- The recent URF promotion worked towards undermining Solana’s credibility.
- Reportedly, the URF team used the presale funds to trade meme coins.
Since its launch in 2020, Solana [SOL] has experienced various troughs and crests in its price action. However, it has gained immense traction with time and tide, currently ranking at #4 on CoinMarketCap.
As of the latest update, Solana was trading at $188.39, marking a 3.11% surge in the last 24 hours. Amidst this popularity, some bad actors have been taking advantage of Solana’s surge.
Inasmuch, on the 3rd of April, @zachxbt, taking to X (formerly Twitter), shed light on the launch of a new Solana-based memecoin called URF.
The self-proclaimed “2D detective” noted,
“Influencer @BryceHall made multiple posts promoting a sketchy Solana presale for a meme coin called URF helping them raise ~2400 SOL ($450k).”
What’s going on with URF?
On the 20th of March, Bryce Hall, a well-known influencer, posted about URF’s presale on his X account.
However, within 24 hours after its launch and after collecting funds during the presale phase, the team vanished. Moreover, its social media accounts have been inactive since the 26th of March.
Zachxbt elaborated,
“The URF team instead has been using the remaining presale funds to trade meme coins.”
This stirred the community, who started questioning the credibility and safety of Solana-based meme coins. One user simply stated,
“Lol knew this was coming.”
Many users pointed towards Hall’s past history of promoting “shady” tokens, as he was caught promoting “crypto scams” during the last bull run as well.
This brings back the age-old question of whether influencers should be more wary about what they promote, considering the fallout if things are unseemly.
Also, to what extent should investors trust what they see online?
As another user hilariously put it,
“But your honour… I said DYOR.”
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