I recently spent a couple of weeks doing a little dive into that shithole of a landscape. Telegram channels, token subs, discord, messenger chat groups. Holy shit. It’s basically just a twenty-year-old dude’s version of multilevel marketing.
You get in early and then everyone you get to sign up after you makes you progressively more wealthy (in theory). And the people you bring on the need to bring in more people so they can make money! Because these shitcoins have ZERO utility, the only hope to make money is by hyping people up that they can also make money and that it’s “still early!”
And because of all of the crypto millionaire stories everyone’s heard, everyone who gets into a coin early thinks that could be them and so they froth at the mouth telling anyone who will listen how incredible the coin is even though they can’t actually explain WHY THE F**K THE COIN EXISTS IN THE FIRST PLACE.
Your shitcoin is going to make you as wealthy as that chick from high school that messages her friends about Herbalife.
Safemoon, CumRocket, Elongate, Safegem, Creampye, CuteCat, ElonSperm. All those new coins silly names promise new and often beginner crypto investors to bring them to the moon, all while involving very few risks. They are just like multi-level marketing schemes. They have no intrinsic value, no use-cases.
Safemoon is a crypto that adds liquidity into multiple pools used by exchanges. SafeMoon is an interesting concept for a crypto, as when someone sells, 10% is taken from the seller. This 10% is then split and 5% is burned never to be seen again, and the other 5% is distributed evenly among the rest of the shareholders.
CumRocket (CUMMIES) surged 634% in a single day, taking its market cap to over $140 million, according to data from CoinMarketCap. The project’s main goal is to provide an NFT marketplace for 18+ content, where creators get paid in crypto and tipped in the CumRocket token CUMMIES. The tokens are traded on the Binance Smart Chain, and according to the project’s tokenomics, every time someone sells a token, they are charged a 5% tax, of which 2.5% is burned automatically, while the other 2.5% is distributed to existing holders.
ELONGATE is a crypto project that began as a parody of Elon Musk’s tweet referencing the Watergate Scandal. It has since ballooned into an active community with over 100K holders, determined to wield the power and capital of memes and internet culture to change the face of charitable giving. In the first month, ELONGATE raised over $1M for charity.
SafeGem is exploring the yet untouched niche in the crypto space that holds a huge amount of potential, NFT authentication of precious stones. A professional team consisting of 4 members, two devs, and two managers with long professional resumes. The current market cap is ONLY $4m, which means that if SafeGem reaches SafeMoon it will 1200x our investments from here. They pretend that it’s not just a meme coin but the team is also working hard to deliver multiple products. Coingecko and Coinmarketcap listings are expected to happen any day now and we’ve all seen what happens to young projects when they do, also that is when the heavy marketing starts and the team starts using the marketing wallet.
Creampye is a new token focused on creating new technology in the world of crypto and simplifying the process for mass adoption. We have just purchased the domain, augmentedreality.com and are working on a new exchange, pyeswap. This exchange will make crypto far easier to buy than it ever has before. This is desperately needed before the masses can enter the market. It is almost impossible to teach a newcomer to the world of crypto the multi-step process of acquiring BNB, using pancakeswap, and storing tokens in a wallet. PYE is going to change this. They are also launching PYEcharts in a few weeks, an NFT marketplace, and have just passed a completed audit on their whitepaper (audit done by Hacken).
CuteCat token ($CCAT) was designed by the community and for the community. The name $CCAT was chosen because of the power of cute cats to bring together a community. We hope you will join the community on our $CCAT journey! CuteCat was developed in a way that ensures there is no rug pull or mass dump. The Development team has resigned the contract and burned all the LPs for initial liquidity. No pre-sale, No team tokens, No dev tokens. 100% liquidity
ElonSperm is an entirely community-driven project. They say it’s completely rugpull-free. 5% of all trades are redistributed to holders. You already missed the boat on Bitcoin, ETH, PancakesSwap’s CAKE, BNB, Doge? Don’t miss your chance on this one! Get yourself SPERM of the highest quality & speed, share it with the world and help us make SPERM token go VIRAL. TV shows & TOP 20 market charts – that’s what we’re aiming for!
BE CAREFUL INVESTING IN ANY OF THOSE PROJECTS. YOU CAN LOSE YOUR ENTIRE INVESTMENT. DO YOUR OWN RESEARCH.
The only hope of people investing in those coins is that someone will be willing to buy them for a higher price. Creators often hoard a huge part of the supply, waiting for the right time to dump it and pull the rug on unsuspecting investors. It’s not because you see a project on Coingecko or Coinmarketcap that it means the project is safe.
It doesn’t mean that any of the information is verified either. It’s not because you can see the transactions on Etherscan that it means the project is legit. For the past few days, we hear a lot about Safemoon. It didn’t take long for scammers to grasp this shiny opportunity. How about Safemars? Safestar? And many, many more. Maybe if you flip it quick enough you might get lucky, maybe you won’t be left holding the bag. But there is a very real possibility you could end up losing most, if not all of your investment.
I could wake up one morning, and decide to make my own website, launch my own ERC-20 token. You can even hire people on Fiverr to do all this work for you, for a very cheap price.
These coins expose the worst aspect of human nature, greed.
They shill these shitcoins everywhere because the earlier investors want to dump it on the next fool. Morals don’t seem to matter anymore, they all want the next ”100x” and they’ll do anything to make it happen.
If you’re a new investor, it would be best to stay out of these trash coins or protect any profits you’ve made so far. Ask anyone who lived in the 2017 ICO era, and maybe their stories will make you wise up. Just look up Bitconnect.
The longer this trend continues, the harder the fall will be and the closer we’ll be to a looming crypto bear market. When you see people putting billions of dollars in projects with no intrinsic value, just because it’s being shilled on Reddit or Youtube, it makes you wonder if it’s the end of this bull run.