Syed Nisar

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#ETH走势分析 #bigbox $ETH

The Doge King (DOGEKING) token speculation case is a typical example of capitalizing on the popularity of the Spring Festival Gala to harvest retail investors.

On January 31, 2022, during the CCTV Spring Festival Gala, Shen Teng mentioned in the skit "Still Not Returning" that he was trading dogs in the metaverse and even referred to himself as the "dog king" of the metaverse. As early as November 2021, the token DogeKing was already launched on the Binance Smart Chain, which is a derivative of Dogecoin.

On the night of the gala, as soon as Shen Teng's lines were spoken, investors began to buy DogeKing. The price of this token surged fourfold within five minutes from 20:55 to 21:00, and in the following half hour, it skyrocketed at a rate of doubling every five minutes, reaching a peak increase of 1009.83% within the day, with a 24-hour trading volume of approximately 15,580,000 RMB.

After the gala ended, early participants began to cash out in large quantities. Subsequently, the popularity of the token faded, and its market value plummeted, eventually falling below 2% of its peak value, with over 85% of following retail investors suffering losses. Additionally, this project lacks clear team information and a white paper, relying solely on hype without any practical application value, essentially being a speculative harvest targeting retail investors.

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Scammers often disguise themselves as seasoned U.S. stock market bloggers, posting professional content such as options tutorials and analyses of prominent holdings on platforms like Xiaohongshu to attract attention. When someone inquires, they guide them to join a communication group and may ask investors to upload screenshots of their U.S. stock holdings to "screen members," actually using this to gauge the investors' capital size and target those with an investment foundation who are easily exploited. Subsequently, they direct users to private conversations or group chats on Telegram and other platforms that are more suitable for real-time communication.

Scammers will arrange for dedicated personnel to provide pre-market and post-market analyses, and will have group members share profit screenshots to create an atmosphere of success. At the same time, the scammers will engage investors in one-on-one conversations about life and investment views to build rapport. A key step is to use small positions in U.S. stocks to allow investors to genuinely earn small amounts of money. The purpose of this step is to break down the investors' guard and make them completely trust the scammers' investment abilities.

Once trust is established, scammers will casually belittle U.S. stock options while praising the flexibility and high returns of cryptocurrency options. They then recommend legitimate wallets like Robinhood Wallet for users to download; these compliant tools available on official app stores will further alleviate investors' concerns. They will then smoothly recommend unofficial cryptocurrency options platforms they collaborate with, claiming that investors must link their legitimate wallets to these platforms to trade.

Most investors will tentatively transfer small amounts of money, at which point the scammers will allow small withdrawals to be successful, and even enable investors to quickly profit and smoothly withdraw part of their earnings in subsequent trades. Some users have transferred $5000 and found that attempts to withdraw tens to hundreds of dollars were successful, completely dismantling their previous caution. If investors question the platform during this period, the scammers will fabricate excuses to cover up.

Once investors relax their vigilance, scammers will manipulate the trading rhythm, encouraging investors to participate in ultra-short-term trades and other high-frequency delivery transactions, while also requiring investors to take real-time screenshots of their trading situations. They initially let investors quickly earn small profits to stimulate their emotions, then deliberately cause losses in U.S. stocks to highlight the "advantages" of cryptocurrency options. When investors, blinded by profits, increase their investments, the scammers will reveal their true intentions—either the platform will not allow withdrawals, or they will require a margin payment under the pretext of unusual trading, or even directly render the platform page invalid and cancel contact information, resulting in the investors losing all their large funds.