- Twitter user Zack Morris debuted a new coin that has surged over 100% in the past 24 hours.
- Activity and volume on the Solana network have also increased.
Solana (SOL) has been the hot spot for launching new meme coins for a very long time.
To cash in on the hype, Edward Constantinescu, known as Zack Morris on X (formerly Twitter), and co-founder of Atlas Trading, recently launched a coin on the network, titled ZACK.
ZACK Sees New Highs
At press time, ZACK was trading at $0.04168 and its price increased by 216.00% in the last 24 hours. But even though the token’s price has increased significantly, traders should be aware of Edward Constantinescu’s past.
Source: CoinMarketCap
Crypto Zack Morris: Once Bitten, Twice Shy
The sequence of events began on December 14, 2022, when the Securities and Exchange Commission (SEC) filed a lawsuit against Atlas Trading and Edward Constantinescu.
They were accused of defrauding investors out of $100 million.
According to the SEC’s lawsuit against Atlas Trading, the two men allegedly orchestrated a scheme involving the coordinated acquisition of shares, their promotion and subsequent sale for significant profits.
During the COVID-19 pandemic and the GameStop stock market frenzy from March 2020 to April 2021, Atlas Trading became a significant presence on Discord for traders.
Some say they played a central role in the rise of the FinTwit phenomenon.
Edward Constantinescu became ubiquitous on X, promoting various penny stocks with his distinctive meme face, apparently representing Atlas Trading.
The alleged modus operandi of the Atlas Trading project unfolded as follows.
Edward Constantinescu would acquire substantial stakes in a penny stock, then tout his potential meteoric rise in X.
At the same time, anonymous users were promoting the title on social media, declaring that it was destined to reach great heights. It appears that these users also held positions at the company before the surge.
Once the stock was allegedly inflated, they allegedly sold their shares in front of their supporters, reaping substantial profits.
Due to these factors, the ZACK memecoin has also been met with some skepticism.
How will Solana be affected?
Despite uncertainty over the utility of the Zack Morris crypto token, Solana continued to reap profits.
Is your wallet green? Check out the SOL Profit Calculator
The increased deployment of meme coins on Solana has had a positive impact on the network, as activity and the number of transactions on the network have increased.
However, if too many rugpulls occur, sentiment around the network can be negatively affected.
Source: Artemis
News Source : ambcrypto.com
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