Cryptocurrency investors are in a whirlwind as a tokenized billion-dollar cockfighting event, COCKFIGHTS, stirs the crypto market. Within a week of its inception, the token has recorded an unparalleled 20,000% increase, soaring to a record-breaking $0.2051. But an air of suspicion hangs amidst the skyrocketing figures. Skeptics advise caution, flagging it as a potential honey-trap scam – an alluring situate that clams up once the investors are hooked line and sinker.
The dawning suspicion warrants a closer look at COCKFIGHTS’ performance. Its native token, $COCKS, at press time, trades at $0.06810. This remarkable figure reflects the monstrous 20,000% increase achieved during a brief trading window, pointing to fake pumps or wash trades that have happened during this period. The project marks an impressive market valuation of $3.06 million, courtesy of 4,463 trades. These fantastic figures hit the pinnacle at $0.2051, although maintaining this trajectory proved challenging.
COCKFIGHTS, featured on DEXTools, intend to tokenize the annual billion-dollar cockfighting events in Thailand. A palate of delight for enthusiasts who bet on these face-offs. But a hefty 3% tax on both buyers and sellers, transfer pausable functionality, set to ‘Yes,’ stirs suspicion. The implication? Project developers can easily tweak the transfer functions, estabishing a puppet mastery over token holders’ assets.
COCKS tokens hang in the custody of merely three wallet addresses, indicating a potential wash trading, as most trades originate from these wallets. Given these ominous indicators, crypto pundits have flagged this venture as a honeypot scam and advised investors to approach with caution.
Still, as the crypto universe expands, fresh stars emerge. Enter Wall Street Memes ($WSM), a token reminiscent of the iconic GameStop events of 2021. A symbol of triumphant internet in its epic face-off against unchecked capitalism. This project features unlimited financial memes from every meme endeavor like Pepe, Wojak, and others.Underpinning the GameStop ethos, Wall Street Memes enables retail investors to glean profits from potentially worthless coins.
Their impressive track record of attracting over a million community members, including Elon Musk, and surpassing 40 million impressions, bodes well for their projected trajectory. The pre-sale of $WSM tokens has raised an astounding $16.9 million, overshadowing Ethereum’s initial coin offering (ICO) in July 2015. With such potent backing, Wall Street Memes is embedded as a formidable future contender in the crypto landscape. Yet, as with every crypto investment, caution remains the watchword. Despite all the promising projections, the potential loss weighs heavy. Crypto remains a high-risk asset class, and the light at the end of the tunnel is often at the risk of being a train.
Source: Cryptonews
