own topic, and the unexpected popularity of the movie has brought exposure to the real-life Ketai Coin. According to the cryptocurrency market data website CoinMarketCap, Ketai Coin had a 10-fold increase in the first three days after its launch, with the highest increase reaching a thousand-fold.

During this process, some self-proclaimed “fans” hyped up Ketai Coin as the next “Spring Festival Dog King Coin” and a thousand-fold “Squid Coin.” Is getting rich really that easy? In fact, Ketai Coin has long been regarded as a trash coin in the cryptocurrency market along with “Dog King” and “Squid Coin.”

The term “Dog King” mentioned by the pump and dump caller refers to the DogeKing token, which gained popularity during the 2023 Spring Festival and was popularized by a sketch in the Spring Festival Gala performed by Shen Teng. The catchphrases “I speculate on dogs in the metaverse” and “In the future, I will be the Dog King” mentioned in the sketch completely boosted the popularity of DogeKing, causing the token’s price to skyrocket after the sketch was performed.

Even more bizarrely, after DogeKing, more than ten “Dog King”-like tokens suddenly appeared in the cryptocurrency market. This cryptocurrency investment frenzy, which was even more ridiculous than the plot of the movie “Dying to Survive,” did not last long. When investors believed they had caught a chance to get rich quickly, a drastic drop followed, and all the “Dog Kings” went to zero within a few days.

A similar plot took place when the popular Netflix Korean drama “Squid Game” was released in 2021. The hype-driven Squid token (SQUID) also experienced a flash crash after a surge. During the rise of the Squid token, many people jumped in with the expectation of making money, but they encountered a “black five minutes” when the token’s price plummeted from $2861 to $0.0007, almost reaching zero.

These meme coins that rely on hype are called “dog projects” in the domestic cryptocurrency community. They don’t disclose information about the issuing team, nor do they undergo security audits for the issuance of their tokens’ smart contracts. The virtual currencies they issue have no actual value and rely entirely on hype and pump and dump to attract funding and drive up prices, only to collapse rapidly at some point.

Tokens like Squid and Dog King are also known as “rug pull scams” abroad. The issuers of these cryptocurrencies artificially inflate the prices, wait for investors to enter the market, and then suddenly disappear with the funds, leaving investors penniless. It’s like pulling a rug from under someone’s feet, catching them off guard.

2. “Dog Projects” in a Slump, Drops 60% After Movie Release

“Behind the temptation are traps” – this line from the movie “Dying to Survive” actually sums up the essence of all speculative games.

Now the Ketai token is also exposed to such risks.

On the first day of the movie “Dying to Survive” release, the Ketai token began a sharp decline. According to Coinmarketcap data, within 24 hours, the Ketai token plummeted 60% on the Uniswap trading platform. As of August 11, there were only a little over two thousand Ketai token holders. Some investors have warned of the risks, stating that “the Ketai token has no actual value and has a very low circulation. If large holders sell off and exit, a collapse is just a matter of moments.”

The Ketai token experienced a sharp drop after a surge.

From DogKing, SquidCoin to the current Ketai Coin, there are many speculative failures. Why do such projects still have a market among cryptocurrency investors?

The lack of regulation on cryptocurrencies is one of the reasons why there are endless DogCoin-like projects, but in the face of harvesting schemes, “leeks” still follow one after another. The reason may be as Officer Zhao Dongran, played by Mei Yang in the movie “All In,” said: everyone has two hearts, greed and unwillingness.

An investor who has watched this movie has a deep feeling, “This is like a game of passing the parcel, everyone thinks they can escape before the collapse, fantasizing that they are not the last one to take over. Only in the end did they realize that everyone is like ‘Wang Dalu’ in the movie.”

ATian, who wanted to commit suicide, does not only exist in movies.

In early May 2022, the popular virtual currency LUNA had soared from its initial issuance price of $5 to $120. This project, created by a Korean team, with a technical roadmap and backed by various investment institutions, was once regarded as a seed player in the field of USD stablecoin model innovation in the Web3 world.

No one expected that in mid-May of that year, LUNA suddenly experienced a cliff-like collapse without any warning, running towards zero indefinitely, with a decline of more than 99%. The book value of LUNA held by investors worth $2 million turned into a single digit in a few days.

In July of the same year, a Korean girl named Zhao Meina and her family committed suicide. Investigators found that Zhao Meina’s father had frequently searched for the keyword “LUNA coin” on his laptop. The collapse of LUNA directly caused a sharp increase in Zhao Meina’s family’s debt. It is reported that their debt is close to 150 million Korean won (about 770,000 RMB).

In the movie “All In,” “Ketai Coin” appears in the form of a carefully designed scam. For ATian, played by Wang Dalu, it is a tempting gamble. He emptied all his savings, hoping for a beautiful turn of events, but ultimately fell into a trap and lost confidence in surviving.

In reality, Ketai Coin is still falling, as if it is a ridiculous reenactment of the movie plot. No one knows if there will be a group of “Wang Dalu” trapped when it reaches zero.

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