How An Innocent Tweet From Solana Was Turned Into A Scam Coin
Visiting Dex Screener has become a daily ritual for me. There’s something thrilling about discovering that next big project — one that big money in centralized exchanges (CEXs) hasn’t caught onto yet — and diving into it.
Ever since I decided to take that step into DEX trading, it has been a huge success for me. However, I always have to do extra homework on what I decide to invest in. Why? Simply because there are countless scam projects waiting for unsuspecting investors to jump in before they pull the rug and disappear with their funds.
I came across an interesting one recently which I’ll show you guys and so you can take note on how slimy and yet quick-witted some of these scammers can be. The funny thing is that it started with an innocent tweet from whoever is running the Solana account on X.
And just hours later, an X account and a coin were created with the name…Yeah, you guessed it…Socialfi.
Some scumbags out there saw the tweet by the Solana account and decided to turn it into a quick scam. And the crazy thing? It worked. The coin created had one of the highest trade volumes on the Solana Network the next day, even reaching a Market Cap of 2M with a price of 0.002008 before the rug was eventually pulled.
It now sits on a Market Cap of 26k, priced at 0.00002419 and I don’t think it’s ever coming back.
Moral of the story? Do a bit of research before you decide to throw your hard-earned money into a project. Solana was clearly referring to Socialfi as a category within crypto and not an actual project. It’s mind-blowing how many people decided to fall for this one.
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How An Innocent Tweet From Solana Was Turned Into A Scam Coin. was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.
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