DAVE token soars 4,400% in just 24 hours

Summary:
– A new meme coin called DAVE has seen a price increase of over 4,400% since its launch on May 30th.
– The token’s market cap has risen to $12.69 million, despite its trading volume still being very low.
– Some members of the crypto community have labelled DAVE a scam due to users being unable to sell their assets.

Introduction

A new meme coin called DAVE has entered the cryptocurrency arena, seeing a price increase of over 4,400% in just 24 hours since its launch on May 30th. While this dramatic rise in value may catch the attention of investors, some members of the crypto community have labelled the token a scam.

The Rise of Meme Coins

Meme coins have been on the rise in recent years, with dogecoin becoming one of the most well-known examples since its creation in 2013. While some investors may see these fan-favourite tokens as a way to make a quick profit, others have warned of the potential for scammers to use the hype surrounding meme coins to steal funds.

DAVE’s Price Increase

Despite only launching on May 30th at a starting price of $0.00281, DAVE’s self-reported market cap has already risen to $12.69 million. However, the token’s trading volume remains below $250,000, leading some to question the legitimacy of its price increase.

Concerns from the Crypto Community

Some members of the crypto community have raised concerns about DAVE’s legitimacy, with one user on CMC labelling it a „scam“ due to users being unable to sell their assets. Further analysis from Gopluslabs shows that the majority of the token’s supply has been sent to a dead wallet holding $3.5 billion worth of SHIB, indicating potential signs of a rug pull.

DAVE’s Creator

Gopluslabs also reveals that DAVE’s creator currently holds 4.77% of the token’s total supply and is the only liquidity provider on Uniswap V2. Furthermore, the creator can mint new tokens, disable selling, or transfer tokens, further raising suspicions about the token’s legitimacy.