Moneycontrol PRO
UPCOMING EVENT:Learn how to add equities to your portfolio through ETFs. Don’t miss the webinar on Oct 19, 11.30am. Register Now!
you are here: HomeNewsTrends

TikToker makes Scamcoin as a joke and within an hour its m-cap reaches $70 million!

But it isn't about to make him a millionaire anytime soon.

April 24, 2021 / 04:27 PM IST
Representative image

Representative image

A TikToker recently decided to casually make ‘Scamcoin’ online and its worth reached $70 million within an hour.  Scamcoin or as it suggests in the video “Simple Cool Automatic Money” is a legitimate cryptocurrency centred around making the user’s “life easier”.

In a video uploaded on Twitter, the market cap for Scamcoin reached over $6.6 million within 10 minutes of its creation. Within the hour-mark, the market cap for the coin rose to over $70 million.

However, TikTok user @dreesuschrist might face some issues in selling this coin. As one reply by @Hehe_icup suggests that prices will tank before he can sell the coin, stating, “It says dev wallet holds 95 percent of the coins, so as soon as he tries to sell, it will saturate the market and crash the price.”
Another Twitter user noted, “It's only 3.83 $BNB in liquidity, therefore he made 2.1K$”. So, while the market cap of the coin may have surpassed $70 million, it is worth much less as the coin is easy to manipulate.
Moneycontrol News
first published: Apr 24, 2021 04:24 pm

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark