Investors joined a crazy pump-and-dump operation as a result of account hacking, giving some investors the impression that they had survived a crash. After beginning its typical period of ups and downs, the price of the erratic $TRUMP token spiked 19%.
Why?
The coin's rise was caused by a single tweet: “TRUMP token has real-world use!”. Many investors acted as a result of the price spike since they wished to capitalize on the rising trend. The short-lived happiness crumbled as quickly as a sweet rush heading for a fast collapse.
Less than seven minutes had passed since the first tweet about the attack surfaced online. A follow-up tweet: “Oops, never mind, we got hacked.” from the account's hackers revealed the incident.
Following its announcement, $TRUMP's price saw a remarkable decline that is typically referred to as "fake news." In less time than it took for customers to reload their trading app, the price of $TRUMP fell to $10.80 as soon as the hacking announcement was made public.
The scenario began to raise suspicions among the crypto community. The tweet that the hacker published contained a misspelling. People started to wonder who was in charge of the compromised Twitter account. Like a mastermind, the hacker showed signs of potential English language difficulties.
On the compromised site, those who looked at the stolen account found false news reports regarding BlackRock.
What a twist in the plot!
An investigation was started by DB's compromised account, which promptly deleted all posts created during the hack. Viewers followed the action live, like a digital whodunit.
The whole saga illustrates just how much more dangerous investing in meme coins can be than tightrope-walking over shark-ridden waters.
Instead of possessing real economic value, these particular digital coins are able to maintain their market values through levity-related hype. Prices of these coins change faster than that of a chameleon in an exciting night dance, resulting in massive depreciation.
Paindulity zoomed for someone who helped go to the wash at the highest sort of fortune. The investor invested at the height of the excitement putting up $500,000 in $TRUMP. The trader realized a $27,000 loss by selling everything he owned within two minutes of the deal.
P.s Note that crypto activities often look different than what they are.
Because a single social media post can determine a cryptocurrency's market value in a matter of minutes, its value is subject to sharp changes.
Hacker professionals utilize their expertise to influence people's investment holdings. Any concealed truths in the conversation will be revealed via grammatical errors.
Before you join the current meme coin craze the next time, take a long breath. When evaluating, consider eight counts (80 regulations may be needed). Investigate. Because most cryptocurrency offers appear unrealistically good, it is imperative to exercise care.
