A rising tide lifts all boats — even those previously thought to be shipwrecked.

At
least that’s how it looked on Wednesday when some previously dormant altcoins
erupted back to life, experiencing spikes ranging between 3,000% and 6,500% for
the week.

Foremost among them was Karma (KARMA), a social media project that originally
launched on the EOS blockchain in 2018. Over the past seven days, the dollar value
of Karma increased 6,530% as the token climbed from a subcent price of $0.000464
up to $0.030767.

Trade volume spiked 35,400% over the same period, but don’t assume that means
liquidity is readily available. From a weekly low of $2, trade volume had risen to the
heady heights of $710 by Wednesday.

The token had lost more than 99% of its value between 2018 and 2020, and that’s
the same year that any activity was last witnessed from the project’s Twitter
account. Karma’s Telegram channel predictably saw numerous new additions in the
past week, but no news from the team has been forthcoming.

Karma migrated from the EOS blockchain to Worldwide Asset eXchange in 2019,
and the last announcement on social media relates to the token’s integration with a
WAX cloud wallet. The WAX Protocol Token (WAXP) itself gained 348% during the
past month alone as it successfully rode the wave of NFT mania.

This week’s other reawakened altcoin, Nestree (EGG), has recorded a 3,018% surge
over the past seven days, climbing from $0.005511 up to $0.171872. Over half of
that spike occurred in a five-minute window early on Wednesday morning,
suggesting a less than natural price movement. Over 96% of the token’s $7 million
trade volume came from the South Korean exchange Bithumb, where trades
against the Korean won were dominant.

Nestree launched in 2019 and is described as a rewards-based blockchain

messenger. The project’s Twitter account became less active over time, with four
posts in 2020 being followed by just one so far in 2021. The latest announcement
was a very brief “roadmap” that gave vague details on the development of an e-
commerce website.

Over 10,000 installs of the Nestree app have been recorded on the Google Play
store, but reviews mention that certain personal data, including a mobile phone
number, is required to sign up. One reviewer noted, “This goes against the spirit of
blockchain based chat apps.”

As suggested by the above figures, the cryptocurrency market does not always
discriminate. All pricing data i taken from CoinMarketCap.