Jokes often come with consequences but in the case of the SCAM cryptocurrency, creator Andre Lewis unexpectedly found himself laughing all the way to the bank.
Lewis is an avid TikTok user based in the United States who makes videos denouncing ‘shitcoins’ which are useless crypto coins, believed to exploit people who are desperate to get rich quickly. As a result of his opinion on manipulative cryptocurrencies he went on to create his own cryptocurrency, SCAM, as a way to mock ‘shitcoins’ and potentially prove his point. Well, it may seem a point was proven to him instead when his SCAM coin reached a market cap of $70 million in its first hour.
The name of Lewis’ coin itself could have been an indicator that this cryptocurrency is nothing more than a joke, but in actuality it is the acronym for ‘Simple Cool Automatic Money’. He believes Needless to say Lewis was surprised by the impressive response to his SCAM coin, the speed at which it took off, hooked investors, and generated profits.
Responding to the sudden news, Lewis said, “I don’t know how to do any of this [stuff], I just made the coin as a joke… I’m a regular [person] that just so happened to make a coin and now I’ve got to make this [coin] useful to the world”.
Lewis’ mind about cryptocurrencies changes overnight and he has decided to take his “middle finger” coin more seriously. He is working on convincing speculators that his crypto creation, although born as a mockery, is not a hoax despite his little to no experience in the field of developing cryptocurrencies. Lewis has also become interested in teaching others how to make their own cryptocurrencies and equip them with the methods and tools required to invest in the crypto market. “I’m new to the space, but I’m inspired by people who said they believe in me”, he adds.
The SCAM founder was increasingly becoming displeased with the ‘pump and dump’ ploys of some cryptocurrencies, and wanted to know just how people deploy their ‘shitcoins’. He looked it up on the internet, and despite not having a “fancy computer” Lewis played around with Binance Smart Chain (BSC) and made a coin pretty simply. The SCAM coin has since stabilized and is now valued at around $2 million.
The SCAM cryptocurrency is yet another example of a parody coin that landed up becoming a pretty serious hit. Dogecoin started out as a joke too, where its founders took the two most talked about topics on the internet at the time and merged them together: the DOGE dog meme, and crypto coins. Dogecoin now sits at a market cap of almost $84 billion. We’ve seen other mockery coins cause a stir like, Garlicoin which was born within the satirical magazine pages of Meme Insider back in 2018. Garlicoin has kept afloat and is sitting at a $16 million market cap.