ZACK soars 200%, it’s a Solana-based Zack Morris Crypto. However, despite this substantial price surge, traders should remain cautious due to Edward Constantinescu’s controversial past.
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ZACK Soars 200%
Solana (SOL) has long been a favorite platform for launching new meme coins. Capitalizing on this trend, Edward Constantinescu, also known as Zack Morris on X (formerly Twitter), and co-founder of Atlas Trading, recently introduced a meme coin named ZACK on the Solana network.
At the time of reporting, ZACK was trading at $0.04168, experiencing a 216.00% increase in the past 24 hours. However, despite this substantial price surge, traders should remain cautious due to Edward Constantinescu’s controversial past.
https://coinmarketcap.com/dexscan/solana/7896DcX977xMJboS6BJvgkK4sB5p2FhctJx81DntbyCX/
Zack Morris Crypto, A Cautionary Tale
The controversy began on December 14, 2022, when the Securities and Exchange Commission (SEC) filed a lawsuit against Atlas Trading and Edward Constantinescu. They were accused of defrauding investors out of $100 million.
The SEC’s lawsuit claims that Atlas Trading engaged in a scheme where they coordinated the purchase of shares, promoted them, and then sold them for significant profits. During the COVID-19 pandemic and the GameStop meme stock frenzy from March 2020 to April 2021, Atlas Trading gained prominence on Discord among traders.
Some believe they were instrumental in the rise of the FinTwit phenomenon. Edward Constantinescu became a well-known figure on X, promoting various penny stocks with his distinctive meme persona, seemingly representing Atlas Trading.
Alleged Atlas Trading Scheme
According to the allegations, Edward Constantinescu would buy substantial stakes in a penny stock and then tout its potential for significant gains on X. Anonymous users would simultaneously hype the stock on social media, claiming it was poised for huge returns.
These users allegedly also held positions in the stock before its price surged. Once the stock’s value inflated, they would allegedly sell their shares before their followers, making substantial profits. Due to these allegations, the ZACK memecoin has been met with some skepticism.
Impact on Solana
Despite the uncertainty surrounding the utility of the Zack Morris crypto token, Solana has continued to benefit. The rise in meme coin deployments on Solana has positively impacted the network, increasing activity and the number of transactions. However, if too many rugpulls occur, it could negatively affect the sentiment around the network.
Conclusion
To conclude, while the ZACK soars 200% highlighting the potential for rapid gains on the Solana network, traders should exercise caution due to Edward Constantinescu’s controversial history. The continued popularity of meme coins on Solana is a double-edged sword, boosting network activity but also risking negative sentiment if fraudulent activities persist.
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