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Last Wednesday, viral TikTok sensation Haliey Welch launched a crypto memecoin named for her infamous "Hawk Tuah" catchphrase, touting the token as a way to connect with her fans. The token ...
Pump and dump (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements (pump), in order to sell the cheaply purchased stock at a higher price (dump). Once the operators of the scheme "dump" (sell) their overvalued shares, the price falls and investors ...
"This is a case where new age technology, crypto, meets an old school fraud, in this case a 'pump and dump' scheme, which is as old as the stock markets," Levy told reporters.
The pump and dump aspect was caused from the token's anti-whaling mechanism, which is intended to prevent larger stakeholders from selling a large part of their funds. The site initially described that any single holder who owned over 0.5% of all tokens would be designated as a "whale", who could only sell 20% of their total supply every 24 ...
A related scam, the "pump and dump," involves promoters artificially inflating a cryptocurrency's price to sell their holdings for quick profits, leaving other investors with significant losses.
A meme coin (also spelled memecoin) is a cryptocurrency that originated from an Internet meme or has some other humorous characteristic. [1]The term is sometimes used interchangeably with the term shitcoin, which typically refers to a cryptocurrency with little to no value, authenticity, or utility. [2]
One of the most common types is the "Pump and Dump" scheme. In this scenario, scammers artificially inflate the price of a low-value cryptocurrency by spreading false information or hype.
A pump and dump scheme is generally part of a more complex grand plan of market manipulation on the targeted security. The perpetrators (usually stock promoters) convince company affiliates and large position non-affiliates to release shares into a free trading status as "Payment" for services for promoting the security.