Crypto Twitter has just accused NFT influencer and Rug Radio founder Farokh of pumping and dumping. This accusation came right after he hyped up Cool Cats and immediately listed 5 Cool Cats for sale.
NFT enthusiast @nogood called out Farokh in a tweet: “Farokh: WE LOVE THE CATS Farokh: *lists 5 Cool Cats for sale*. Nothing wrong with selling, but don’t pump the cats to your following and immediately list them for sale to dump on them.”
Fellow enthusiast @EB7 noticed a trend. He tweeted: “Did the same thing here with Azuki 1 month ago. Tweet and 3 minutes after listed everything. Idc that you sell but they seem to always be combined by a positive tweet about the project.”
Is NFT influencer Farokh really pumping and dumping?
Crypto pump-and-dumps are when individuals or conspirators use deceitful information to raise the price of a currency or the floor price of an NFT. They then immediately sell their wares at a profit. A classic example is the recent cautionary tale of the Squid Game cryptocurrency.
The currency soared in value immediately after its launch. Next thing you know, it crashed. The coin’s creators reportedly ran away with $3 million from investors.
While showing your love for a project on Twitter is technically not pumping and dumping, NFT influencers need to be careful about their endorsements. Undoubtedly, they need to be responsible for safeguarding projects’ communities.
Recently, Farokh found himself in the spotlight after Beanie launched a collection that features a character that looks like Farokh. The plot the twist? The character is a villain.