<p class="is-style-lead">Another meme coin DAVE has entered the arena. According to data provided by CoinMarketCap, the asset&#8217;s price has skyrocketed since its launch on May 30 at 05:00 UTC.</p>



<p class="is-style-default">Meme coins have amassed many holders worldwide, with the category starting in 2013 when dogecoin (<a href="https://crypto.news/price/dogecoin/">DOGE</a>) was born. However, many <a href="https://crypto.news/scammers-stole-3-23-million-worth-of-nfts-in-april/">scammers</a> have used some of these fan-favorite tokens to steal investors’ funds in different ways.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="1046" height="492" src="https://crypto.news/app/uploads/2023/05/DAVE-token-price-May-31.png" alt="DAVE token skyrockets 4,400% in 24 hours - 2" class="wp-image-14163717"><figcaption class="wp-element-caption">DAVE price &#8211; May 31 | Source: <a href="https://coinmarketcap.com/currencies/dave/" target="_blank" rel="noopener">CoinMarketCap</a></figcaption></figure>



<p>Moreover, the asset’s starting price was $0.00281, with a maximum supply of 100,000,000 DAVE coins per CMC. The crypto price aggregator suggests that the project is still not verified, and the token&#8217;s owner has been self-reporting all the data.</p>



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<p>According to data provided by CMC, DAVE rose by over 4,400% in the past 24 hours and is trading at $0.1267 at the time of writing. Data shows that the meme coin’s self-reported market cap has already risen to $12.69 million.</p>



<p>The interesting part is that DAVE’s 24-hour trading volume is still below $250,000, according to CMC. This might be showing abnormal token activity. A crypto community member on CMC says that DAVE is a “scam” because users cannot sell their assets.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="446" height="546" src="https://crypto.news/app/uploads/2023/05/CMC-community-DAVE.png" alt="DAVE token skyrockets 4,400% in 24 hours - 3" class="wp-image-14163719"><figcaption class="wp-element-caption">Crypto community | Source: CoinMarketCap</figcaption></figure>



<p>According to the insight provided by Gopluslabs, the creator of DAVE currently holds 4.77% of the asset’s total supply. In contrast, the majority of the token’s supply, 69.37%, has been sent to a dead wallet that holds 187 cryptocurrencies, including $3.5 billion worth of <a href="https://crypto.news/price/shiba-inu/">SHIB</a>.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="646" height="825" src="https://crypto.news/app/uploads/2023/05/DAVE-token-analysis-May-31.png" alt="DAVE token skyrockets 4,400% in 24 hours - 4" class="wp-image-14163718"><figcaption class="wp-element-caption">DAVE token analysis &#8211; May 31 | Source: <a href="https://gopluslabs.io/token-security/1/0x1ae20784b52466b5412387bb15b980e00f1f078b" target="_blank" rel="noopener">Gopluslabs</a></figcaption></figure>



<p>According to Gopluslabs info, the asset owner can mint new tokens, disable selling, or even transfer tokens, which shows signs of a <a href="https://crypto.news/learn/what-is-a-rug-pull-in-crypto/">rug pull</a>. Data indicates that DAVE’s creator is the only liquidity provider on Uniswap V2.</p>



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DAVE token skyrockets 4,400% in 24 hours

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