While Snake Token Rallies Up 30,000%, Crypto Experts Say It's a Scam – Here's the Next Crypto to Explode
As DEX coins continue to pump outlandish gains, Snake token has emerged as the latest overnight success - posting a whopping +30,000% in just 26 hours.
But concerned analysts are now highlighting the project as a likely scam - leaving some to wonder whether it could dump in the near future.
An initial launch in the early hours of yesterday (July 18) saw limited traction at market open, but a sudden +7,000% candle 4-hours into SNAKE's existence ignited a frenzy of volume.
With price action climbing from a launch price of $0.026837 to $0.00002956 through yesterday's trading, early investors secured a jaw-dropping +12,250% gain.
But the flurry of volume didn't stop there, with SNAKE continuing to surge through the early hours of this morning.
A magnificent 500% additional rally in the early hours saw SNAKE reach an unimaginable $0.0001750, bringing the overall percentage variation since launch to a seismic +30,000% gain.
The electric move has been fuelled by just 480 transactions by 295 intrepid holders, but with price action showing no signs of slowing down - as volume continues to climb (soon to reach $200k), experts are now sounding the alarm.
Popular honeypot detection tool Honeypot.is reveals significant red-flags for this project, noting extremely high taxes on SNAKE token transactions (100% sell tax) - combined with low liquidity - bastions of holders could have lost all their money.
With an apparent 63% of holders unable to sell their significant paper gains, it is safe to say that snake is likely the latest scam coin - so don't be allured by the skyrocket performance - there is no money to be made here.
But not all meme coins are scams, some are build with serious development teams with the backing of dedicated communities
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