XRP and Solana Treasury Plans Are Likely Scams, Alerts VanEck
The post XRP and Solana Treasury Plans Are Likely Scams, Cautions VanEck appeared first on Coinpedia Fintech NewsSome little companies with very low market worth are all of a sudden declaring they will buy large amounts of XRP and Solana throughout the existing crypto bull run. Many of these business have no strong ties to the crypto industry and very restricted financial backing.
Most of these business have no strong ties to the crypto market and extremely restricted monetary backing.Just just recently, Singapore-based Spear Digital Tech announced strategies to raise $500 million to construct a massive XRP treasury, in spite of having a market cap of just $16 million and shares trading under $0.40 on Nasdaq.VanEck: $XRP, $SOL treasury plans by micro caps likely scams@vaneck_us’ Head of Digital Assets, @matthew_sigel cautions that recent XRP and Solana treasury statements by low-cap Nasdaq companies are most likely “pump and dump” plans. If the market cap is de minimis and there is no disclosure of brand-new anchor investors, I assume it’s a fraud,” he said.In a current X post, Sigel highlighted Addentax Group, a China-based clothes company with a market cap of simply a few million dollars, which claimed it would buy $800 million worth of Bitcoin and TRUMP coin. China’s Webus International, likewise with a market cap under $100 million, exposed plans to construct a $300 million XRP treasury.DeFi Advancement Corp. is taking the crypto treasury pattern a step even more.
