- Twitter person Zack Morris launched a brand new coin that surged by greater than 100% within the final 24 hours.
- Exercise and quantity on the Solana community additionally grew.
Solana [SOL] has been the hotspot for launching new meme cash for the longest time.
To money in on the hype, Edward Constantinescu, who is named Zack Morris on X (previously Twitter), and the co-founder of Atlas Buying and selling, lately launched a meme coin on the community, titled ZACK.
ZACK sees new heights
At press time, ZACK was buying and selling at $0.04168 and its value had grown by 216.00% within the final 24 hours. However despite the fact that the token’s value had surged considerably, merchants ought to concentrate on Edward Constantinescu’s previous.
Supply: CoinMarketCap
Zack Morris crypto: As soon as bitten, twice shy
The sequence of occasions started on the 14th of December 2022, when the Securities and Change Fee (SEC) initiated authorized motion towards Atlas Buying and selling and Edward Constantinescu.
They have been accused of defrauding traders to the tune of $100 million.
Based on the SEC’s lawsuit towards Atlas Buying and selling, the 2 purportedly orchestrated a scheme involving the coordinated acquisition of shares, its promotion, and subsequent sale for vital earnings.
In the course of the COVID-19 pandemic and the GameStop meme inventory frenzy from March 2020 to April 2021, Atlas Buying and selling emerged as a distinguished presence on Discord for merchants.
Some argue that they performed a pivotal position within the rise of the FinTwit phenomenon.
Edward Constantinescu grew to become ubiquitous on X, selling varied penny shares along with his distinctive meme face, seemingly representing Atlas Buying and selling.
The alleged modus operandi of the Atlas Buying and selling scheme unfolded as follows.
Edward Constantinescu would purchase substantial stakes in a penny inventory, then tout its potential meteoric rise on X.
Concurrently, nameless customers would hype up the inventory on social media, declaring it was destined for nice highs. Allegedly, these customers additionally held positions within the firm earlier than the surge.
As soon as the inventory was purportedly inflated, they allegedly offloaded their shares earlier than their followers, reaping substantial earnings within the course of.
On account of these elements, the memecoin ZACK has met with some skepticism as properly.
How will Solana be affected?
Regardless of the uncertainty of the usefulness of the Zack Morris crypto token, Solana continued to reap advantages.
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The surge in deployment of meme cash on Solana has had a optimistic influence on the community, as exercise and variety of transactions on the community have surged.
Nevertheless, if too many rugpulls happen, the sentiment across the community could be affected negatively.
Supply: Artemis