Don’t invest in meme coin ‘$PUN’ , SEC warns
Agency Report
The Securities and Exchange Commission (SEC) has issued a stern warning to the Nigerian public regarding the ongoing unauthorized presale of a cryptocurrency called Punisher Coin, also known as $PUN.
The Commission, in a public notice published on its website, disclosed that Punisher Coin is being advertised through various online platforms despite not being registered or approved for public issuance in Nigeria.
“The promoters or issuers of ‘Punisher Coin’ aka ‘$PUN’ are NOT REGISTERED to operate in any capacity in the Nigerian Capital Market,” the SEC stated.
According to preliminary investigations by the Commission, $PUN is classified as a meme coin, a category of digital assets typically known for their lack of tangible utility, intrinsic value, or supporting projects.
The value of such coins is often driven by hype, social media buzz, and promotional activities, making them especially prone to market manipulation.
The Commission noted that meme coins like $PUN are frequently associated with pump and dump schemes.
These schemes involve promoters artificially inflating the price of a coin through misleading or exaggerated claims, only to sell off their holdings once the price peaks, leaving retail investors with steep losses once the hype dies down.
“Any person who invests in the scheme does so at his/her own risk,” the SEC warned.
