TL;DR Breakdown
- Crypto scam Dink Doink is considered as a no-good cryptocurrency with no real-world purpose.
- Logan has been accused of creating and promoting the coin, pumping its value only to dump it later.
- YouTuber Coffeezilla has come out criticizing the activities of such YouTubers and social media influencers.
The influence of social media personalities on the crypto market is unrestricted and a cause for concern. Recently, Logan Paul, a renowned YouTuber, has been accused of the creation of a crypto scam Dink Doink.
The coin has no real-world usage, and the only thing it is capable of is ‘nothing.’ Any holder of the coin will see a surge in the number of coins he or she has. The coin was created in the month of June this year, and its whole existence is based on a South Park-themed cartoon that stars Logan Paul, Dani, who works as assistance for Logan, along with a character with the name ‘Dink Doink.’
Performance of crypto scam Dink Doink
Dink Doink, upon release, surged by a whopping 40,000 percent. But, the coin has spent most of its time correcting the huge surge in the price. The coin’s volatility was defended in a Tweet by Logan Paul, which can be seen below:
Similar cases have been reported wherein members of FaZe Clan, along with Ricegum, pumped the value of the ‘Save The Children’ cryptocurrency. The influencers were responsible for over-hyping the currency so that it pumps and, thereafter, falls even harder.
Logan Paul behind the crypto scam Dink Doink
This cryptocurrency that was launched in June is a scam because it supports no staking, vaults, etc., and just exists with ten quadrillion tokens as the supply cap. Coffeezilla, a YouTuber, has raised a lot of questions on the involvement of influencers in the crypto industry, and he also raised questions regarding Logan’s position in the case of Dink Doink.
Source: Poocoin
Although, Logan Paul gave the nod to the fact that Dink Doink is a useless and unnecessary token. Coffeezilla has said that it was the CEO of Dink Doink who pointed out that Logan Paul was the one to create the cryptocurrency.
