$gm is (currently) a spoof project that began as an opportunistic approach to extract every bit of value from the already-competitive memecoin economy. We all know Doge as the first mover and Shiba Inu as its derivative, but there have recently been breeds of animal-based and other tokens promising the Moon, Mars and Lambos. Most of these projects are scams feeding off of ignorance and greed (which usually go hand-in-hand as FOMO), with no trading liquidity, resulting in some users holding bags they can never dump.
The $gm token was initially shilled by the infamous Twitter personality Eric Cryptoman on November 9.
Bought $GM because it's the first GM meme coin I've seen. Moon or doom.— Eric Cryptoman (🐶 , 🐶) (@EricCryptoman) November 9, 2021
Liquidity is locked, just launched. around $1.2m market cap (half supply is burnt so dextools shows x2)https://t.co/VUJOsE5MNrhttps://t.co/0xbrLlmRUV pic.twitter.com/AvUHWy6U9E
The project’s main selling point is capturing tier-2 exchange listings early on for liquidity fed by aggressive influencer shilling. The project website has only limited information: “We are all human, no matter what race, gender, or sexual orientation, we all wake up and say “good morning”. Saying good morning is more than just two words, it has ushered a worldwide movement. When you wake up you say gm and when you see others you say gm. It is our goal for 'gm' to be a supportive environment that is inclusive to all people.”
The token had a significant surge on November 11 when it clocked $40 million worth of volume on Uniswap with just 349 transfers, which appears unnatural. That was enough to get the attention of some YOLO traders and moonbois.
The project’s Telegram channel is heavily botted, like in many other likely-scam projects. Although the project has 28K followers on Twitter, they are hidden, and further digging into the account’s tweets reveals most of the accounts liking and commenting on content related to them and their shillers. Unless the project turns its image around, everything about $gm is evidently sketchy right now—the true definition of ngmi.