With the rise in popularity of Pump.fun, a site where anyone can create their crypto in the Solana ecosystem, we've seen new players entering the crypto sector. Some bring promising projects, while others come with worse intentions.
The popularity of this web3 platform has grown rapidly and uncontrollably. Despite witnessing many good projects and communities succeed, we've also seen many people lose a lot to these new players and teams that are dedicated to manipulating the small market on Pump.fun. Unfortunately, such exploitative projects are becoming increasingly common, with these teams lining their pockets and expanding their scams.
Today, we discuss a project launched on Pump.fun by one of these teams, which, in less than 5 minutes, was already making its way to Raydium. After launching on Raydium, it quickly reached a market cap of 5 million. Let's explore what they did, how they did it, and the wallets behind these scams.
DEGEN KONGZ
Degen Kongz is not a single project but has been launched multiple times. Why? It could be either by the same team or by imitators looking to capitalize on the confusion to scam investors who are not paying close attention.
Here we can see the Degen Kongz charts, with the Pump.fun chart above and the DEX chart below.
But let's first look at the purchase orders:
Only 39 people managed to purchase Degen Kongz, among them some bots like Solunlocks.
The chaos started once Degen Kongz arrived at Raydium. As soon as the developer arrived, he burned his entire wallet, and, to the bewilderment of many, people began buying, shooting the price up to 7 million market cap in just a few minutes.
After more than 50% of the supply was burned, the entire market turned its focus to Degen Kongz, and its price literally exploded.
Interestingly, all the wallets that were involved with Degen Kongz from the start on Pump.fun were connected to the same main wallet.
After these wallets sold off, the price stabilized, but by then they had already achieved their goal: collecting profits and funneling them all to the same main wallet they use.
As you can see this team has been working on pumpfun for a while, and their income continues to increase. This incident happened just a week or two ago, but similar cases occur daily.
Pump.fun is an exciting place where you can meet a lot of people, make money, and even work. However, it's crucial to remember that the crypto space is still fraught with bad actors and selfish individuals.
To avoid scams, do some quick checks like researching the domain of the website, the readiness of the Telegram group, the activity and followers of the Twitter account, and talking to the developer to understand the team's intentions. As Pump.fun users, we can take certain measures to protect ourselves from these risks.
Above all, be cautious with meme coins, which often have a limited lifespan as new ones constantly emerge.
For more in-depth investigations and the latest revelations, be sure to follow us on Twitter (@JeetersPolice) and check out our YouTube channel here. Dive deeper with us as we shed light into the shadows and uncover the truth behind the blockchain.
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