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

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.

TikToker makes ‘scamcoin’ as a joke and within an hour it’s worth ~$70mln lmao. pic.twitter.com/dmEAdNUG6Z

— TikTok Investors (@TikTokInvestors) April 22, 2021

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.”

It's only 3.83 $BNB in liquidity, therefore he "made" ~2.1k$.

2,000$ 70,000,000$

I see no difference

Please learn the difference, or pm me and I will explain it to you how to read such dashboards @TikTokInvestors! pic.twitter.com/4K5WA3aByZ

— R0฿ST3R (@r0bster97) April 23, 2021

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.