FADE token slumps 58% hours after launch – sh*tcoin alert!

Key Takeaways:

  • FADE loses altitude hours after launch on Arbitrum.
  • Arbiscan shows suspicious activity; it could be wash trading.
FADE, FADE token slumps 58% hours after launch – sh*tcoin alert!

YEREVAN (CoinChapter.com) – The FADE token made a splash on April 20, pumping 170% right after launch. However, the meme coin started losing altitude at approximately 5:30 UTC and dropped 58% since, reaching $0.00000000004418 in the Asian-Pacific session on April 21.

FADE price. source: dextools.io
FADE price. source: dextools.io

Suspicious activity on FADE

Notably, the low time-frame chart above shows the decline was not smooth, which could suggest that several addresses dumped the coin within certain intervals.

Hence, the chart suggests a pump-and-dump scheme, where developers create a coin, pump it on social media, then, after the token trading volumes go up, dump their creation at a high price, causing the value to cascade down.

FADE, FADE token slumps 58% hours after launch – sh*tcoin alert!

The project’s whitepaper is not available, and neither is the website. Moreover, arbiscan.io shows suspicious activity, with most transactions linked to one address, which suggests a possible wash trading. The latter is a form of market manipulation, where an entity simultaneously sells and buys the same financial instruments, creating a false impression of market activity.

FADE, FADE token slumps 58% hours after launch – sh*tcoin alert!
FADE transaction on Arbiscan led to the same address. Source: arbiscan.io

Additionally, the coin price is different on various coin trackers. While the price on Dextools.io reached $0.00000000004418, CoinMarketCap showed the meme coin’s price at $0.000007413 and urged traders to “exercise caution.”

Also read: Frogs take over – F*ck Pepe coin FKPEPE soars 2,000%; PEPE scores a new listing. 

Smells like despair

Scams are a part of the crypto community and exist alongside legit projects. One of the necessary skills in the sector is differentiating the two. However, the sudden rise in the meme, no-value projects like PEPE, and its nonsense successor, F*ck Pepe, show a heightened desperation among traders to get rich fast, catching the new big thing before it fizzles out.

Also read: Money Market Funds at Record High – Threat For Equities. 

Some meme projects like Dogecoin and Shiba Inu have evolved into larger ecosystems. However, coins like FADE are mostly short-lived and surge due to inside trading.

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