Solana-based Zack Morris cryptocurrency sees 200% surge, caution advised

Solana-Powered Zack Morris Cryptocurrency Records 200% Spike, Caution Urged

Solana’s [SOL] appeal as a hub for launching new meme tokens has endured over time.

In a bid to capitalize on the trend, Edward Constantinescu, also known as Zack Morris on X (formerly Twitter) and the co-founder of Atlas Trading, recently introduced a meme coin on the platform under the name ZACK.

ZACK Witnesses Soaring Performance

As of the latest data available, ZACK was valued at $0.04168, marking a 216.00% surge in its price over the past 24 hours. Despite the significant price spike of the token, traders are advised to exercise caution due to Edward Constantinescu’s history.

Zack Morris Cryptocurrency: Learning from Past Experiences

The timeline traces back to December 14, 2022, when the Securities and Exchange Commission (SEC) took legal action against Atlas Trading and Edward Constantinescu.

Both were charged with deceiving investors, allegedly totaling $100 million.

According to the SEC’s claims against Atlas Trading, the duo supposedly orchestrated a plan involving the coordinated purchase of shares, their promotion, and subsequent profit-making sales.

During the times of the COVID-19 pandemic and the GameStop meme stock frenzy from March 2020 to April 2021, Atlas Trading emerged as a significant player on Discord for traders,

Some argue that their involvement played a crucial role in the emergence of the FinTwit trend.

Edward Constantinescu was omnipresent on X, endorsing various penny stocks with his unmistakable meme persona, seemingly representing Atlas Trading.

As per the alleged modus operandi of the Atlas Trading setup,

Edward Constantinescu would amass substantial stakes in a penny stock, then hype up its potential meteoric rise on X.

Simultaneously, unidentified users would boost the stock on social media, claiming it was destined for a remarkable ascent. Allegedly, these users also had positions in the company before the price surged.

Upon allegedly inflating the stock, they would purportedly sell off their shares before their followers, securing significant profits in the process.

Given these circumstances, the memecoin ZACK is met with a fair share of doubt.

Impact on Solana Going Forward

Despite uncertainties surrounding the utility of the Zack Morris crypto token, Solana has been reaping rewards continuously.

The proliferation of meme tokens on Solana has positively influenced the network, as both activity and transaction volume have surged.

Nevertheless, if numerous rugpulls were to occur, the sentiment concerning the network might take a negative turn.