Scams have always been popular inside crypto industry, especially during bullish seasons. 8 years ago, we had plenty of "cloud mining" services promising to double your money in few days or a month. In fact, those weren't cloud mining services, but ponzi schemes. After many crypto enthusiasts lost their funds, the schemes got well known by most people here, so scammers had to change the "forefront" of their business.

Then from cloud minings we went to lending platforms also promising huge interest rates, and more recently to the memecoin phenomenon, which was firstly seen through Elon Musk promoting DOGE coin. Since then, we have come downhill with Shiba Inu and many other copies of it.

Memecoin's popularity is result of "herd behavior" on social medias. Few individuals boasting wealth on the internet encourage greedy individuals desperate to thrive financially to invest in such tokens, promising investors they will be able to also enjoy the same luxurious lifestyle. So people start investing and bring even more investors to memecoins, as they promote it to their network of contacts (family, friends, acquaintances...).

Rogues leading blinds who end leading another blinds directly to the slaughterhouse.