Solana-based Zack Morris crypto [ZACK] explodes 200%, but should you be wary?

Twitter user Zack Morris launched a new coin that surged by more than 100% in the last 24 hours.
Activity and volume on the Solana network also grew.

As a seasoned crypto investor with a long memory, I’ve learned my lessons the hard way. The recent surge of Edward Constantinescu, also known as Zack Morris, and his new meme coin ZACK on Solana has piqued my interest but also raised some red flags.

Solana [SOL] has been the hotspot for launching new meme coins for the longest time.

As an analyst, I would put it this way: I’ve noticed the buzz surrounding Edward Constantinescu, also known as Zack Morris on X (previously Twitter), and his role as co-founder of Atlas Trading. In response to this excitement, he recently introduced a meme coin on the network, which he titled ZACK.

ZACK sees new heights

As of the moment this press release is being published, ZACK was priced at $0.04168 on the market, representing a remarkable 216.00% increase within the previous 24 hours. However, it’s essential for traders to keep in mind Edward Constantinescu’s past history when considering investments in this token.

Solana-based Zack Morris crypto [ZACK] explodes 200%, but should you be wary?

Zack Morris crypto: Once bitten, twice shy

As a researcher, I would describe it this way: On the 14th of December 2022, I came across some intriguing news. The Securities and Exchange Commission (SEC) had taken the first step in a legal proceeding against Atlas Trading and Edward Constantinescu.

They were accused of defrauding investors to the tune of $100 million.

Based on the SEC’s allegations against Atlas Trading in their lawsuit, it is claimed that the two individuals conspired to buy and sell shares in a coordinated manner, promoting them beforehand for substantial gains.

In the period stretching from March 2020 to April 2021, amidst the COVID-19 pandemic and the GameStop stock surge on Discord, Atlas Trading gained significance as a notable figure among traders.

Some argue that they played a pivotal role in the rise of the FinTwit phenomenon.

Edward Constantinescu gained widespread visibility on X, frequently endorsing different penny stocks through his unique meme persona, seemingly embodying the image of Atlas Trading.

The alleged modus operandi of the Atlas Trading scheme unfolded as follows.

As a researcher, I would personally invest significantly in the shares of a penny stock, and subsequently promote its supposed extraordinary growth potential to my network on platform X.

As a crypto investor, I’ve noticed an intriguing pattern where some anonymous users generate buzz on social media, enthusiastically predicting that a particular coin or token is about to soar. It’s rumored that these individuals have taken positions in the asset beforehand, capitalizing on their early knowledge and the subsequent surge in demand.

If the stock’s value was artificially inflated, it is claimed that those involved sold their holdings prior to their unsuspecting investors. This allowed them to pocket significant gains.

Due to these factors, the memecoin ZACK has met with some skepticism as well.

How will Solana be affected?

As a researcher studying the cryptocurrency market, I’ve come across the intriguing case of the Zack Morris token and its questionable utility. However, my investigation into Solana’s performance reveals that it has been thriving despite this uncertainty.

The increasing use of meme coins on Solana has brought about notable benefits for the network, with heightened activity and a significant increase in the number of transactions being processed.

However, if too many rugpulls occur, the sentiment around the network can be affected negatively.

Solana-based Zack Morris crypto [ZACK] explodes 200%, but should you be wary?

2024-05-21 04:07

ZACK sees new heights

Zack Morris crypto: Once bitten, twice shy

How will Solana be affected?

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