Too many people thinking a regular pump and dump is the same as a rug pull. It's not.To give an example - a s*itcoin named Lightcoin was trending/best gainer on Coinmarketcap a few days ago. Had a solid 50% daily pump. 40mill marketcap. Out of curiosity, I check it out, and see all the standard s*itcoin elements: most information can be found on r/cryptomoonshots, made in March 2021, dumped in April 2021, "we have the best community", 10% tax (in and out), some mumbo jumbo on their page, you know the deal.So I keep following it. Today I see the price has pumped for another 20%. CMC page looks good. Then I check out a site called poocoin (you can presume the reason it's called poocoin, as it shows data on all BSC tokens/s*itcoins). It has some solid info, such as LP (more on that a bit later), number of holders, charts, recent txs etc.Now for the kicker: though today the CMC page shows healthy, sustainable growth through the last 7 days or so (even today), poocoin paints a bit different picture.https://preview.redd.it/bpmkm86bklq71.png?width=1904&format=png&auto=webp&s=2b85d9443e6d17e7bcfd0e94f0b993b4a5cc3769I know, the red candle of death is a sight to behold. But notice the numbers on the left. Mcap from $30mill to $175k. Liquidity pool is $1k. Over night. This is what a rug pull looks like. All (well almost all) liquidity is drained.Just for comparison, this is your regular pump and dump or sell off by early investors/devs. Same coin, March and April. Not rug pull, because liquidity was still there (for the time being).https://preview.redd.it/aj1ah8k5llq71.png?width=1217&format=png&auto=webp&s=77fcc87401a357043ac9d2dde941366d8c59e691TL; DR: don't invest in s*itcoins on the BSC (or anywhere for that matter). If you really want to gamble, gamble in a place where at least you have 1% chance of winning. With these coins/tokens, there is none.EDIT: an hour later, THE ENTIRE LIQUIDITY is at $600. Mcap fell to $62k. Bogdanoff twins look at this and say "Man, that's rough".On the other hand, Coinmarketcap is still blissfully unaware of the situation, as the coin there takes the #1 trending spot, 1 day chart shows a healthy pump (20%), 7 days the same (the only thing that shows this red candle is the 1 and 3 months chart, where the candle of death is shown (albeit weirdly). Call me paranoid, but I don't trust the people at CMC anymore.EDIT #2: as /u/hoanglpr rightfully pointed out, this may be a case of migrating to a new token. The new token shows up at the same time as the last one stopped working. Mcap is at $55mill, LP is at $1mill. If this is all true, my apologies to the team. I'll give them the benefit of the doubt, though if the last few months following tokens on BSC have taught me anything, this is just prolonging the inevitable.
Submitted September 30, 2021 at 03:07PM
No comments:
Post a Comment