Short answer: I fell for a classic pump and dump scheme.
Long answer:
On the 27th of March, I saw a post on r/SatoshiStreetBets advertising Harambe.app. Harambe.app claim to be a cryptocurrency honouring the late gorilla Harambe (1999-2016). Harambe.app advertises themselves as a “non-for profit” organisation, with 1.5% of each transaction returning back to holders and another 1.5% going to a “charity wallet”.
Stats for Harambe:
100,000,000 supply
Peak price: 0.018USD
Price now: under 0.0002USD
Thinking that this memecoin could blow up instantly, I decided to put in 18USD. After gas fees as well as transaction costs on Pancakeswap, I ended up with around 1000 HARAMBE. Now this is worth a measly 23 cents. Since the dump, they have deleted their Discord server, stopped tweeting and locked the Telegram server.
Where I went wrong:
I failed to check the whales holding HARAMBE.APP
There was one whale holding 67% of all the tokens. This whale, along with others decided to start dumping their tokens at 2PM EST 27th March. This resulted in many holders to start dumping their Harambe coins too. Within 7 hours, the price has dropped from 1.8 cents to under 0.2 cents.
The takeaway from this?
Do your research. See the number of holders of the crypto and check the whales holding the crypto. Learn from my mistake.
If you want to see my BNB smart contract chain and Harambe coin on the blockchain, my address is here:
0xcC8DCd5403ec863F47188a10451c98BB7E139C12
