This TikToker's 'SCAM' Cryptocurrency Has Gained Popularity, and He Can't Believe It

'I made this as a joke, no one told you to buy this shit, it's called SCAM you stupid motherfucker.'

With the rise in popularity and value of cryptocurrencies, both parodies and blatant schemes have popped up with little distinction. But nothing has prepared you for SCAM, or Simple Cool Automatic Money, the wacky creation of a TikToker named Dre, who is honest about having no idea what he's doing as the founder of a new cryptocurrency with a market cap of $2.5 million.

"I don't know how to do none of this nonsense, I just made the coin as a joke," Dre, real name Andre Lewis, said in one of his many TikToks promoting SCAM while simultaneously ripping into other, more "serious" cryptocurrencies and relishing in the ridiculousness of his own creation that, for whatever reason, some people have invested in.

"I'm just an ordinary motherfucker who happened to develop a coin and now I have to make this bitch helpful to the world," Dre stated in another video, this time on Twitter. "This is the FUBU of cryptocurrency, for me by me, goddamn, this is the FUBU of motherfucking cryptocurrency, this was for me, but now that you've bought it, it's for us by us."

In an interview, Dre stated that he invented SCAM to mock other "shitcoins" or cryptocurrencies that are clearly pump-and-dump schemes, while also making money for individuals willing to put money behind it without any lofty language to convince people that anything more virtuous is going on. As a result, SCAM is outrunning the route of numerous cryptocurrencies: It quickly reached a market cap of $70 million (the current value of all tokens in circulation), then dropped to $7 million, $5 million, and presently rests at $2.5 million.

"When motherfuckers made ASS, that was the last straw for me," Dre said in an interview with Motherboard. "Really, these folks were being jerks, so I said fuck it, how are people deploying these coins?" I checked it up, looked at Ethereum, BSC, and Pancakeswap. I don't have a nice machine, so ETH was out. BSC, on the other hand, that crap was simple, so I simply messed around and made a coin."

These days, launching a new cryptocurrency can be as simple as clicking a few buttons on a website and paying a little charge to cover network fees, or just copying and pasting some code with a few changes. Indeed, there has been a recent proliferation of new tokens, all attempting to go viral in order to reach a critical mass of investors and make a little money: Pisscoin, Dogemoon, Moonstar, SafeMoon, and so on. They often run on Binance Smart Chain (BSC) rather than Ethereum because it is more cheaper, and it is here that Dre transformed SCAM into a token.

SCAM has had its ups and downs over the last week, to say the least, and currently has a market cap of more than $2.5 million, with over 1,600 addresses holding. SCAM, according to Dre, cost him only a few hundred bucks to make.

"I dubbed it SCAM. "I wanted to call it SCAM outright, but I needed something interesting to call it, so I came up with Simple Cool Automatic Money," Dre told Motherboard. "That's how people get into frauds in the first place; they think they're scams." So I called it, minted it for around $400 (or.7 BNB at the time), manufactured ten trillion coins, and informed a few people about it."

Dre stated that it all started as a joke, a "middle finger" to coins that claim to be wonderful innovations that would usher in the future but are really simply means for speculators to exploit individuals seeking for quick riches. It follows in the long tradition of parodies that turn out to be rather serious, such as Dogecoin, which began as a joke based on a puppy meme but now enjoys billions of dollars in daily trading volume and a market cap just shy of $41 billion. Take, for example, Garlicoin, a blatant parody when it was launched in the pages of a satirical business meme magazine called Meme Insider in 2018, but which reached a market cap of $16 million in April before plummeting back down.

"Today, there is a lot of speculation in crypto, in NFTs, in Bitcoin, in this coin, in that coin." "It's just supposition, and people are just taking advantage of it," he told Motherboard. "People don't buy in coins because they'll be listed on Coin Gecko, Coin Market Cap, or Coinbase; they invest because they'll be listed on Coin Gecko, Coin Market Cap, or Coinbase." They invest primarily on the news rather than what the token can do."

