Ponzi Token is Up 1,000% But Experts Say It's a Scam – Here's the Coin They're Buying Instead

cryptonews.com:

A new meme coin called PONZI has become the latest straight-to-DEX upstart to unlock moon-shot success, after an eye-watering +1,000% pump over the weekend has primed the chart for a second-rally.

Taking a shot at the anti-crypto crowd, PONZI token aims to make light of the often levied criticism that crypto is all just a ponzi scheme - and it appears DEX traders have done so in dramatic light following the sensational move.

Amid the seismic moves, PONZI is trading strong at a current price of $0.004813 (a 24-hour change of +576%).

PONZI launched at 5AM on Sunday August 6, and immediately caught the winds of the market posting an impressive +600% move in its second hour of trading.

A minor retracement move over the next 3 hours was well-defended, igniting a skyrocket of huge green candles over the following hours - eventually forming a jaw-dropping +775% pump (bringing the total gain since launch to over +1,000%).

However, with top-side resistance at the $0.007 all-time high (ATH), price undertook a painful -66% retracement afternoon, leaving more than 300 holders underwater.

But in a remarkable display of strength, solid consolidation throughout the night has set the stage for another move to the upside with price climbing +90% since 1AM reaching $0.0048.

With volume still growing at $171,000, PONZI holders are now wondering whether this DEX token can defy the odds and unlock a second-day of gains.

Yet, some cause for concern still emerges from PONZI's liquidity, which remains unlocked at just $90,850 - a factor that could inhibit significant growth.

But, while DEX traders are weighing up extreme risks, smart money have taken a more novel approach to the meme coin vertical in recent weeks, with interest surging in a meme coin