Crypto sleuth ZachXBT reports that one person has been raising funds sequentially using the new Solana meme token project.
Since last month, a number of Solana Network-based meme tokens have been created in the cryptocurrency space. However, while all of these have helped increase the overall TVL of the Solana blockchain, on the other hand we have seen a huge number of memetic crypto tokens that are useless and cannot be used for any kind of useful task.
The majority of people are blindly investing small amounts in these meme tokens in hopes of earning high returns in the short term. Very few people actually make any money, and very few people lose all their money.
Some scammers are taking advantage of this Solana meme token trend to easily scam people. This is because there is no need to build any kind of trust with token buyers.
Popular cryptocurrency sleuth ZachXBT reports that one person, who is basically a scammer, successfully raised six figures in a previous meme token presale and is now attempting to loot money again with the same concept.
At the time of writing this article, the scammer has deleted his X account and has most likely purchased it from someone else. Here’s a hint for your investigation.
Here, this scam is not limited to just scammers, many famous cryptocurrency influencers are also promoting various Solana meme tokens to make money for their personal wallets. This is a type of scam targeting innocent cryptocurrency investors.
Solana vs Ethereum
Amid this meme token trend, Solana’s top Dex’s Defi cryptocurrency trading volume surpassed Ethereum’s top Dex by 200%.
Over the past 24 hours, the 24-hour trading volume of Solana Defi protocols Raydium, Jupiter, and Orca has surged. Among these, Radium’s transaction amount reached $2.4 billion.
During the same period, the trading volume of leading Ethereum Defi platform UniSwap was only $1.3 billion.
Also Read: OKX Decides Not to Support Solana Meme Token!