Cryptonews Altcoin News MEME Token Pumps Up 20,000% on DEXTools But Experts Say It’s a Scam and Prefer These New Coins Instead – Here’s Why

MEME Token Pumps Up 20,000% on DEXTools But Experts Say It’s a Scam and Prefer These New Coins Instead – Here’s Why

Jimmy Aki

Last updated: October 23, 2023 06:04 EDT | 2 min read

A newly-listed crypto project, MEME token, took the crypto space by storm after it clocked over 20,000% in 24 hours.

While this would seem like a profitable trade to enter, many crypto experts believe it might be a honeypot scam due to its irregular chart pattern.

The project also scored poorly in the community votes on DEXTools, which raises doubts about its authenticity.

Nonetheless, not all nascent crypto projects fall under this ignominious light.

Crypto investors are paying close attention to more genuine meme projects, including Wall Street Memes, Thug Life, and Safemoon 3.0.

20,000% Plus Percentage and Yet Low Community Score? Something Is Fishy

The crypto market is back on the bullish track as it eyes a $1.2 trillion market valuation.

Several altcoins are posting significantly as buying pressure increases. Meanwhile, a new meme crypto token, MEME, is stealing all the spotlight.

With little to no useful information on its platform, the MEME token has posted over a 20,000% price gain with a current price tag of $0.00001689.

The meme crypto project has a trading volume of over $71,500, with 152 transactions so far.

However, what has caught the attention of many crypto experts is that the platform misses several key integrity metrics, which could potentially impact its trajectory positively.

Firstly, it has a low community trust, evident from the votes of only 73 individuals. Only 2.7% voted in favor of the project, while a staggering 97.3% gave it a low score.

Another concerning metric is its blacklisting by several crypto aggregator websites like DEXTools, which raises suspicions of it being a potential honeypot scam project.

Adding to the project’s rocky start, the MEME token’s trading chart is also quite queer, as it only trends upwards.

This could easily be the work of a few traders trying to whitewash and prop up the token to draw in other investors.

If these tactics succeed, they may sell off their assets later, leaving other investors with worthless coins and significant losses.

These tell-tale signs have prompted many crypto experts to express concerns that it could be a honeypot scam project looking to collect funds from unsuspecting investors.

With the numerous fraudulent projects in the crypto space, investors should be cautious about this project, especially considering the lack of information available about it and its developers.

Meanwhile, crypto investors are turning their attention towards more promising coins as the meme coin frenzy intensifies.

Wall Street Memes ($WSM): Creating a Meme Project for the Retail Investor

Launched only a month ago, Wall Street Memes is a meme project with a rich history.

The project is based on the GameStop events of 2021, which saw a paradigm shift in investor power.

In the following events, retail investors banded together to buy up shares of struggling companies.

Led by the WallStreetBets subreddit, retail investors were able to shore up the prices of these companies while directly impacting the profitability of hedge funds that short-sell their stocks.

This event has spilled into a movement, and the development team believes it is apt for the crypto space.

The Wall Street Memes project is a tokenization of this movement, and the team sees it as the ultimate triumph of the internet over rampant capitalism.