It seems like completely random meme coins on Solana have been popping up out of nowhere and going 10-1000x in a really short period of time.
I did a bit of digging and found out on Dexscreener that there are quite a lot of really small coins on Solana and they are created every day. Most of them obviously have no real value and they look like pump and dump schemes. It's really the closest thing to a casino I've seen in the cryptocurrency space.
It's understandable that most of these coins end up nowhere, but how do some of them explode to such a high degree? Like one of the largest coins Dogwifhat WIF which went from 0.0001 to 2.5 dollars. And Book of Meme (BOEM) is the latest trending one, it skyrocketed straight after its release. These coins have such random names, they don't even associate with anything trending (at least on a large scale) so it's hard to pinpoint what exactly is driving the price action for these coins. Could it be some kind of an inside job? Has anyone done a deeper research about this topic?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments