New York Smog Prompts a New Scam Coin — “Pump and Dump” Worked?

Key Takeaways:

• New York pollution spawned a new meme coin.
• SMOKE pumped over 2,300% and dumped hours later.
• The project was an obvious rug pull, with no information available.

YEREVAN (CoinChapter.com) – Images of New York choking in smoke made headlines as residents struggle to deal with the repercussions of wildfires in Canada. However, the challenge didn’t stop crypto scammers from creating a new bait-coin SMOKE and pumping it 2,300% in an hour.

SMOKE pumps 2,300% before paring its gains

The token started from approximately $0.00000003297 and peaked at $0.0000007413 at 02:45 UTC on June 8, merely an hour after launch, pulling off a whopping 2,300% rally. However, as of 13:00 UTC, the token lost all momentum, returning to $0.00000007416.

The trading volumes also dropped, and, according to the DexScreener, most bets in the previous hours were to sell the SMOKE.

While the resulting market cap stood at $72,800 (unverified), the daily trading volume amounted to $3.9 million.

Also read: PSYOP Token Likely A Scam, Investors Bleed Money, Threaten To Sue.

New York Smoke gains a social media presence

New York Smoke also made splashes on Twitter and Telegram. With calls of the “next big meme,” the coin’s ‘shillers’ told their followers they were “bullish on SMOKE.” Needless to say, once the coin dumped, the messages of SMOKE being “just another rug” surfaced, a few hours too late.

Also read: Crypto Firm Claiming Association With Morgan Stanley Pulls Exit Scam, Disappears With $32M.

While the whole world is watching US regulators crack down on crypto, scammers don’t rest. Thus, “next 1000x” coin hunters should note the increasing number of rugs and do some research before giving their hard-earned cash to anonymous entities promising returns.

In the case of the New York Smoke coin, the project does not have an informative website, a whitepaper, or any open information on its creators.