Let's revisit another scam project that was popular last bull run - Saitama Inu

Here I come again, to revisit another scam project that made it BIG in the last bull run. Ah, this is one of the scam projects with the most insane backstories ever.

Saitama Inu was founded in June 2021, it was a shitcoin with a huge circulating supply with a twist - they put that every sell order burned a tiny amount of tokens which were then distributed to the holders. Saitama Inu was one of the biggest winners of the last bull market, literally going up millions of percent.

Remember about the tokenomics - the distribution aka "reflections" were as follows - 2% gets burned, and 2% gets distributed to all the holders based on how much they hold. That will become important later on.

The person in charge was Russel Armand, who presented himself as a loving American and an army veteran with a sense of honor and willingness to serve the investors, who he called his "wolfpack"...DAMN WE CAN ALL SEE WHERE THIS IS GOING.

The shitcoin exploded in popularity, making the early investors millionaires overnight - the project was once even in the top 60 by market cap!

The devs promised they will be the only meme coin with true utility and even promised SaitaSwap, their own Dex that would rival Binance - (LOOOOL) and even their own cold wallets, metaverse, play to earn game and focus on educating about crypto.

They prepared a Vegas event in MGM Grand, the hype was huge, and everyone expecting a big promotion of the Dex as the devs promised beforehand on that night of November 13th, 2021...The biggest holders aka whales and Youtuber trash that promoted that scam got free private jet tickets to Vegas at the expense of the holders - those tickets were paid from the marketing budget of Saitama.

I literally watched that event and I promise you that was the worst shitshow I have ever witnessed - Russel Armand and the rest of the lead devs were cocked and drunk as f*ck, they talked some nonsense and literally said nothing is ready, a bunch of shitty Youtubers there were hyping the event where literally nothing happened and it was just a bunch of high and drunk guys surrounded by a few stripers.

They let some shit "play to earn" game with a wolf be represented - something that a kid would code in a few days and presented it as something huge.

The best part was a drunk Youtuber named Jake Gagain. He came there along with his mother. Not only you could witness his drunk mom flirt with a few rich guys, you could also see Jake the scammer get drunk live and howl like a wolf...At that precise moment, the price of the token fell by more than 50%, investors started selling like crazy.

After that disaster, another one arose - Saitama partnered with Lilly Finance, another scam project where half the Saitama team was involved along with a guy that was already charged with fraud. They promoted the shit out of that scam, it was supposed to be the first token available to trade on their DEX once it launches.

After that, CoinMarketCap posted a banner over Saitama`s token where they WARNED investors that Saitama`s main promoter Willie D, a former rapper, was involved in criminal activities including fraud.

The token, of course, tanked again. The devs of Saitama accused CZ and Binance are involved because he was scared of Saitama will be the biggest exchange on the planet in the future (ROFL). Then our veteran boy Russel instructed the "wolfpack" (more like the idiot pack) to spam CZs Twitter to list Saitama on Binance, which they did.

After the token tanked over and over in price - down over 98%, the investors got mad, especially after Russels' wife at the time posted a pic of his new black Lamborghini ( talk about good timing from the lady - you can't even make this shit up).

Also, Saitama invested a lot of the marketing budget in boxers and MMA fighters, one of the boxers who was promoting Saitama had a fresh charge and was under investigation for beating up his girlfriend - imagine wasting so much money to get a wife beater to wear your companies logo on his shorts! They also partnered with the Instagram celebrity Hasbulla, with nothing good to come out of it.

It was obvious the project was a scam from the start and that the devs had many BILLION of tokens and made the tokenomics such that the more people sell, the more tokens go back to their wallets due to the "reflections" and they sold those daily slowly draining the liquidity - aka a slow rugpull. They made many thousands of dollars DAILY just from the free reflection airdrops, making a fortune.

The project later changed the tokenomics - lowering the supply, but the devs were the first to get the new tokens and sold them fast, running away with the liquidity. A lot of investors didn't receive their V2 tokens till this day lol.

Now ex-wife of Mr. Russel already went public claiming that he spend all the project's funds on cocaine and stripers.

Saitama is one of the craziest crypto scam stories I know, and it was ranked in the top 60 by market cap during the peak of the hype. Crypto is crazy my fellow investors, nothing can compare to it!

Stay away from scams and I wish you many green days in the future!