TikTok user unexpectedly becomes the founder of a new cryptocurrency

May 10th, 2021

Dogemoon, SafeMoon, Moonstar, and Pisscoin are just some of the many cryptocurrencies that have popped up recently. One new cryptocurrency was made by a TikTok user, and he calls it Simple Cool Automatic Money – SCAM for short. While it was originally made as a joke, the coin took off, and even SCAM’s creator himself was shocked to hear that he is now the founder of a new cryptocurrency with a market cap of $2.5 million. 

TikTok user Andre Lewis (who goes by “Dre”), said in one of his TikToks that SCAM started as a joke to throw shade at cryptocurrencies that are obvious schemes to exploit people who are looking to make quick cash.

As a result, SCAM has quickly gone through the path of a lot of cryptocurrencies. The coin reached a $70 million market cap (which is the current value of all tokens in circulation) almost immediately after its launch  flopping to $7 million, then $5 million, before settling at $2.5 million.

Dre said in an interview that he just wanted to call the coin SCAM outright, but he also wanted to give it an interesting name, so he thought of Simple Cool Automatic Money because that is how people fall victim to scams to begin with. Dre mentioned that people don’t invest in coins based on how they can be used, but instead invest based on what the news says. In an unexpected turn of events though, people invested in SCAM.

A community called the “scamily” showed a lot of support for Dre’s new cryptocurrency, dropping memes, materials, and even creating a website. On Discord, there’s a channel for SCAM and is made up of over 2000 members. Surprisingly, though, Dre didn’t know who these people were at first, but now they’re working with a team to make a better website for SCAM called Scamily.io. 

However, after the coin’s value started fluctuating, the attention quickly turned into harassment. Dre started receiving calls from relatives because strangers were harassing his family. The TikTok user then went on Twitter to say, “I didn’t do anything, I didn’t tell anyone to buy anything” and that he refuses to be disrespected because the coin’s value decreased. 

Dre said he has been trying to think of ways to make the SCAM coin useful and continue to gain value, while also teaching others how they can make their own cryptocurrencies or how to audit other coins before they invest. 

Right now, SCAM is a work in progress. While the coin’s value is decreasing Dre and his team are working towards promoting that SCAM, despite its name, is not a scam. Their website scamily.io shows plans for the coin. It also shows the breakdown of SCAM’s token ownership and it can be seen that Dre is holding almost 10 percent of all tokens.

Others like SCAM include Dogecoin, a coin that started as a meme involving a puppy but now has billions of dollars worth of trading volume per day and a market cap reaching almost $41 billion. Garlicoin, which was created from a meme magazine in 2018, reached a $16 million market cap back in April before the market cap went down again. 

So SCAM isn’t a scam. Who would’ve thought that a coin created to make fun of cryptocurrencies could become a new cryptocurrency?

 

 

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