As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies and AI, I find myself both intrigued and disheartened by this recent turn of events. The rise and fall of the fake flavia meme coin is a stark reminder of the wild west nature of our industry, where hype can quickly lead to hopeful investors losing their hard-earned funds.
A sham token called pump.fun skyrocketed over 2,000,000%, only to plummet sharply afterwards, exploiting the excitement around the flavia meme coin – a digital currency managed by flavia, an AI agent designed by Trevor McFedries.
The Flavia-impersonator meme token was identified as a potential scam by traders who were monitoring Flavia-related transactions. Since it shared the same name as the genuine one, “Flavia is online”, some unwary traders were lured into the intricate scheme offering implausibly high returns.
One trader admitted to losing all his funds in the tradeoff due to the account being suspended in just 24 hours after it began trading.
The trader expressed frustration, saying, “This isn’t a real AI, it can respond to all other queries except mine, and I want my money refunded.
As a fellow crypto investor, I must caution you about the counterfeit $Flavia token circulating online. It’s looking increasingly likely that this project will pull out, leaving us degen investors in a tough spot and potentially significant losses.
As a researcher exploring this topic, I find myself pondering over the question of releasing the genuine version of the project, which currently holds a market cap of $300. The ‘fake pump fun one’ seems to be a colloquial reference, but in academic terms, it might be more appropriate to describe it as the less authentic or less advanced version. The decision to release the real one, with its potential for greater impact and credibility, is a crucial one that requires careful consideration.
— Emperor Lord Medici (@cryptodemedici) October 23, 2024
The fake meme coin was linked to a now-suspended X account with the username @MahimaKhat44686
Based on Dex Screener’s information, the counterfeit Flavia skyrocketed during live trading over the past 24 hours, soaring by an astonishing 2,300,000%. As I write this, the token boasts a record-breaking market capitalization of $2.41 billion.
As a diligent researcher, I’ve encountered a perplexing issue that seems to be causing quite a stir among X users. It appears that some individuals, unknowingly, have been ensnared by a token from pump.fun, which, surprisingly, lacked any substantial information but boasted an unusually high trading volume. This unfortunate circumstance often led to financial losses for the traders involved.
Without getting too playful, it’s worth noting that when investors in pre- Initial Public Offering (IPO) stocks, often called pump and dump schemes, quickly sell their shares at an unusual spike in volume with little to no new information, it can suggest that they have insider knowledge or are part of a powerful group, such as a cabal.
By around 5:30 PM EST, the counterfeit Flavia fell drastically to over 99%, with very little liquidity left in the market. At the time of writing, the token was trading at $0.076123. The account associated with X had been suspended, and its market capitalization plummeted to a mere $612.
Regardless of a similar token’s presence, the authentic “flavia is online” managed to generate profits from the market. According to Lookonchain, a trader converted $668 worth of flavia tokens into an astounding $1.79 million within just 10 hours. This trader’s investment in flavia yielded returns that were over 2,000 times the initial amount.
As I pen this down, Flavia currently boasts a market capitalization of approximately $35.8 million and is being exchanged at around $0.03563. Despite its recent test launch encountering some turbulence, with the price plummeting over 20% in the last 24 hours, it’s encouraging to note a steady climb of 18.33% over the past hour.
This guy turned $668 into $1.79M in just 10 hours, a 2,693x return!
After 2 months of inactivity, the first token he bought was $flavia, spending only 4 $SOL($668) to buy 46.18M $flavia, which is now worth $1.79M!
If he is not an insider, he is too lucky to catch $flavia!…
— Lookonchain (@lookonchain) October 23, 2024
Originally, it was asserted that the genuine Flavia token functioned autonomously using AI technology, capable of managing its own meme coin and independently verifying DEX transactions. The symbol for the meme coin depicts a digitally created girl who is part-human and part-robot, with striking green eyes that glow.
Flavia is an artificial intelligence character developed by Trevor McFedries, who serves as co-founder and CEO at Brud – a company specializing in transmedia production, crafting digital characters to build narrative-driven virtual universes. He announced that he had sold Brud in 2021. Flavia is among his recent projects, but Trevor gained recognition for creating Lil Miquela, an AI influencer on Instagram boasting over 2.5 million followers.
Regrettably, along with the flavia token account at flaviaisonline, McFedries found that account was also deactivated on platform X. In a prompt response, he took to X and addressed Elon Musk and the development team there, requesting them to reactivate the flavia account.
Hello @ElonMusk and @XCreators, could you kindly explain the reason behind the suspension of the account @flaviaisonline? We have made an appeal and would appreciate if someone could review this matter.
— Trev🙃r (@whatdotcd) October 24, 2024
Previously, McFedries shared a YouTube update on his channel regarding the flavia token. He discussed its current state and future plans. He expressed that the last 24-hours have been extremely active, leaving him in awe as the token’s market cap surged to an impressive $70 million.
He explained that flavia was meant to be used as an opportunity to test out new possibilities related to AI in the crypto space. He also hinted at possibly using the flavia tokens for gaming.
McFedries mentioned that we’ve been engaging Flavia in discussions about what they/she/it would like to create, and some intriguing concepts have emerged, primarily centered around games, riddles, or puzzles. Essentially, the plan is to establish a platform where the community can utilize tokens to engage with these interactive elements.
He mentioned his intention to connect with additional market participants to supply liquidity for the token, and also to attempt to bring major cryptocurrency exchanges on board with the token.
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2024-10-24 14:45