Popular YouTuber Logan Paul finds himself at the centre of the latest pump and dump scandal after Dink Doink, a meme coin he has been promoting, crashed 95 percent in two weeks.
Dink Doink was created less than a month ago and is based entirely on a South Park-themed cartoon that stars Paul and a character by the name of Dink Doink.
The Inevitable Crash
Dink Doink plunged from an all time high of $0.00000000027627 per coin on June 28 (just after the tweet above) down to $0.00000000001320 per coin at the time of writing, a drop of about 95 percent.
Logic v Profit
Anybody with more than two brain cells could tell that Dink Doink was a blatant scam, but greed is a powerful thing. As with most pump and dumps, high-risk investors see an opportunity to make a lot of money very quickly. The problem is that a lot of people have to get burned in order for them to succeed.
Some in the crypto community slammed Logan Paul online and tried to warn the masses about this scam, to no avail.
Logan Paul: Promoter and Co-Creator of Dink Doink?
According to YouTuber Coffeezilla, who was one of the first to publicly criticise Logan Paul about the scam, Paul is not only responsible for promoting the scam coin to his millions of followers, he also helped create it.
We might as well be honest about how this came about. I was chilling with Logan and we were like, what’s the most stupidest [sic] name we can think of for a coin? Dink Doink … and it just came alive. Logan designed the character on his phone, on Snapchat.
Dink Doink CEO (podcast audio on Coffeezilla’s video)
Not a Scam, Just a Funny Meme Coin
Paul continues to promote Dink Doink, despite the coin’s huge crash in value and the criticism he and the Dink Doink team have received over the alleged scam.
Furthermore, the self-appointed CEO of Dink Doink uploaded a video to Twitter addressing the public about the recent price action. He asserts that Dink Doink is not a scam, but a funny meme coin. He also claims that neither Paul nor the dev team have sold any of their coins.
Crypto Scams Galore!
No wonder some people are so hesitant to invest in crypto. It seems like there is a new scam every week. Just recently, a number of eSports influencers from FaZe Clan, with over 5 million followers, came under fire for a pump and dump scam called Save the Kids. It seems it’s probably a bad idea to take investment advice from YouTube influencers or celebrities – who would have thought?
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