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Concerns Arise Over Squalayx TheBoostCoin Amid Founder’s Track Record

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Concerns Arise Over Squalayx TheBoostCoin Amid Founder’s Track Record

  blockchainreporter.net 28 m

Concerns Arise Over Squalayx TheBoostCoin Amid Founder’s Track Record

A recent tweet has raised red flags about Squalayx TheBoostCoin, urging potential investors to tread carefully and look closely at the project’s history. The tweet highlights a concerning trend involving the founder of TheBoostCoin, who has allegedly “rugged” BOOST multiple times. These claims suggest that the founder has abandoned or manipulated previous projects, leaving investors at a loss. Such actions can erode trust within the crypto community and tarnish the reputation of any new venture.

Furthermore, the tweet alleges that the BOOST team has launched over five coins. This proliferation of projects raises questions about their focus and commitment to the success of each endeavor. In cryptocurrencies, quality often trumps quantity, and investors may become wary when a team spreads itself too thin.

Influencer Promotion

To gain traction and popularity, TheBoostCoin has reportedly enlisted the support of influencers actively promoting the project to their followers. While influencer marketing is joint in crypto, investors need to discern whether endorsements are genuine or merely driven by financial incentives.

Here are all of the influencers shilling BOOST to their followers. pic.twitter.com/sjEGQBq0FO

— ZachXBT (@zachxbt) September 6, 2023

One of the most striking revelations in the tweet is the claim that the BOOST team has generated $372,000 (equivalent to 228 ETH) through a 100% sales tax. While sell taxes are ordinary in crypto projects, the significant sum raised through this mechanism warrants scrutiny. Investors should seek clarity on how these funds will benefit the project and its community.

Token Ownership and Freshly Funded Wallets

The tweet also suggests that the BOOST team controls approximately 40% of the token supply. This ownership was allegedly acquired by sniping freshly funded wallet addresses during the project’s launch. Such a concentration of tokens in the hands of a few raises concerns about market manipulation and centralization.

In the world of cryptocurrencies, transparency and trust are paramount. Investors should exercise caution and conduct thorough due diligence before participating in any project. Scrutinizing the team’s history, evaluating the project’s goals, and assessing the fairness of token distribution are essential steps in making informed investment decisions.

Notably, the tweet also points out that several top holders own approximately 2.5% of the total token supply, further emphasizing the need for careful consideration.

The team also likely controls 40% of the entire supply which was sniped at launch from freshly funded wallet addresses.https://t.co/fra7sQVZWG

You will see a bunch of top holders all own ~2.5% pic.twitter.com/i7ovQxgKJv

— ZachXBT (@zachxbt) September 6, 2023

The tweet reminds potential investors to exercise caution and conduct thorough research when considering investments in cryptocurrency projects. The crypto space is filled with opportunities and risks, and being well-informed is the first step towards responsible investing.

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