A TikToker recently decided to make ‘Scamcoin’ on the side, and it quickly became worth $70 million. Scamcoin, or “Simple Cool Automatic Money,” as the video implies, is a legitimate cryptocurrency aimed at making the user’s “life easier.”
Scamcoin’s market cap reached over $6.6 million within 10 minutes of its creation, according to a video posted on Twitter. Within an hour, the coin’s market cap had risen to over $70 million.
However, @dreesuschrist, a TikTok regular, may have some difficulties selling this coin. “It says dev wallet holds 95 percent of the coins, so as soon as he wants to sell, it will saturate the market and crash the price,” @Hehe icup says in a reply.
“It’s just 3.83 $BNB in liquidity, so he made 2.1K$,” another Twitter user pointed out. So, while the coin’s market cap might have reached $70 million, it is only worth a fraction of that because it is so easy to exploit.