Twitter consumer Zack Morris introduced a brand new coin that surged via greater than 100% within the final 24 hours.
Job and quantity at the Solana community additionally grew.
Solana [SOL] has been the hotspot for launching new meme cash for the longest time.
To money in at the hype, Edward Constantinescu, who’s referred to as Zack Morris on X (previously Twitter), and the co-founder of Atlas Buying and selling, lately introduced a meme coin at the community, titled ZACK.
ZACK sees new heights
At press time, ZACK was once buying and selling at $0.04168 and its value had grown via 216.00% within the final 24 hours. However even supposing the token’s value had surged considerably, investors will have to take note of Edward Constantinescu’s previous.
Supply: CoinMarketCap
Zack Morris crypto: As soon as bitten, two times shy
The collection of occasions started at the 14th of December 2022, when the Securities and Alternate Fee (SEC) initiated criminal motion towards Atlas Buying and selling and Edward Constantinescu.
They had been accused of defrauding traders to the song of $100 million.
In keeping with the SEC’s lawsuit towards Atlas Buying and selling, the 2 purportedly orchestrated a scheme involving the coordinated acquisition of stocks, its promotion, and next sale for important income.
All over the COVID-19 pandemic and the GameStop meme inventory frenzy from March 2020 to April 2021, Atlas Buying and selling emerged as a outstanding presence on Discord for investors.
Some argue that they performed a pivotal function in the upward thrust of the FinTwit phenomenon.
Edward Constantinescu was ubiquitous on X, selling more than a few penny shares together with his unique meme face, reputedly representing Atlas Buying and selling.
The alleged modus operandi of the Atlas Buying and selling scheme spread out as follows.
Edward Constantinescu would achieve really extensive stakes in a penny inventory, then tout its doable meteoric upward thrust on X.
Similtaneously, nameless customers would hype up the inventory on social media, stating it was once destined for nice highs. Allegedly, those customers additionally held positions within the corporate prior to the surge.
As soon as the inventory was once purportedly inflated, they allegedly offloaded their stocks prior to their fans, reaping really extensive income within the procedure.
Because of those components, the memecoin ZACK has met with some skepticism as smartly.
How will Solana be affected?
In spite of the uncertainty of the usefulness of the Zack Morris crypto token, Solana persevered to harvest advantages.
Is your portfolio inexperienced? Take a look at the SOL Benefit Calculator
The surge in deployment of meme cash on Solana has had a favorable have an effect on at the community, as task and selection of transactions at the community have surged.
Alternatively, if too many rugpulls happen, the sentiment across the community can also be affected negatively.
Supply: Artemis
Subsequent: Can Solana’s velocity propel SOL costs to a brand new top
