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Influencer Decries “Manipulation” of Meme Token MongCoin Amid Crash

source-logo  cryptonewsland.com 26 May 2023 14:04, UTC
  1. Crypto Bitlord alleged a manipulation of the price of meme token named MONG.
  2. He claims he has nothing to do with the price crash of MONG.
  3. Similar incidents have recently happened to crypto influencers shilling memecoins.

Influencer Crypto Bitlord alleged that there is an ongoing manipulation of the price of meme token named MongCoin (MONG). However, he is washing his hands and is “literally crying” over the depressing movement of the token, according to his tweet.

I’m crying. I’m literally crying over the $MONG price

This is 100% market manipulation

— Crypto Bitlord (@crypto_bitlord7) May 26, 2023

In context, MongCoin is a memecoin that was only launched this May by a handful of influencers and a “team” in Dubai, UAE — if Crypto Bitlord’s claims are true. It is not clear what utilities are being developed for MONG or if there will be one in the future.

However, it is safe to assume that MONG is only a memecoin similar to the ones promoted by crypto influencers including Crypto Bitlord. The crypto influencer has shilled the token heavily, even engaging another crypto trader in a wager about the price of MONG within 6 months.

Let’s keep it simple.

In 6 months, $MONG will be higher than it is today vs $ETH

You’re prepared to bet against the #MongArmy ?

— Crypto Bitlord (@crypto_bitlord7) May 13, 2023

It is not sure whether the wager has been finalized, although others claim that Crypto Bitlord has backed out.

The issue with crypto influencers shilling memecoins has been a relatively recent phenomenon. A number of similar incidences happened after Pepe (PEPE) became trending. Some influencers have suffered losses in terms of credibility due to dabbling with memecoins.

However, others continue to shill memecoins, especially Ben Armstrong, who is promoting the token Ben (BEN).