Pond Coin (PNDC) drops nearly 80%, suspected of being a scam

Pond Coin (PNDC) unexpectedly plunges by 79.18%, leading investors to suspect fraudulent activities within the project.

According to data from Coinmarketcap, Pond Coin is currently trading at $0.0000002562, marking a 79.18% decrease in the last 24 hours. The project's market capitalization is now at $5.55 million, with a significant surge of 314.77% in trading volume.

Investors within the community express doubts about the project, with some users revealing that all remaining PNDC supply has recently been minted into the Gnosis Safe Wallet.

User account X, under the name Plazma, states that users "cannot even sell the PNDC they hold, with less than $30,000 in ETH liquidity pooled across all groups..."

Additionally, Plazma provides further information, stating that Etherscan transaction data indicates a 99% failure rate in transactions, and successful cases have a value below one USD. The value of PEPE that users receive is reportedly less than 70% compared to the value of the utilized PNDC.

As of now, the project has not issued any official response.

Pond Coin is a project that encourages users to mine tokens to receive additional rewards such as PEPE tokens. Aside from links to exchanges, the project's website lacks crucial information, such as tokenomics or the development team.

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