The cryptocurrency $NMAX, associated with Newsmax, experienced significant volatility in the market. Initially, there was a surge in its value, but it subsequently faced a sharp decline, with reports indicating a drop of up to 75% in its value over a short period. Some investors suggested that $NMAX was likely to see a 50% haircut. Market participants and observers noted the inability to short $NMAX shares, the lack of options trading, and a lock up period as factors contributing to its volatility. One investor mentioned using 10x leverage to long $NMAX, while others described it as a memecoin involved in a pump and dump scheme. Additionally, another cryptocurrency, $VTF, also saw a significant decline of 63%. Some investors expressed frustration over the situation, with one suggesting that they would cover their short position on $NMAX after it dropped 80%.