alt-coin by Ian Romaker May 19, 2021
No cap… What is SCAMCoin?
Andre Lewis is a TikToker with a master plan. On TikTok, he goes by @dreesuschrist, and in real life, his friends call him Dre. Many of us, including Andre, have witnessed the pump-and-dump schemes that have saturated the Bitcoin market.
To piggyback off of the sheer ridiculousness that transpires with cryptocurrency coin launches – Andre decided to launch the SCAMCoin. “Simple Cool Automatic Money” aims to make life easier for whoever holds the coin.
It only cost a couple of hundred dollars to create the coin, but somehow within the first hour of launching – SCAMCoin skyrocketed to $70M.
“Today you have a whole bunch of speculation in crypto, in NFTs, in Bitcoin, this coin, that coin. It’s a bunch of speculation, and people are just using it to their advantage,” he told Motherboard. “People don’t invest in coins based on utility; they invest because it’ll be listed on Coin Gecko or Coin Market Cap or Coinbase. They invest based on the news, not what the token can accomplish.”Andre Lewis (via Motherboard)
Andre’s intentions have yet to be discovered when it comes to his coin. It is clear that he did not expect to have the volume come rushing in the way that it did. His page is flooded with criticism of useless coins, yet he created his own coin with absolutely no aim or purpose in mind.
Given the fact that SCAMCoin has seen incredible investment and created a small blip on the Bitcoin radar, it is now time to repurpose its function. Dre is working on restructuring and fine-tuning the coin to make it usable and educational, even.
Although it was unwise to create a coin without any angle in mind, Dre did smartly place SCAMcoin on the Binance Smart Chain (BSC) which allows for two key factors:
So, there you have it – the SCAMCoin. It does not seem like this token will be sustainable or serve any actual function.
Then again, stranger things have happened. Regardless, for all cryptocurrency news spend a few of your 10K80 minutes in the week right here on KultureHub.