Most altcoins are fake (wakanda)

[fvb]

As I understand correctly, we are talking about the Wakanda Inu token and I remember I had these tokens. I got them as a reward for a bounty and I remember that I studied information about the project and even wrote an article. But having received the tokens, I immediately sold them, since I don’t really believe in such projects. And as it turned out, not in vain, judging by the schedule of price fluctuations

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[The Cryptovator]

There are numerous low-quality cryptocurrencies that would never recover your initial investment. I personally experienced losses from a few of these so-called "shit coins" and learned my lesson. It's important to avoid investing in such coins altogether. Many of them are created solely to raise funds and then disappear without a trace. As a result, investors end up losing their initial investment, and in some cases, the coin's value plummets close to zero. It's crucial to exercise caution and be aware of the risks associated with these types of coins. Nowadays, anyone can create tokens using smart contracts and sell them on the market, so it's best to refrain from investing in new projects right off the bat.

[el kaka22]

There are over 30 thousand projects created in the crypto world so far, that's an official number and maybe even a lot more but at least 30k projects created, can you imagine all of them were real? Obviously when you reach those levels there are some of them who are just fake, and I do not mean like just failed, I mean literally fake and were created by devs that wanted to get funding and spend that to get rich, that's it.

I have seen that myself with my own eyes, I have been hired by people and hoped that I would get rich getting paid in those tokens and then the owner just took all the money and used it to buy stuff for themselves and just rug pulled the whole project. Do not fall for them, if a project doesn't have what it takes, then there is no reason you should be paying them to get it.

[lalabotax]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September,

For some reasosm, honestly, I do very agree with you.Most altcoins are fake, shit, and not worthy moreover for long term. In this case, only few altcoins that actually can survive for longer bullrun situation. Not all altcoins are able to maintain their price and market cap very well and reach high lercentage. Only few altcoins. Most of them are about the hype atcoins that will end as rugpull and utilized by certain people who are taking high profits from it, that can handle this.

[panganib999]

The first Africa crypto project was established to steal people's money, when wakanda came out in towards July 2021 and did the burn in September, many people wasted their hard earn money to buy enough, I personally use $300 to buy wakanda which accumulate 2billion plus, but since then, wakanda never rise for once, only going down, my money is less than $10 remaining.

Please what is the aimed of those people doing fake crypto currency?

I don't understand why you would still ask for people's reasons why they would scam the heck out of people like you who don't have good amounts of knowledge about crypto, like hell of course they do it for the money. No other question.

There's no use crying over spilled milk, you'll just have to be very careful next time. Be very smart and inquisitive when you invest on a project, and don't just jump into one just because it's "African" or whatever fucking reason you have. Research, see if there's something fishy going on, most of the time you'd see it on the whitepaper/guidebook that all of these projects will provide, if they don't have a whitepaper, that's a telltale sign that they don't want you knowing what they would do with your money, best to avoid projects like that.

[goaldigger]

As I understand correctly, we are talking about the Wakanda Inu token and I remember I had these tokens. I got them as a reward for a bounty and I remember that I studied information about the project and even wrote an article. But having received the tokens, I immediately sold them, since I don’t really believe in such projects. And as it turned out, not in vain, judging by the schedule of price fluctuations

If in doubt, better to ignore or leave right away.
If you already knew how this token will end up, the better. There’s a lot of fake projects just to scam the investors, this might look profitable at first but later on, they will ended up like this. Meme tokens are used to be like this, most of them are scam so better not to get hyped and do your own research before investing into something, its not that hard to spot a fake project.

[Iyeman]

most of the altcoins are outright shit are usually the ones created for meme coin in general, but it also have something to do with the fact that creating such coins requires significantly lower effort than creating genuine, high quality ones that is backed up by innovation, so it's normal occurrence and we should just avoid it.

[Xampeuu]

As I understand correctly, we are talking about the Wakanda Inu token and I remember I had these tokens. I got them as a reward for a bounty and I remember that I studied information about the project and even wrote an article. But having received the tokens, I immediately sold them, since I don’t really believe in such projects. And as it turned out, not in vain, judging by the schedule of price fluctuations

If in doubt, better to ignore or leave right away.
If you already knew how this token will end up, the better. There’s a lot of fake projects just to scam the investors, this might look profitable at first but later on, they will ended up like this. Meme tokens are used to be like this, most of them are scam so better not to get hyped and do your own research before investing into something, its not that hard to spot a fake project.

sometimes even though we do research with personal knowledge, we still experience errors in analyzing, this is because new altcoins are difficult to predict, and many are scams, therefore we don't miss the moment to sell it if you have it, because then the dump price will most likely be difficult to return to recovery. or if we buy it I think using a little money just to get rid of curiosity I think it's better, so that if we are lucky our money can multiply, but if not, we don't experience heavy regrets