This time a tiktoker named Dre launched his own digital currency as a joke. What the young man did not expect was that his currency would reach a capitalization of 70 million dollars at its launch, although it would later fall to 2.5 million dollars.
According to Vice , Dre, whose real name is Andrew Lewis , explained that he developed SCAM (which translates as ‘scam’) with the aim of making fun of other “shitcoins” or junk cryptocurrencies, which are used to exploit people who want to get rich quick.
SCAM is actually the acronym for “ Simple Cool Automatic Money ”. Lewis explained that he doesn’t know how to handle this and that he simply created it as a joke, adding that he hopes it will turn out to be something useful to the world.
Although now Lewis’s project is in an uncertain place as its value has been falling. The young man is taking the matter much more seriously by submitting a future plans sheet on his website and explaining why SCAM is not really a scam. Lewis wants to make this cryptocurrency educational.