There are loads of new tokens on the market, many are quite good, but the majority aren’t. Normally I buy coins and tokens that have been circulating on the market for a while and they are fairly trustworthy. Lately, I felt like I need to take some risk and take up a few new coins and token in their infancy. Because it was my first time purchasing these types of tokens and coins, I followed the protocol of not buying more than I can afford to lose. So I went on over to Pancake Swap after checking out some of these newcomers on CoinMarketCap. All together I purchase around six of these tokens altogether less than $20 including the network fee. So I chose one called BitUp (BitUp) which is a BEP20 token and not to be confused with another of the same (BUT) which is an ERC20 token and another called BlowUp ($Blow).

BitUp described itself as “the first automatic rebasing token that is programmed to keep the chart constantly in an uptrend and also provides BTC rewards to holders”.

So I bought approximately 2,409,927 of these tokens, this is about 6 days ago. About 2 days ago I started seeing tokens rapidly reducing, more than halving on a daily basis and at the same time it was dwindling in my account it had been rising at CoinMarketcap between 1000% and 30,000% in about 2 days. Not only that the tokens were dwindling but the value in US$ was also dwindling. A first my 2,409,927 tokens had a total value in my wallet of about US$1.80, but today my token count stands at 12.36 and a total value in my wallet of US$0.25. To date, no BTC satoshi had been sent to my wallet. I guess in the coming days all the tokens will disappear from my wallet.

BlowUp was very much similar in being a rebasing token but is promised USDT. It also dwindling, but not as fast. But what I have seen is they did send some USDT to my wallet.

Luckily I only spent a small amount on this token, as it is a topic of discussion in numerous forums with many experiencing the same and has lost hundreds of dollars.