Snake Token Pumps 32,000% on DexTools. Scam or Overnight Success?

Updated: 19 July 2023

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Snake token surged more than 32,000% on DEXTools but some analysts are concerned about its legitimacy and potential risks.

Let us delve into this surge, which pushed SNAKE to the top of the Daily Gainers list on DEXTools.

Analyzing the Risks of $SNAKE: High Sell Tax and Memecoin Reputation

Experts have presented different views and opinions about SNAKE token.

Analysts Raise Scam Concerns Amidst Snake Token’s Astronomical 30,000% Surge

Analysts raise concerns about the overnight success of the Snake token, with a +30,000% gain in 26 hours. This is amid the surge in DEX coins. However, these analysts express suspicions about the project’s legitimacy, labeling it a possible scam, leading to apprehension among investors. They are questioning whether the token’s value could experience a significant drop. This is commonly referred to as a “dump” in the near future.

Is SNAKE token a Honeypot Scam?

As #DEX coins continue to pump outlandish gains, Snake token has emerged as the latest overnight success – posting a whopping +30,000% in just 26 hours.

But concerned analysts are now highlighting the project as a likely scam – leaving some to… pic.twitter.com/HwCvZhTtxV

— CryptoniteUae (@CryptoniteUae) July 19, 2023

In a recent tweet, an analyst expressed his opinion about the cryptocurrency $SNAKE. He views $SNAKE as a “meme coin,” which often carries a negative reputation within the crypto community. The analyst highlights that $SNAKE imposes a 100% sell tax. This results in substantial fees when attempting to sell the coins and essentially trapping funds within the coin.

Look at this coin right here $SNAKE – this is what gives #memecoins such a shitty rep. 100% sell tax means, its a roach motel… your funds go in but they never come out. I feel for the fools that ape into this POC, but this is how you learn to DYOR I spose.

Really makes you… pic.twitter.com/X4xTbS6wJl

— dont @ me (@_Skatepunkzz_) July 18, 2023

He sympathizes with investors who may have overlooked proper research “DYOR,” meaning “Do Your Own Research.” He implies that exercising caution and knowledge in investment decisions is a valuable lesson.

Analyst’s Warning: Suspicious Indicators Surrounding $Snake Token Raise Concerns

Another analyst advises against buying the $Snake token. This caution is based on suspicious similarities among the top three holders. These holders are also involved with other tokens featuring a refund function that allows the minting and selling of tokens.

Don't buy this $Snake token. It's totally fake.

If you see top 3 holders of this token then you can find that accounts are very similar. It has $Shib3.0 and $TRX2.0. In those two contracts, it has refund function that can mint tokens and he sold all.https://t.co/R6PjqR1fdm pic.twitter.com/ERnb7x2UUw

— //@®®!0R (@gemwarrior_) July 18, 2023

SNAKE Price Analysis

The two-hour chart of SNAKE/USD showcases a remarkable upward trajectory since its inception, indicating strong and sustained growth. Over the past 24 hours, the coin has experienced an astonishing surge of +32,700%. This reflects significant investor interest and demand. Within the last 2 hours alone, SNAKE recorded impressive gains of approximately +273%.

As of now, SNAKE boasts a market capitalization of $1.76 million. This impressive market cap has been achieved within a mere 26 hours since the coin’s launch. The trading volume over the last 24 hours stands at $196,000, with a total liquidity of $184,000.

DEXTools awards SNAKE a seemingly impressive reliability score of 99/99. However, one cannot overlook the concerning aspect of the relatively low Community Trust score of 31.8%. Such a score hints at possible skepticism and distrust among the community members towards the token or its team. This warrants careful consideration.

While SNAKE has shown remarkable gains in its early stages, it is still too early to determine its long-term potential. This is considering the negative developments surrounding the token.

Alternative to SNAKE

Wall Street Memes has rapidly achieved a staggering $16 million fundraising milestone within a mere 53 days of its launch. This impressive growth cements WSM as the fastest-growing presale in 2023, and its popularity continues to soar.

The $WSM token stands out from the crowd amid its ability to attract a devoted community with its hilarious memes. These memes have garnered attention from none other than Elon Musk. Taking inspiration from the GameStop movement of 2021, WSM uses humor to mock the traditional financial system.

At its core, the $WSM token represents the triumph of ordinary investors, offering them a chance to engage in speculative trading.

https://twitter.com/wallstmemes/status/1662474606794493954

The tokenomics of $WSM play a crucial role in its success. It has allocated 50% of its resources to marketing efforts to spread the word far and wide. Additionally, 30% is set aside for community rewards, encouraging active engagement and loyalty among its users. The remaining 20% is equally divided between liquidity on centralized and decentralized exchanges, ensuring smooth trading experiences.

The overwhelming success of Wall Street Memes’ presale reflects the growing interest from investors eager to join the $WSM movement. As the project gains further momentum, it promises to become an exciting addition to cryptocurrencies.