Social media celebrity Logan Paul has allegedly been exposed in the latest cryptocurrency “scam,” after pushing the new ‘Dink Doink’ token to his audience while reportedly having a hand in creating it.
Cryptocurrency drama continues to land many of the internet’s biggest names in hot water. Just days after the backlash to FaZe Kay’s involvement with the ‘Save The Kids’ token, Logan Paul has now been exposed for a “scam” of his own.
Known as the ‘Dink Doink’ token, this new crypto coin emerged with goals of establishing a “decentralized media franchise.” Through this model, those who ‘buy-in’ are granted new non-fungible tokens (NFTs) with each episode of a Dink Doink web series, a show blatantly taking after South Park.
While Paul and many of his close friends have been promoting this new cryptocurrency to their fans as the next big thing, YouTube ‘detective’ Coffeezilla has allegedly revealed the “marketing scam” for what it really is.
this is the dumbest, most ridiculous shitcoin I’ve ever seen. And that’s why I’m all in 📈 https://t.co/NwD0pTO4dQ
— Logan Paul (@LoganPaul) June 28, 2021
“This is the dumbest, most ridiculous s***coin I’ve ever seen. And that’s why I’m all in,” Paul tweeted on June 29, the day the coin launched. “This is a s***coin I believe in,” he soon followed up in Dink Doink’s exclusive Telegram chat room.
“It’s my favorite one to be honest, it’s so much more than a memecoin.”
It was later described as “the hottest coin of 2021” by Impaulsive co-host Mike Majlak in a promotional video of his own. “With the hottest functionality, and all of the most built-in, techniques, tactics, and capabilities, Dink Doink is clear to be the hottest f***ing coin ever. We can go to the top of this whole market.”
Dink Doink’s peak value came on the day of its public launch. Ever since, it’s been on a steady decline. At the time of writing, it sits at rank #3098 on CoinMarketCap, making it one of the least valuable cryptocurrencies today.
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This new shitcoin that Logan Paul and his goons are promoting is owned almost completely by whales. 80% is owned by the top 100 wallets. Good job ripping off your fans fellas pic.twitter.com/Ldf1uvp3JW
— Coffeezilla (@coffeebreak_YT) June 28, 2021
While these promotional videos pushed the coin to millions around the world, Coffeezilla exposed just how involved Paul and Majlak were from day one.
At Dink Doink’s launch, “80% [was] owned by the top 100 wallets,” he revealed. “Good job ripping off your fans fellas.”
Not only were they heavy investors, but Paul himself allegedly helped design the token. “We might as well be honest about how this came about,” Dink Doink’s CEO said in a podcast. “I was chilling with Logan and we were like, what’s the most stupidest name we can think of for a coin? Dink Doink… and it just came alive.”
“Logan designed the character on his phone, on Snapchat,” the CEO added.
Ultimately, Dink Doink is “just another scam from another celebrity influencer,” Coffezilla stressed.
Paul is yet to comment on his reported involvement with Dink Doink’s creation.