In a recent development on the Solana blockchain, a trader reportedly generated an impressive profit of $63.4K with a mere investment of $4 in the MEMEcoin called $BALLZ.
This trader spent 0.025 SOL, equivalent to $4, to acquire $BALLZ tokens and later sold them for 428.15 SOL, resulting in a substantial gain of 17,125 times the initial investment.
What can you do with $4?
This trader made $63.4K with only $4!
He spent 0.025 $SOL($4) to buy #MEMEcoin $BALLZ, and sold it for 428.15 $SOL($63.4K) 5 hours later.
Making 428 $SOL($63.4K), a gain of 17,125x!https://t.co/zs2Y4CWKfD pic.twitter.com/CDzL4T866X
— Lookonchain (@lookonchain) March 11, 2024
While this success story may sound appealing, concerns have been raised within the trading community regarding the legitimacy of $BALLZ. Some traders on the platform X have expressed dissatisfaction with the token, labeling it as a “new scam.”
According to these traders, $BALLZ is being promoted by a group of fraudulent influencers who have a history of shilling other questionable tokens, such as $Analos.
Influencers May Be Shilling $BALLZ While Manipulative Practices Comes To Light
Allegations suggest that these influencers are engaging in manipulative practices, including dumping small amounts of $BALLZ tokens on unsuspecting holders at regular intervals.
Additionally, they are accused of artificially inflating the token’s popularity by employing bot buying strategies to manipulate metrics on platforms like Dexscreener and Birdeye.
Don't be trapped in new scams.
A group of fraudulent influencers is shilling $BALLZ, grifters who previously shilled $Analos.
They are dumping a small amount of $BALLZ on you every second.
Using bot buying to trend on Dexscreener & Birdeye.Note ; those who are shilling this… pic.twitter.com/wTtgvg8pq4
— Vasu Crypto (∎, ∆) (@0x_Lens) March 11, 2024
Amidst these controversies, the price of $BALLZ has experienced a significant decline, plummeting by over 53% in the past 24 hours. This sharp decline in value further exacerbates concerns among investors and traders regarding the token’s credibility and long-term viability.
As the Solana ecosystem continues to attract attention from investors and traders alike, incidents like these serve as a reminder of the inherent risks associated with investing in volatile and speculative assets within the cryptocurrency market.
It underscores the importance of conducting thorough due diligence and exercising caution when participating in such ventures to mitigate the risk of financial loss.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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