Many aspects of the Decentralized Finance (DeFi) frenzy are reminiscent of the initial coin offering (ICO) boom and bust of 2017, and now it seems DeFi has brought shitcoin pump and dumps back into the mainstream. Specifically, a group of crypto influencers on Twitter tried to orchestrate a pump and dump with a token called FEW, and they failed miserably.
Apparently the braintrust behind FEW was inspired by MEME, a token which was released as a complete joke and then became highly valuable with a market cap climbing into the millions of dollars, making the airdrop participants rich. In-fact, one of the ‘Founders’ of FEW was a MEME airdrop participant who sold way too early and missed out on $600,000 of profits, inspiring him to try and replicate MEME to get back his chance to get rich quick.
The FEW ‘Founders’ took to Twitter and other social media to hype up their crypto, and apparently the joke behind it is that FEW stands for ‘FEW understand’, which honestly just seems arrogant and probably turned most people off.
Indeed, FEW was truly born out of arrogance, since the ‘Founders’ were discussing how to get as many people as possible to dump on, and then that arrogance turned into humility and repentance since those chats were released to the public.
Then karma came full circle, and the FEW Telegram group collapsed, ruining the governance process and disrupting the speculation. Then salt was added to the wound and someone launched a copycat of FEW on Uniswap, which made people scared to buy it or trade it since they didn’t know which one was the real FEW.
Ultimately, FEW collapsed in price right out of the gate, and it has now gone into a terminal decay.
Thus, pump and dumps are back, and they are just as ridiculous as ever. FEW sought to capitalize on being a joke cryptocurrency, and although they didn’t make any money, they did succeed at being a joke.