TikTok creator launches SCAM coin; market cap surges to $70 million within an hour

TikTok creator Andre Lewis, known by the alias Dre, created the cryptocurrency Simple Cool Automatic Money (SCAM) as a joke. Within an hour its market capitalization rose to $70 million, reports Vice.

@dreesuschrist

##greenscreen who else you know can do this with no help in an hour? ##crypto ##cryptok ##honestdre ##dreworkd

♬ SOLD OUT — Devin Kennedy

Dre explained that SCAM mocks shitcoins that use Pump & Dump schemes to pump liquidity:

“When the bastards created the ASS token, that was the last straw for me. I wondered how the hell people are using these coins? I don’t have a fancy computer, so [the option of creating a token on the blockchain] Ethereum was out immediately. Binance Smart Chain was simple enough, so [on it] I jokingly created the coin”.

For 0.7 BNB (about $400 at the time), Dre issued 10 trillion SCAM.

“I initially wanted to name it ‘SCAM,’ but realized I needed a cooler name, so I came up with the expansion—Simple Cool Automatic Money [‘Simple Cool Automatic Money’]. This explains how people invest in frankly speculative tokens,” the TikTok influencer said.

As of writing, SCAM’s market capitalization stood at over $1.8 million, with the price per token at $0.000045. The number of holders exceeded 1,600 accounts.

A community around the coin called Scamily emerged, members of which built the project’s website. There is also a Discord channel dedicated to SCAM, with more than 2,000 members.

In addition to the attention, Dre faced harassment when the coin’s price began to swing:

“At one point my relatives started calling me because the bastards tried to doxx me and harass my family. I did this as a joke. No one told you to buy this crap — it’s called SCAM, you idiots,” the TikTok influencer said.

Dre plans to use the SCAM coin for something useful. The Scamily project roadmap on scamily.io includes plans to create a white paper, conduct an audit, develop token-use scenarios, and seek strategic partners.

To increase SCAM’s value, a portion of the tokens were burned: 9.95 trillion of the 10 trillion coins were sent to the address 0x000000000000000000000000000000000000dead.

Dre himself owns 9.8% of all tokens.

Data: Scamily.io.

Dre hopes his project will teach others to create their own cryptocurrencies and invest in this market wisely.

Back in May 2019, the Uniswap exchange released 500 meme tokens Unisocks (SOCKS), priced at $12 each. In February 2021 the token’s price surpassed $92,500. It could be exchanged for a real pair of socks.

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