People did invest in SCAM, in a turn of events worthy of a curled monkey's paw. Dre exhibited a market tracker in a TikTok video unveiling the coin, suggesting that SCAM's market value had already reached $70 million shortly after introduction. "I felt worried when I saw that $70 million market cap since I invented this coin but it had no use," he told Motherboard. "I talked about useless-ass coins on the internet far too much for mine to be useless."

Dre stated that a community (the "scamily") grew up around the coin, and that these people pumped out jokes and materials, as well as creating their own fancy website. With over 2,000 users, there is an active SCAM Discord channel. Surprisingly, Dre maintains he had no prior knowledge of these individuals. "They did the original SCAM website that popped up that night," Dre told Motherboard. "Now we have a more polished version that I'm working on with a team on this one." But things have been moving so quickly that it's difficult to believe."

Dre stated that after the coin's price began to fluctuate, all of the interest turned into harassment.

"At one point, I began receiving calls from relatives because motherfuckers attempted to doxx me and harass my family." This was created as a joke. Nobody instructed you to buy this shit—called it's SCAM, you stupid motherfucker," Dre said to Motherboard. "I went on Twitter to say I'm not going to take disrespect from motherfuckers who don't have anime photos or 8-bit fucking profile pictures because the coin tanked at some time." I didn't do anything, and I didn't advise anyone to buy anything."

Now that the joke has some monetary backing, Dre claims he's been considering ways to create something helpful with the SCAM coin that would not only continue to boost its value but also teach people how to create their own cryptocurrencies or run audits on existing coins before investing. Part of that involves "burning" token supply, which is sending tokens to a dead-end address where they will remain unused indefinitely, theoretically driving up the price of the remaining tokens. This is a typical aspect of tokens issued on BSC, which employ a variety of programming methods to attempt to boost the value of a token. To date, 9,958,976,747,79 SCAM have been sent to the address “0x000000000000000000000000000000000000dead.”
"I'm new to the space, but I'm encouraged by others who have expressed they believe in me." People I don't know put substantial cheese in this, and knowing they trust in me means a lot," he remarked.

It's safe to say that the project is in a strange state right now. Its worth is plummeting as it strives to be taken more seriously: For example, the website now includes a roadmap of future initiatives. Dre has also taken efforts to persuade buyers that SCAM is not a scam in the sense that the developer (Dre) will one day flee with a trove of precious tokens and leave the project. He says in multiple videos that he will not pull a so-called "rug pull" (he claims in one video that he doesn't even know how to sell tokens), and the idea that the primary person behind SCAM can't or won't burn investors is marketed as a selling factor. It's worth noting that a breakdown of the project's token ownership has been uploaded to the website, revealing that Dre owns approximately 10% of all SCAM tokens.

On the one hand, Dre's objective is reasonable, as cryptocurrencies are propelled by bubble after bubble, sending billions of dollars into imaginary parts of the economy. Most, if not all, of them are currently best used for: (1) speculating, (2) money laundering or criminal payments, or (3) trading in certain digital marketplaces. At the same time, it's unclear why we need any more currencies right now, even if they were useful.

Indeed, opponents have referred to the environmental footprint of cryptocurrencies such as Bitcoin that require proof-of-work mining, which consumes a ton of electricity annually and is powered by both fossil fuels and renewables (really, whatever is cheapest and readily available). It also directs profits to fossil fuel firms that have integrated Bitcoin mining operations as a means of repurposing surplus gas rather than burning it off. The Ethereum blockchain, which contains the majority of NFTs, suffers from the same issue.

However, BSC, the blockchain on which SCAM runs, takes a different technique that avoids some of these difficulties. Instead of computers all over the world working hard to validate the next block, aspiring miners "stake" part of their Binance tokens in order to be selected as a validator by an algorithm and receive transaction fees in exchange. Many Ethereum supporters have lauded a switch to this proof-of-stake approach as a way to dramatically reduce the network's energy consumption.

Perhaps, as Dre hopes, SCAM will make some more people money as part of the broader speculative bubble. Perhaps it will provide teaching or auditing tools to bring utility within the cryptoworld. At the end of the day, however, all of this is taking place within a bubble that is roasting the entire globe caught within until the bubble collapses first. And, in this context, SCAM may be the asset we need.

** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of USA GAG nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

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