2020 and 2021, but mostly 2021, were known as the years of the BSC shitcoin casino, where if you were lucky, daring, and stupid enough to buy in at the right time into what were obviously memecoins with no tokenomics behind and no actual project in front, and some times even no team at all, you could actually make insane returns.
Of course, everyone with a brain and some experience in crypto knew these pump and dump schemes were scams and all the founders wanted was to literally steal your funds through market manipulation, liquidity blockades while counting on your greed and lack of experience to play ball.
A lot of people lost a lot of money, there were a lot of suicides in 2020 due to this Shitcoin Casino, but there were also people who made a killing if greed wasn't a factor and you actually knew when to jump out of the boat once you made a significant return.
It seems like the Shitcoin Casino is back
It actually never went away, but these scamcoins require funds upfront from the scammers to be able to manipulate the market. No matter how little volume and market cap the fake market has, these scammers need some crypto to be able to scam you out of yours. The shitcoin casino is usually orchestrated by people from India, Pakistan, Korea, Philippines, and some other countries. They work as a team of paid shills trying to promote the next big thing in crypto and finance forums, while talking about big returns and trying to bank in current events to support the theory of this time it's for real, this is the next 100x coin.
Yesterday morning I read about the Monkey Pox outbreak in 14 countries and how it could become a world wide threat, and since I had nothing better to do I decided to search for meme tokens surrounding this event.
And who would have guessed, I found a shitcoin called DogePox Inu, and then after a quick search I found those threads that are obviously started by paid shills and only paid shills participate in the thread until an amateur walks by, gets hooked and well, buys into the token.
These token scams rely on many random rookies buying in and staying in because of greed, and while the scammers manipulate the market to make it look as if the token's lows are always higher than the previous low, and the recent highs are always higher than the previous high... well, that's a great formula for scamming rookies who think of themselves as crypto experts just because they've been in the crypto space for 3 months.
But what I noticed is that the token has only made a 3x return from the lowest lows, and it had only been trading for a few hours and I thought well, this is a great topic to write about on Leo Finance.
I am still waiting for a great entry point to begin my 10x return on 10k project (the one I talk about in my introduction post) but, I wanted to write about this.
Anyway, I bought in, 50 bucks just for shits and giggles, and because I knew that this was almost a sure 2x in one day. The only thing you have to take into account when buying into this obvious scams is that you can't put in a lot of money or you will not be able to cash out once you want out of the shitcoin.
This is the normal life chart of a scamtoken in the shitcoin casino, and ideally you want to get in around the green circle, and you want to get out around the orange arrow:
Today, I got in around 2 am. I bought 900,000,000 for 50 bucks, but I only got 837M because of slippage, which is something you have to take into account when buying scamcoincs. I got in at around at an entry price of 0.00000007000
Then I kept my chill, had a cigarette and went to bed. Today, I woke up and checked the chart, saw that I was already up around 80%. Had I sold all of it I would have ended with around $90 before slippage, but I wanted to make a 2x to write about that on Leo.
So I sold $50 to recover my initial investment, and maybe to wait for another spike and perhaps cash out a 3x with my remaining 50 bucks inside the shitcoin vault. This was about 1pm, my time, around 9 hours after I made my initial buy order. The sell price I got was around 0.00000013000
Then, after watching the market behavior and obviously noticing the scammers either has put in everything they had into the token OR they just couldn't find anyone else to scam, and considering I had already made a 2x return for this post, I decided it was time to jump the boat.
I sold around 16:00 at a price of around 0.00000012500, still pretty good if you ask me.
And just like that, I scammed the scammers and took $50 out of their own money. The funny thing is that around 3-4 hours after I jumped the boat, the token started dying out and right now, it is nothing more than a successful rugpull that most likely scammed some money from honest people trying to make a quick buck.
I got the upper hand this time, but it's not always like this, and I don't recommend buying into these obvious scams, unless of course, you are making a post for Leo Finance and want to talk about your experience.
I'll be back with more Shitcoin Casino stories, I hope you liked this one.