So Solana projects are involved in Devs and insider trading?
At the time of writing this post, Solana was sitting at #4 on the market cap ranking of Cryptocurrencies, and Tether, a stablecoin, occupies number #3, We can consider Solana to be the hottest "Altcoin", considering ETH is holding #2 for so long, calling ETH an altcoin can be little harsh though technical definition will put it there. If you see the Solana chart, it has almost done 6x in the last 3 months so interest in the Solana chain will be the highest at current times.
Overall sentiments on the crypto market are positive with Bitcoin above USD 40K after a long time but Solana seems to capitalize on the momentum of the positive vibes.
It seems a lot of projects are now getting started especially the meme coins one to capture the hype on the Solana chain. Also, there are crazy stories of people making insane amounts of money with Solana layer 2 coins and things started becoming suspicious from there. Here are a few of the stories that are presented below.
1. Millions in $SILLY
Someone successfully made 2 million USD in 22 days with less than $100 invested, I do not know what to say on this crazy gain?
Most of the users consider it as "Dev/Insider" trading, where the gains are coming from dumping at the community.
2. More Miliions in $ANALOS
This one is quicker and bigger, purchased within a minute and almost made 5 million USD in 6 days.
The coin name is actually "SOLANA" read backward but unfortunately it looks more like "ANA* + **" to me.
And a funny $MELON
Not the millions here but a quick $250K within a day, No idea why others are jumping on it when it is M+ELON with no utility. Look like the "Elon" name sells hot.
If you get more on the tweet response, it looks like insider trading and coins were dumped into the community.
These set up the wrong narrative.
All these stories set up a very wrong narrative to "just buy anything" to the common people. Unfortunately, there are so many Twitter/X handles that recommend "obscure" and no utility coins based on their low market cap. I guess these are successful in the narrative as users are investing their money to buy these no utility coins.
Be Safe and invest wisely.
If you are the one, who is planning to buy something "funny" based on it, I will say do not "invest" in these things. If you have something spare and you want to play, then you can do it at your risk, luck, and entertainment. Seeing positive news and gins sometimes override our logical thinking but you have to think that grass is not always greener as we have all kinds of rug pulls and scams also co-exist.
I will leave it at your discretion, what you would like to do, keep gambling and putting your money into picking these kinds of 1000x or keep researching and analyzing and picking up the coins based on utility and their future perspective.
Whatever way you like to go, you should not forget the mantra of "Don't invest what you can't afford to lose."
Posted Using InLeo Alpha
