Regrettably, the crypto market is becoming accustomed to frequent fraudulent activities. The latest case concerns a famous crypto influencer named DannyCrypt, who supposedly executed a rug pull on his supporters.
The influencer is being accused of receiving 2% of a token’s supply as payment for promoting it and subsequently selling most of those tokens to his followers without their knowledge or consent, resulting in a profit of $57K (31 ETH).
ZachXBT’s report suggests that @DannyCrypt was actively promoting the HODL coin on social media, emphasizing his intentions to hold onto his tokens. Meanwhile, he was informing his 26K-strong Telegram channel that he believed the price of the HODL coin had stabilized and that he was planning to purchase more. However, allegedly, within a span of 15 minutes of receiving the tokens, he sold them, resulting in a negative impact on the market price.
The wallet address linked to the transactions is 0x600ee4164bf7718998ce084d146c9c062561fc42. Following the incident, DannyCrypt has apparently attempted to dissociate himself from the scam by untagging himself from related tweets and portraying himself as a victim in subsequent posts.
This occurrence serves as a clear reminder of the importance of being cautious when investing in cryptocurrency projects, particularly those endorsed by influencers. To evade falling prey to such fraudulent schemes, it is advisable to follow the below recommendations.
It is recommended that users conduct their own research instead of blindly following the advice of influencers and maintain a healthy degree of skepticism towards unrealistic promises. Furthermore, investing all of one’s funds into meme coins and volatile digital assets should be avoided. It is crucial to keep in mind that the meme coin market is expanding quickly and is still rife with uncertainty.
While scams such as the one involving @DannyCrypt are unfortunate, they are not uncommon. To minimize risks, it is essential to stay vigilant, conduct thorough research, and invest wisely. Use the hashtags #ScamAlert and #MemeCryptocurrencies to stay informed.
Top 5 Crypto Meme Coins Making Waves in 2023
1. Pepe Coin
2.Baby Doge
3.Floki
4.Elon
5.Cope
Investing in meme coins can be quite risky due to their association with hype and social media, as well as their high volatility. Nonetheless, their potential for significant returns makes them an appealing investment opportunity for individuals willing to take risks. As of 2023, the top five meme coins, namely Pepe Coin, Baby Doge, Floki Inu, Dogelon Mars, and Cope, have seen gains due to their robust community support.
Nevertheless, it is vital to conduct thorough research and comprehend the potential risks and rewards before making any investment decision involving meme coins.