Did you know that during the first day of the Official Trump Meme Coin launch, over 400 fresh wallets made over $1,000,000+ in profit? This is a good amount of money but just a fraction of the actual volume pumped into this coin. Snipers and Insiders had a party with this and it was only the start of something wilder taking place in the Solana ecosystem. 

Differentiating between Scams on different levels

Essentially a scam can be on multiple levels in trading, each with their own bundle of insider wallets trading in different group sizes with significant gaps in leverage and margin. Even coins that are legitimate projects can have an overwhelming number of snipers with large amounts of liquidity, pushing marketcaps to new levels and eventually taking profit, which can cause volatile drops from 80% to 99% in short periods of time. The average investor or entity new to the crypto space can easily fall for this and consider it a scam. They assume the developer is the main cause for huge liquidity grabs but that's not always the case. Being able to directly link a wallet address to bundled wallets is a great start to investigate where the money is landing but can be difficult in some cases just from the sheer amount of time it may consume. When wallets are myseriously taking profits and consolidating them into wallets known to be used by a developer early into launch, you can assume it's an immediate scam.

Fake Influencer Scams

Another popular method scammers are using right now involves the imitation of celebrities and even their managers.

An example below is an account on X that goes by @RealAriGrandeX

This is an account that has over 600k followers and posted a contact address to a meme coin, which eventually rugged and the account has rebranded.

These accounts sit idle for long periods of time and are eventually reused to promote another scam coin or NFT in coordination with other large following accounts that assumably have additional botted traffic and promotion in hopes to catch a victim in the scam.

Accountability

Having most of the recent Solana influx of volume entering the decentralized network of Raydium, the lack of clear regulatory frameworks creates fertile ground for scams to flourish. This allows influencers to often be shielded from legal repercussions due to the complex and evolving nature of the crypto space in relevance to consumer protection laws inability to take action at the same pace.

Ultimately I believe we are still in early stages of crypto, with many newly emerging innovations relevant to the nature of the expanding global population and the issues that come with scaling solution. The technology is exciting but with current events taking place in the crypto space, it feels like the wild west in early pioneer stages. Trade at your own risk and always do research!