The Great Memecoins Scam: Millions Gone as Crypto Trenches Deepen

We're in that part of the crypto cycle where everyone is trying to rob each other without worrying about the consequences because they no there won't be any action taken against any of them.

The last time I've seen things like this happened was in the beginning of 2022 and it turned out to be a disaster later

I lost a lot that year but I'm not repeating those mistakes this time though I still remember how I was trapped and lost 80% of all my assets back then before bear market even started.

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Trenches are the big mistake in Crypto

Solana trenches where everyone is chasing memecoins with hope of turning $20 into $20 gazillion but they're all losing that money

It's worse than gambling at this point because these people are being framed by people on CT posting PNL's and wins they get in the trenches mostly because someone told them what to buy and when to buy

With all that insider info, anyone can make $10 into a hundred thousand or more but on the other hand 100s of people are losing their money that makes 1 person $100k

It was all fine till last year but now it's getting worse because the value being extracted from crypto is disgusting

Only Few Scammers are Walking Away with Millions

A couple of days ago Kanye tweeted that he had an offer to tweet about a coin that he didn't launched but it's his and delete that tweet later by calling it's just a hack

It exposed everyone who tweeted about a memecoin and later deleted that and came up with I was hacked to avoid legal trouble

Those celebrities didn't made much but the group running this whole thing is making millions maybe over hundred millions right now sitting in their wallets or accounts

Argentina Coin Extracted almost $100 million

I woke up today and opened CT as usual just to find out Argentina president dropped a tweet where he said $LIBRA is the memecoin that's gonna built economy or whatever

It went to $4b market cap and those wallets linked with deployers sold over $80m worth of coins

Later that president tweeted it was hacked or something he had no link with.

source

Turns out, the circle doing these scams is highly professional and have reach to these high profiles like it's nothing burger

At this point I think they've took over billion of dollar from crypto just by launching these coins and Rugging everyone.

Everyone is doing their hands dirty

Even CZ posted his dog name so that people can make coin and extract that amount from retailers

Insiders already had information about what and when coin to get

They made millions over those people who thought they're going to turn their last $100 into a million or more

Yea it happens with people in crypto but these opportunities are occasionally like WIF, Popcat etc

Now what's going on in the trenches is just extracting whatever is left to those people who won't ever look into crypto except for the time they want to scam more

And those people who are losing will just disappear forever and never going to look again.

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Wrapping Up...

In the end I've seen this happened once and that chain went to zero, I never used it, haven't heard about it

Same will be the case with Solana because all this going on these days is just too much but at the same time people deserve to loose that money because they're the one investing in it

I want to see better days but there won't be any as long as people don't stop gambling into memecoins and focus on coins with utility or the once that are established since years.

The shift will happen at some point but the longer it will take, the more value and money will be gone forever from crypto to those scammers.

fin.