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So investors are just speculating that NEO takes root in China as ETH and other cryptos are pushed out?

I have no idea what investors are speculating on lol.

It's worth mentioning that just because a token is valuable doesn't mean the protocol has legs - I've seen full scams (FirstCoin) in the top 50. And many people think BitConnect is a scam as well... I haven't researched it yet, so I can't speak to that one.

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