Sirwin
Sirwin

Pump and Dump Scam: The Evil Side of Meme Coins

By Rupanshu kumar | Rupanshu-kumar | 7 Oct 2023


42cd1f182f67582a66bedd120cdc89e76662d886222a54c2ed9eb052988a77da.jpg

Hello guys, 

Let's take a closer look at the dark side of the meme coins.

As a teenager, most of my time has been spent on the internet, scrolling memes and other funny stuff. It looks like my life is filled with memes that keep me alive, but as soon as I entered the crypto market, the craze of meme coins is unbelievable nowadays. From social media platforms to other major articles, we see a lot of news about meme coins, as they started as a joke but became a significant success overnight. A wave starts to erupt that this is the token we want that can boost our profit margin. It's the future; don't miss it, but all we miss is that it's a scheme leading us to a scam.

e867e49bb1325a1de09b19e20c45f6d0b78a8d34c5affc466fe450a4b98b35e5.jpg

What are meme coin scams?

There are some of the renowned meme coins, such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). These are some of the coins in that category; they have a tendency to blow up the price due to their playful nature, and their price can easily be manipulated by big players or their creators.


One of the prominent lies that their creators or makers say is that they are making further developments to the product or even making a new product for the future that would change the world. Another is that they have one of the biggest developer teams working for them, making it one of the best and most simple ways to transact in the market.

b0dc51f0a63ded6283d4a3a1a8ce885b6358db838ffced0ff840ee8766d66a70.jpg

Another is that they claim to have big communities and people that are ready to invest in their token as soon as it's launched, which never happens. All they do is manipulate the token price by buying the token themselves, then raise the price of the token by investors, and then play their final trick of pump-and-dump schemes.


In the end, all the investors just stay in the trap of that token in the hope of a new bull run. That never will happen because no one will invest in them.Where the creators start to shift towards new tokens, their so-called new project is just a new scam to attract investors.
 

Related articles :- Frauds of so called meme coins.

If you like this article, please give it a thumbs up. If you want more awesome content, consider following.

Follow me on : Instagram,Twitterread.cash 

Crypto trading platform : Kucoin

Donate if you like :

Metamask:0xe7F0164219D34Ccc4d16b68400e7b5325a6813dA

Kucoin ID :140803116

 

That's for today guys, see you soon.

Thanks for reading.

How do you rate this article?

17


Rupanshu kumar
Rupanshu kumar

From Small Beginnings Come Great Things.


Rupanshu-kumar
Rupanshu-kumar

From Small Beginnings Come Great Things.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.