🔍 Phantom's "Mass Sniper" Method:
- Phantom, an anonymous crypto trader, revealed a deceptive strategy on Pump.Fun, making $60,000 to $65,000 weekly by rugging memecoins.
- "Mass Sniper" method uses tools like DogWiffTools to create the illusion of demand, tricking investors into buying worthless tokens.
🛠️ The Rug Pull Process:
- Token Creation & Launch: Phantom quickly creates and launches tokens.
- Fake Demand: Automated systems simulate buying activity, making it look like there’s genuine interest.
- "Dump All" Command: Once the price inflates, Phantom dumps his holdings in a single transaction, crashing the token's value.
📊 Alarming Statistics:
- 98.5% of tokens on Pump.Fun are rug-pulled before reaching exchanges like Radium.
- Out of 2 million tokens launched, only a tiny fraction holds any value.
⚠️ The Dark Side of Memecoins:
- Phantom’s strategy highlights the ruthless nature of the memecoin market, where it’s often "rug or be rugged."
- Even former Pump.Fun employees have exploited the system, with one arrested for a $1.9 million scam.
🛑 A Stark Warning:
- NFT Nate’s investigation shows how sophisticated these scams have become, making it harder for traders to avoid being scammed.
- The memecoin market remains a high-risk area where the line between profit and loss can blur quickly.
🔔 Key Takeaway:
- The memecoin space is rife with deceptive practices, and even seasoned traders must exercise extreme caution. The rise of automated tools makes it easier for scammers to operate, leaving unsuspecting investors vulnerable.