Kotai coin surges after "All or Nothing" was released. Who will be the next "Wang Dalu"?

On August 8, the movie "All or Nothing" was released, and the box office continued to rise, ranking No. 1 on Douban's popular movie list. The film is based on tens of thousands of real fraud cases, showing the scammers' tricks and the victims' shocking plight.

Cryptographic elements such as "Coin", "Ketai Coin", and "Token" appear many times in the movie as "bait" for fraud groups. In the movie, Wang Dalu plays the gambler A Tian who mortgages his property to cash out 8 million yuan to buy Ketai Coin, but he loses money in the trap and eventually jumps off the building to commit suicide.

The magical thing is that there really is a Kotai coin in the real cryptocurrency market. People in the currency circle classify it as a Meme coin, also known as "Tugou coin" in China. It is a virtual currency with an anonymous issuing team, promotes grassroots culture, has no actual value, and is only used for speculation.

A more magical scene took place. Kotai coin "touched porcelain" "All or Nothing" and became the object of crazy buying in the Chinese currency circle during the movie preview stage. It was also praised as a "golden dog" in some currency circle communities. As a result, Kotai coin rose nearly 10 times in just 3 days, and the highest increase was as high as 1,000 times.

On the day the movie was released, the price of Kotai dropped by 60%. The scene in the movie has become a reality, but it is unknown whether the "Wang Dalu" in the movie is among the investors who lost money.

Riding on the topic of the hot movie, the price of Kotai currency soared 1,000 times

"Now we are switching to Kotai Coin, a phenomenal domestic meme." On Twitter, a crypto project called Kotai Coin borrowed a line from the movie "All or Nothing" as its slogan, claiming to create a phenomenal domestic meme. It even used a screenshot from the movie as the background image of its Twitter account. No one knows who its issuer is.

Promotion of Cotai Coin appeared on overseas social platforms

“If you want to succeed, you must first go crazy and rush after money regardless of everything; try once and you will become rich for three generations, and only by trying hard can you avoid failure.” This line from “Manager Lu”, the leader of a fraud group played by Wang Chuanjun in “All or Nothing”, was also used by Ketaibi as a promotional slogan.

The anti-fraud movie "All or Nothing" has become a hot topic. The unexpected popularity of the movie has brought exposure to the real-life Kodak. According to the crypto market data website CoinMarketCap, Kodak has increased 10 times in 3 days since its launch, with the highest increase reaching 1,000 times.

In this process, some callers pretended to be fans and promoted the idea that Cotai Coin was the next "Spring Festival Gala Dog King Coin" and "Squid Coin" with a thousand times the value. Is it really that easy to get rich? In fact, the "Dog King" and "Squid Coin" that Cotai Coin is benchmarking against have long been junk coins in the cryptocurrency market.

The "Dog King" mentioned by the order callers refers to the DogeKing token, which became popular during the 2023 Spring Festival and was promoted by the lines in the Spring Festival Gala skit performed by Shen Teng. The two gags in the skit, "I am dealing with dogs in the metaverse" and "I will be the Dog King in the future", completely boosted the popularity of DogeKing, and the price of the token soared a thousand times after the skit was performed.

What’s even more bizarre is that after DogeKing, more than 10 “DogeKing” tokens instantly appeared in the cryptocurrency market. This cryptocurrency investment craze, which was even more absurd than the richest man in Xihong City, did not last long. When investors thought they had seized the opportunity to get rich, a sharp drop followed, and the “DogeKings” without exception returned to zero within a few days.

A similar plot was played out as early as 2021 when Netflix's popular Korean drama "Squid Game" was launched. Squidcoin (SQUID), which was riding on the popularity, also experienced a flash crash after a surge. During the rise of Squidcoin, many people heard about it and entered the market. In the expectation of making money, they encountered the "black 5 minutes". The currency fell from $2,861 to $0.0007, and the price was almost zero.

These meme coins that are characterized by riding on the popularity are called "dog projects" in the domestic currency circle. They have no issuing team information, nor security audits of the coin issuance smart contracts. The virtual currency issued has no value. They all rely on riding on the popularity to attract funds and push up prices, which finally plummet at some point.

Squidcoin, DogKingcoin, etc. are also called "carpet scams" abroad, that is, the issuers of virtual currencies first drive up the price, wait for investors to enter the game, and then run away with the money in an instant, harvesting leeks. It's like suddenly pulling out the carpet from under your feet, catching you off guard.

"Tugou" has shown a decline, with a 60% drop after the movie was released.

“Behind temptation are traps,” this line from “All or Nothing” actually expresses the true meaning of all hype games.

The current Kotai currency also exposes such risks.

On the first day of the release of "All or Nothing", the price of Kodak has already started a sharp drop. According to Coinmarketcap data, Kodak plummeted 60% in the on-chain trading platform Uniswap within 24 hours. As of August 11, there were only more than 2,000 Kodak holders. Some investors warned of the risks, "Kodak has no actual value and the circulation is very low. If the big holders sell out, the collapse will only take a moment."

Kodak plummets after skyrocketing

From Dog King, Squid Coin to the current Cotai Coin, there have been many failed speculations. Why do such projects still have a market among cryptocurrency investors?

The lack of regulation of cryptocurrencies is one of the reasons why dog ​​coins emerge in endlessly, but in the face of harvesting routines, "leeks" still continue to rush in. The reason may be just as Zhao Dongran, the police officer played by Yongmei in "All or Nothing", said: Everyone has two hearts, greed and unwillingness.

An investor who has seen the movie was deeply touched, "This is a game of passing the parcel, everyone thinks they can escape before the collapse and fantasizes that they are not the last one to take over. In the end, we find that everyone is the 'Wang Dalu' in the movie."

The suicidal A-Tian doesn’t just exist in movies.

As of early May 2022, the popular virtual currency LUNA has soared from US$5 at the beginning of its issuance to US$120. This project, created by a Korean team, with a technical route and backed by various investment institutions, was once regarded by the outside world as a seed player in the field of innovation of the US dollar stablecoin model in the Web3 world.

No one expected that in mid-May of that year, LUNA would suddenly collapse without warning, running infinitely towards zero, with a drop of more than 99%. The book value of LUNA in the hands of some investors of $2 million became single digits within a few days.

In July of the same year, a Korean girl named Zhao Meina and her family of three committed suicide. Investigators found that Zhao Youna's father had frequently searched for the keyword "LUNA coin" on his laptop. The collapse of LUNA directly led to a surge in Zhao Youna's family debt. It is reported that her family's debt is close to 150 million won (about 770,000 yuan).

In "All or Nothing", "Kotai Coin" appears in the form of an elaborate scam. For A Tian, ​​played by Wang Dalu, it is a gamble full of temptation. He spends all his savings, expecting a great comeback, but eventually falls into the trap and loses the confidence to live.

In reality, the value of Kotai is still falling, like an absurd reappearance of a movie plot. No one knows, when it returns to zero, there will be a group of "Wang Dalu" trapped by temptation. ‍‍‍‍‍‍‍‍‍