Lucky Coin is one of latest cryptocurrencies that is using popular influencers like Shehnaaz Gill for promotion. They make her say things like “Lucky Coin is fastest cryptocurrency to reach 1-billion dollar marketcap.” Then she adds that the project was able to reach this very marketcap with its 32-thousand investors.
Shehnaaz was winner of Big Boss and has huge popularity in India. So, why do we think that Lucky Coin is a scam. Here are reasons behind it.
First, their marketcap is made up. For instance, let’s say total supply is 1-billion and even if there is 1-investor who bought this coin at $1, then this will give it a marketcap of 1-billion dollars.
They have also paid well know websites like The Economic Times to list Luck Coin as #1 cryptocurrency to invest. If that is not a red flag, we have bad news for you. Later in the article, they give steps how to buy Lucky coin.
Third, lack of proper exchanges. Lucky Coin is a token on Binance Smart Chain and any BSC token can be listed and traded on PancakeSwap, a decentralized exchange where any BSC token is tradeable. So far, the so-called developers have invested in getting LBLOCK listed on LBANK, which is certainly not a top-tier cryptocurrency exchange by any means.
Fourth, centralized. Lucky Coin is extremely centralized with 60% of its supply locked in three accounts. It is just a matter of time when they pull the rug and scam their investors.
Kamal Singh is executive editor of CryptoCoinDaddy. He owns degree in Masters in Computer Applications and is behind many successful technology projects.