Ethereum Meta (ETHM) surged more than 2.35 lakh per cent in the last 24 hours

The total market cap of this token was a little above $8.5 million, with its traded volume jumping more than 160 per cent in the last one day, at the time of writing this report. The total supply is 99,000,000,000, which is the maximum limit for this token. However, 50.01 billion ETHM tokens were in circulation, the data suggested.

Ethereum Meta is not a new name in the crypto world. It has been around for three years. Ethereum Meta addresses a major weakness in Ethereum: the lack of privacy. It essentially enables smart contracts where no one can see what has been bought or for how much.

Analysts, however, have called this another scam where the price increase happens on the charts and no investors can see any real profits in their accounts.

The token price is going up only because $4,659 has been added to increase liquidity, said an expert. So, technically, a purchase of $5,000 adds to the volatility. "Tokens are mintable so developers can at any time increase the supply. Also, 99 per cent of the tokens are in one wallet. Analysts, however, have called this another scam where the price increase happens on the charts and no investors can see any real profits in their accounts.

Market experts said such stories in the cryptoverse were purely pump-and-dump plays.

Analysts advised that investors should be skeptical of such tokens as their prices are almost negligible and liquidity lies in the hands of few."It is quite easy for someone to launch tokens and create a buzz. But investors should not fall into such traps and risk their money. They must focus on the team behind the token and projects aided by it," they added.