An investigation by our team found that many people are creating crypto meme tokens at the cost of some fraction of Sol coins easily and manipulating people with fake trade volume.
In the last couple of weeks, we covered multiple reports around Solana network-based multiple meme crypto tokens. Some of the tokens secured trading volume in billions & some of them conducted scams against innocent investors.
Recently the Bitcoinik team noticed an interesting scam, used by the meme token deployers.
These days, nearly 5-6 thousand meme tokens per day are deployed by the small crypto leaders anonymously on the Solana network.
Our investigation found that the net trade volume of these newly deployed tokens is not an actual picture of their popularity, indeed 50% of these tokens have highly manipulated trade volume.
Token deployers are using crypto trading bots to trade that particular meme token again & again, to show high trade volume.
#Solana network-based meme tokens are getting high trade volume, thanks to the trading bots used by clever token deployers. pic.twitter.com/cDd1jWRwdl
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Our crypto transaction tracking investigation found that in many cases a single person deployed multiple tokens one by one in two to three weeks and successfully transformed his $1 million funds into $3 Million.
Nowadays creating a meme token is not a challenging task. There are many websites available across the internet world where we can create SPL token smart contracts just only for 0.4 – 2 Sol coins, few vary from site to site.
The ease of smart contract coding development via third-party websites helps people to easily create unlimited numbers of tokens without use cases.
If the birth of new meme tokens will remain continue at the same rate then it will not be wrong to say that the next bear phase in the crypto market will start with the crash of meme tokens.
Read also: Luna coin trade price surges 25% following release news of its co-creator from jail
Beware of Solana meme tokens manipulated high trade volume: Scam Alert
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