There are important developments for SonicPad (SNC), an altcoin that is enthusiastically marketed to the Turkish audience through social media influencers. Accordingly, it faced a dramatic 55% price drop in a single day. It also sparked fear and doubts among investors.
Altcoin introduction and aftermath
Last week, altcoin SonicPad received extensive promotion from numerous crypto influencers. Some influencers advocated purchasing the token as an investment. On the other hand, some chose to support the project through advertisements.
However, at this stage, it is emphasized that the project team sold the token. Accordingly, it is stated that the wallets connected to the project team transferred a significant amount of tokens in total to the altcoin exchange MEXC, approximately $ 200,000. Moreover, this transaction coincides with a significant decrease of 55% in the value of the SNC token.
There are growing concerns and speculations
Following the steep decline, discussions and speculations about SonicPad (SNC) began to surface on various social media platforms. Many investors on the X platform have stated that the project is potentially a rug pull. On the other hand, they also expressed concerns that he might be involved in fraudulent activity.
The team made a statement
A statement came from the altcoin SonicPad team in response to the concerns and questions raised by the community. Accordingly, he claimed that they were under attack from both the stock market and external sources. However, upon closer examination it is clear that this is not the case. Blockchain already shows everything. On the other hand, this has caused more doubt in the crypto space.
The issue is also trending on Twitter. Many people specifically point out people who recommend or advertise cryptocurrency. When we look at Kriptokoin.com, a significant price drop attracted attention. In addition, wallet movements related to this created uneasiness among SonicPad investors. On the other hand, he emphasized the need for caution and scrutiny in the altcoin space.
Pay attention to altcoin projects
Investing in every altcoin project is not a recommended strategy. Diversification is a useful risk management tool. However, investing in any altcoin indiscriminately carries significant risks. The cryptocurrency market is highly speculative and volatile. Accordingly, many projects lack long-term viability. It is crucial to conduct thorough research and due diligence to identify projects with strong foundations, a clear use case, a competent team, and community support.
Diversifying your investments among a group of promising altcoins can help spread risk. However, blindly investing in every project can lead to losses and missed opportunities. A more cautious approach involves carefully selecting and monitoring investments based on sound analysis and a clear investment strategy.
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