Coinmarket data shows millions of cryptos in existence and billions of daily trades. But that is just a start, as hundreds of new tokens get launched
Coinmarket data reveals the presence of millions of cryptocurrencies in the market, with billions of trades executed daily. This number continues to escalate rapidly, as hundreds of new tokens are launched every other day. However, not all of these newly introduced cryptos manage to survive in the competitive market.
More concerningly, not all projects are genuine and have a long life in the market. Some might turn out to be crypto scams, engulfing the users’ funds after showcasing fake tokens and profits. And that is how this one crypto trader is making $60-$65K per week scamming people with fake tokens.
A YouTuber, NFT Nate, recently interacted with Phantom, an anonymous crypto trader, to learn about his money-making skills with rugging. Rugging is a popular crypto term that refers to fraudulent and deceiving practices, where people take advantage of vulnerable situations to make heavy profits.
In a discussion with NFT Nate, Phantom describes the simple ways of making money with minimum capital. He called it a brain-dead-easy method and revealed how he has made $200K with this meme coins manipulation.
I interviewed a self proclaimed PumpFun rugger that’s made over $200k rugging coins. Here’s what he does. (timestamps below)
The rugger is @0x__Phantom and he uses @dogwiftools to execute these launches.
Timestamps 0:00 Intro 0:23 Phantom 1:15 Method For Rugs 4:48 Bundler He… pic.twitter.com/qr8FBl1YPJ
— NFT Nate ?? (@NFTNate_) August 19, 2024
The approach Phantom works with is called “mass sniper” where a new token is created especially to rugg people. More importantly, it only requires a few premium tools like Pump.Fun, which is a token generator, and DogWiffTools, to attract possible buyers by showing high demand for the token. This generator allows any user to create and distribute new custom tokens, especially meme coins.
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