Paper ApeCoin of the month: $SCAM [May 2021]
Updated: Jun 9, 2021
Coin of the month is a series where I highlight a cryptocurrency that deserves more attention. As always, do your due diligence before making any investments.
Ticker: $SCAM
Launched: April 23, 2021
Market cap: $11 million
Max supply: 41,023,252,201
Sector: Memes
*Meme coins are risky investments. Don't invest more than you are willing to lose.*
What is SCAM? $SCAM stands for Simple Cool Automatic Money. Ironically, the token is not a scam and might actually be the most transparent crypto project of all time. The developer is just a regular person who decided to make his own cryptocurrency one day after following a YouTube tutorial. A few hours later, his coin's market cap reached $70 million. It's important to note that Dreesus (the developer) doesn't know how to code, therefore cannot actually scam anyone. He even locked up 99.5% of the original supply to prove that he is willing to cooperate with the new community.
Why SCAM? It's still very early - SCAM is only 4 days old - but if you read my article on how to trade meme coins, you'll realize that this project has the two most important characteristics for a successful meme coin:
Strong community
Memetics
Here are a few other things SCAM has going for it:
Extremely authentic, transparent, and charismatic developer: Dreesus
This is SCAM's biggest strength. All of these characteristics in a dev are unlike any other crypto project to date; especially considering most projects nowadays have anonymous developers.
Dreesus is committed to supporting the project and turning $SCAM into a tool to improve peoples' financial literacy
Recognition by many prominent crypto personalities
Upcoming Dreesus appearance on popular crypto podcast UpOnly
Summary
I can't believe for my second Coin of the Month post I'm writing about a meme coin but this is where we're at in the cycle. Dreesus innocently created the SCAM token one day and in minutes generated millions of dollars and built a strong community out of thin air.
From the outside it looks like a scam. From the inside it looks like a gold mine. This is a feel-good story and has the fundamentals to grow into something much larger. If the coin can continue making noise in the crypto community, I would expect to see the price increase rapidly over the next few weeks.