Dogecoin influencer Matt Wallace has made headlines recently due to the crash of his new cryptocurrency token, which plummeted by 99% amid allegations of an exit scam.
The token, called “MattCoin,” was launched by Wallace in late 2022 and quickly gained a large following due to Wallace’s popular social media presence and his promotion of the token. However, just a few weeks after its launch, the value of MattCoin suddenly dropped by 99%, leading many investors to accuse Wallace of an exit scam.
An exit scam is a fraudulent scheme in which a cryptocurrency project or company suddenly shuts down and disappears, taking the invested funds with it. In this case, Wallace has not commented on the allegations, but many believe that he intentionally promoted the token in order to sell it at a high price and then quickly dumped it, causing its value to crash.
This incident serves as a cautionary tale for those considering investing in cryptocurrency. It is important to thoroughly research any potential investment and be wary of influencers or celebrities promoting a particular token or project. It is also a good idea to diversify your investments and not put all your eggs in one basket.