Scams using cryptocurrency are nothing new over the last few years. Some scams involve users on social media appearing as famous people, seeking to get users to click on malicious links or send money to wallets. Other scams use the images and likenesses of celebrities in advertisements.
Interest in meme coins surged to an all-time high on TikTok during the May 2023 crypto meme coin rally.
What Happened: According to data from CoinGecko, the interest in the memecoin hashtag peaked at the maximum level of 100 in May, suggesting that crypto TikTok has grown as a community on the platform.