A Black TikToker recently decided to make ‘Scamcoin,’ and it quickly became worth $70 million. Scamcoin, or “Simple Cool Automatic Money,” as the video implies, is a legitimate cryptocurrency aimed at making the user’s “life easier.”
Scamcoin’s market cap reached over $6.6 million within 10 minutes of its creation, according to a video posted on Twitter. Within an hour, the coin’s market cap had risen to over $70 million.
“I don’t know how to do none of this sh*t, I just made the coin as a joke,” Dre, real name Andre Lewis, said in one of his many TikToks promoting SCAM.
“I’m a regular motherf*cker that just so happened to make a coin, and now I’ve got to make this bitch useful to the world,” Dre said in another video. “This is the FUBU of crypto, for me by me, goddamn, this is the FUBU of motherfuckin’ crypto, this was for me, but now that y’all bought it, it’s for us by us.”
In an interview, Dre said he built SCAM to mock other “shitcoins” or cryptocurrencies that are pump-and-dump schemes while also making money for those willing to invest without any lofty talk to persuade people anything more noble is going on.
However, Dre may have some difficulties selling this coin. “It says dev wallet holds 95 percent of the coins, so as soon as he wants to sell, it will saturate the market and crash the price,” @Hehe_icup says in a reply.
“It’s just 3.83 $BNB in liquidity, so he made 2.1K$,” another Twitter user pointed out. So, while the coin’s market cap might have reached $70 million, it is only worth a fraction of that because it is so easy to exploit.
https://twitter.com/SCAMBSC/status/1387279953625034754?s=20
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