- Twitter user Zack Morris launched a new coin that has surged more than 100% in the last 24 hours.
- The activity and scale of the Solana network has also increased.
Solana (SOL) has been a hotspot for launching new meme coins for a long time.
Edward Constantinescu, known as Zack Morris on X (formerly Twitter) and co-founder of Atlas Trading, recently launched a meme coin named ZACK on the network to cash in on the hype.
ZACK SEEES A NEW DIMENSION
At the time of press, ZACK was trading at $0.04168, with the price up 216.00% in the last 24 hours. However, despite the significant increase in the token price, traders should be aware of Edward Constantinescu’s past.
Source: CoinMarketCap
Jack Morris Cryptocurrency: Once Bite, Twice Shame
The chain of events began on December 14, 2022, when the Securities and Exchange Commission (SEC) took legal action against Atlas Trading and Edward Constantinescu.
They were accused of defrauding investors out of $100 million.
According to the SEC’s lawsuit against Atlas Trading, the two allegedly orchestrated a scheme involving the acquisition, promotion and subsequent sale of stock for substantial profits.
From March 2020 to April 2021, amid the COVID-19 pandemic and GameStop meme stock craze, Atlas Trading emerged as a prominent presence on Discord for traders.
Some argue that they played a pivotal role in the emergence of the FinTwit phenomenon.
Edward Constantinescu became omnipresent at X, promoting various penny stocks with a unique meme face that seemed to represent Atlas Trading.
The alleged modus operandi of the Atlas Trading scheme unfolded as follows.
Edward Constantinescu acquired a significant stake in penny stocks and then touted the enormous upside potential of X stock.
At the same time, anonymous users were hyping the stock on social media, declaring that it would hit record highs. These users reportedly held positions at the company even before the surge.
Once his stock was inflated, he was known to sell it before his followers, making a handsome profit in the process.
Due to these factors, memecoin ZACK has also been met with some skepticism.
How will Solana be affected?
Zack Morris Despite uncertainty about the utility of the cryptocurrency token, Solana continued to post gains.
Is your portfolio green? Check out our SOL Profit Calculator
The surge in meme coin placements on Solana has had a positive impact on the network as activity and number of transactions on the network have skyrocketed.
However, too many rug pulls can have a negative impact on the sentiment around your network.
Source: Artemis