TechLead, a popular YouTuber with 1.1 million subscribers launched a crypto token named Million coin. Whose rates rallied 40 times the launch price in 3 days. People question its legitimacy.
Patrick Shyu, the YouTuber is a Japanese–American, computer-animation artist, software developer, and “YouTuber.” A ‘University of California’ alumnus, he has worked as a tech lead at ‘Google’ and as a software engineer at ‘Facebook.’ Shyu was fired from ‘Facebook’ for making fun of the company’s work culture on his ‘YouTube’ videos and stating that ‘Facebook’ employees had no logic. ‘Facebook’ raised a flag against him for making derogatory comments and for defaming the company. Shyu took the matter to his ‘YouTube’ channel. He shared how bluntly he was told to resign just because the company did not like his channel’s content. He now co-owns an online training program, where he mentors students for technical interviews. He is a former employer at Google and Facebook.
Currently, he is a massive youth star who has over 1.1 Million Subscribers. Which is also his current occupation and a mode of earning.
Million Coin, A Crypto Token
Initially, the YouTuber was alleged to scam his community. The crypto coin was launched on July 1, 2021, in the market. It had an initial supply of 1 million tokens. The creator claimed that the price could not and will not fall below 1 USD. Hence the base price of each token was 1 USD. Due to its limited supply, the price of crypto assets was bound to plummet. 40 times go up. TechLead’s website describes ‘Million” as “A Decentralized Digital Currency for Millionaires by Millionaires.”
Since the launch, he extensively used his fan following traffic to put their attention on his cryptocurrency. He has consistently promoted his ‘Million Coin’ on all his social media accounts. He has posted several videos on his YouTube Channel about this token cryptocurrency.
In one of his videos on the respective YouTube channel, TechLead used the famous line By Elon Musk (which the latter used to promote the cryptocurrency Dogecoin and named one of his space projects after the crypto coin). The YouTuber said to his followers that, “We’re going to the moon. We’re going to the moon, that’s right. I mean, we’re going to be rich, you guys. I don’t see how we can not be rich.”
On his official Twitter profile, he also posted saying, “#MillionToken is unstoppable at this point. I only have 15% of the coins, it’s a community-driven project now and I’m targeting MINIMUM $100+ million valuations. I think we can easily get there this year. You don’t need anyone’s permission, so do your part and share!”
As per the Tweets and extensive Marketing, people started putting their money on Million Token and the price soared up to its peak in 3 days. The amount rose approximately 40 times from its initial rate. That is around 3,500% high within just 72 hours. However, it marked its peak in the meantime as the hype didn’t last long. The prices started to crash since then, investors, followers, critics &c. Started accusing TechLead of putting up a facade of hope and growth, and alleged it was a scam.
Is Million Token A Scam?
The main question isn’t about the cryptocurrency being a fraud, but whether a youth icon and YouTuber with such an extensive fandom jeopardize his reputation with such a boondoggle and spend his life as a financial criminal? The answer is, probably not.
The crypto, Million Token “exists as an ERC-20 smart contract on the Ethereum blockchain.” This is where the smart trick was played, there is no external investment by the creator. His extensive marketing caused initially only around 4000 holdings of the crypto coin “Million”. But later, according to data acquired from Crypto Briefing, “large amounts of liquidity had been taken off Uniswap by the same address that minted the Million tokens.” It was also noted, many anonymous accounts bought over a million worth of this crypto-token, just before the price went up.
Once the prices started falling, TechLead replied to all the accusers on his Twitter saying,” Look, I didn’t get into crypto for 2x returns. If you want a “safe stock,” go get some $GME or $AMC. But if you’re going to the MOON JACUZZI BAR Rocket Full moon symbol Clinking glasses for $100 MILLION MINIMUM, then I suggest you START PACKING YOUR SPACESUIT, STOP WHINING AND START HELPING. Thanks. – your Dad”.
The price chart again started to take its zic-zac shape, causing the crypto to gain investors. On July 4th, 2021 Million got registered in Coin Gecko.
Is it a scam? Or is it the next “big thing”? Stay tuned to know.