A cryptocurrency analyst known as X-explore has warned users of potential manipulation by distributors of some meme coins.
In a statement on Twitter, X-explore said it realized that distributors had amassed large funds in meme coins before adding liquidity to the market.
According to X-explore, some meme coins that exhibit similar fundraising behavior have been identified by their distributors as WOJAK (WOJAK), Trad (TRAD), NEET Finance (NEET) and some others.
1/🧵 We've noticed that many deployers of meme coins have been accumulating large amounts of funds before adding liquidity recently. Does this mean that these meme coins are all manipulated by the same group? #meme pic.twitter.com/Cvlw1aM5YH
— X-explore (@x_explore_eth) April 24, 2023
He said this could indicate that all of these meme coins have been manipulated by the same group of people who aim to pump and dump for profit.
Meme coins are crypto coins inspired by internet caps and jokes. They often have little or no real value or benefits, but they rely on viral marketing and community support to gain popularity and price boosts.
Meme tokens, especially Pepe (PEPE) and finally Good Gensler (GENSLR) have gained popularity lately, but be extremely careful against such new coins because of the possibility of rugpull.
*Not investment advice.
