Big Eyes Coin has attracted a lot of attention in the crypto space in recent months, but is this meme token legit or a scam?
Operating as an ERC-20 token, the project plans to make its first appearance on Uniswap, with a top-tier CEX yet to be revealed by the project’s founders.
The $BIG token presale encountered a few delays, but impressively managed to raise an estimated $35 million. This achievement has stirred speculations about the potential price of Big Eyes coin post its Initial Coin Offering (ICO). Currently in its thirteenth stage, Big Eyes is priced at $0.00052.
While the token’s hard cap of $51.2 million may not be reached by the launch date, the Big Eyes team remains confident that the funds raised thus far are sufficient to advance the project, having achieved the soft cap.
A pivotal event in the crypto landscape, the Bitcoin halving, is due in April 2024. History indicates that this event could potentially catalyze the next crypto bull run. Given this projection, if Big Eyes successfully launches and maintains its popularity until 2025, it could theoretically benefit from this upswing. However, this would also require recession concerns to dissipate, positively influencing the overall crypto market.
Why Meme Coins Are Often Scams
In the current crypto landscape, meme coin scams have surged, capitalizing on the skyrocketing popularity of meme coins like Dogecoin and Shiba Inu. These scams prey on the euphoria and greed commonly seen in retail investors seeking to strike it rich in a volatile, yet promising market. Understanding the mechanisms of these scams and identifying their red flags is imperative to avoid falling prey to such fraudulent schemes.
Meme coins, primarily driven by online hype, social media buzz, and celebrity endorsements, often lack substantial technological backing or practical use. Despite some meme coins, such as Dogecoin, experiencing legitimate success, many merely ride the wave, offering no real value or long-term potential.
Meme coin scams typically begin with the creation of a new coin promising extraordinary returns. Scam developers employ aggressive marketing techniques, such as fake celebrity endorsements, extensive advertising, and orchestrated “pump and dump” schemes, luring investors with the prospect of being the “next big thing” in crypto.
Pump and dump schemes involve fraudsters artificially inflating the coin’s price using coordinated buying and social media campaigns, fostering an illusion of legitimacy and FOMO among potential investors. Once the coin’s price reaches a certain threshold, the fraudsters sell (or “dump”) their holdings, causing the coin’s price to plummet and leaving other investors with significant losses.
The infamous Squid Game token is a prime example of such a scam. Following a massive price surge, the token’s price crashed in minutes when the developers allegedly performed a “rug pull,” abandoning the project and absconding with the funds.
While these scams may seem daunting, here are some key red flags to consider: over-promising returns; lack of transparency; aggressive marketing tactics; and limited exchange listings.
Is Big Eyes Coin a Scam?
The future of Big Eyes is contingent upon the team’s ability to adhere to its roadmap and dispel the prevalent FUD (Fear, Uncertainty, and Doubt) surrounding the project. A closer look at the project, however, reveals a multitude of red flags suggesting it might be a scam or rugpull.
A series of aggressive paid marketing campaigns on numerous crypto and non-crypto websites, coupled with an extended presale, cast significant doubts on the legitimacy of Big Eyes Coin. The lack of transparency about the project’s leadership and founders further compounds these suspicions, prompting the recommendation to avoid investing in Big Eyes.
Furthermore, in mid-June, amid the token’s launch on centralised exchanges, several holders reported issues accessing their tokens in MetaMask, with many accusing Big Eyes of being a scam.
The project’s founders have insisted that this is a technical issue which they are addressing, but it certainly looks like Big Eyes was a scam all along.
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