As an experienced analyst in the crypto industry, I’ve seen my fair share of market fluctuations and trends. The recent surge in meme coins, such as WATER and DADDY, is no exception to the volatility that characterizes this sector. While it’s tempting to jump on the bandwagon, especially with endorsements from prominent figures like Lionel Messi, I urge caution.
TL;DR
- One meme coin spiked 150% daily after Lionel Messi promoted it on Instagram. However, concerns arose about a potential hack of his account.
- Meme coins are volatile and can be linked to “pump and dump” schemes. Investors are urged to conduct due diligence and be cautious.
Support or Hack?
In the last 24 hours, the meme coin market experienced a significant surge. Notable coins like Bonk Inu (BONK) and Pepe (PEPE) recorded double-digit percentage price increases. Less recognized tokens have even outperformed, with WATER Coin (WATER) being a clear standout.
The price of this token has skyrocketed by an astounding 150% daily, following a promotion from football legend Lionel Messi. He endorsed the token to his over 500 million followers on Instagram.
As an industry analyst, I’ve noticed that several participants in our field have expressed concern about a recent incident involving Lionel Messi’s social media account. Some speculate that hackers could be behind this, hoping to draw Messi’s fans into the ecosystem of a meme coin. Others believe that Messi himself may not be aware of this hack, as he is currently focused on preparing for the Copa America semi-final against Canada on July 10.
Bubblemaps, a data platform on the blockchain, issued a cautionary note. Approximately 30% of WATER’s total supply is held by insiders according to their data.
The Webacy security platform, which aims to bolster users’ online identity protection within the blockchain, advises everyone to conduct thorough investigation prior to joining, despite potential influential backing like Messi’s endorsement.
Another Controversial Meme
Meme coins have shined brightly in the crypto world during the recent bull market, reaching unprecedented price highs. Nevertheless, a significant number of them gain popularity based on passing trends, exhibit extreme volatility, and have been under suspicion for involvement in “pump and dump” scams.
Andrew Tate, an influential figure online, significantly boosted the value of Daddy token during mid-June and early July through his engagement. More recently, he announced plans for a major strategy, encouraging holders to amass as many assets as possible within the next 72 hours.
“We’re constructing something based on honor, dedication, and hard work rather than relying on being first or getting fortunate. I’ve been developing this for quite some time now, and this serves as your 72-hour notice.”
The price of Daddy surged to $0.23 following the announcement but later dropped down to approximately $0.15, according to CoinGecko’s information.
Furthermore, Bubblemaps disclosed that approximately 30% of the supply was bought by insiders during the initial release. The company also revealed that Tate owns over 40% of the DADDY tokens, which currently hold a value exceeding $37 million.
Taking into account the risks involved, individuals should conduct thorough research before entering the ecosystem and invest an amount they’re prepared to potentially lose. For additional safety measures, refer to the informative video we’ve prepared below.
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2024-07-09 22:50