Former Star Project Rode the "FOMO" Price Surge to Quickly Sell Off, Investors Chasing "Meme Coins" Should Not Be Blindly Followed

BlockBeats News, April 14th, Recently, some altcoins have experienced a "crazy surge." The token represented by RAVE has continuously risen under the manipulation of a whale behind the scenes, skyrocketing by tens of times in just a few days. Although such deliberate pump-and-dump behavior is highly controversial and often ends in disaster, aggressive investors are still actively participating and hoping to buy the next "RAVE."

It is on this emotional basis that some project teams have seized the opportunity to quickly pump up the price for selling. Their usual tactic is to create a large green candlestick in one hour, creating the illusion of a "meme coin." As retail investors rush to buy, the team swiftly unloads their chips at any cost, causing the coin price to plummet rapidly. FF and INX are the representatives of this behavior.

The former experienced a rapid surge in the early morning of the 11th, doubling in price within one hour from $0.07, then reaching a peak of $0.17641, only to quickly drop back. As of the time of writing, the token has fallen back to $0.07786.

The INX team, on the other hand, did not hide their behavior of pumping up the price for selling. After also doubling in price in a day, at least two addresses unlocked tokens worth about $400,000 and quickly sold them off, causing a rapid halving of the coin price.

What is worth pondering is that the teams behind FF and INX were once star projects that received substantial funding (raising $20 million and $65.3 million respectively), but now rely on pump-and-dump schemes to cash out and provide liquidity, which is truly lamentable.