Why Are Experts Calling ChainOpera AI (COAI) a Scam?

ChainOpera AI’s native token, COAI, has surged over 70% in the past 24 hours, emerging as the market’s top gainer.

As the coin continues to gain momentum, the market appears divided — while some remain bullish on the altcoin, others are raising concerns about the project.

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COAI Price Skyrockets as Traders Turn Bullish on the Altcoin

The COAI token has staged a major comeback after experiencing a post-all-time high correction. BeInCrypto Markets data showed that the altcoin has pumped 71.39% over the past 24 hours, outperforming the broader crypto market.

COAI’s performance placed it as the highest daily gainer among the top 300 coins on CoinGecko. Furthermore, 77% of the traders maintain a bullish stance on the token. At the time of writing, it traded at $14.

In addition to price, COAI is also seeing broader investor adoption. Despite only being a month old, the token has drawn over 50,000 holders.

“Thanks for the love of our community. Now COAI has more than 50000 holders!” the team posted.

Furthermore, the token has also captured massive interest from the community. Data from analytics platform LunarCrush shows the COAI was mentioned 2,393 times in a single day, marking a 1,308% jump from its usual daily activity.

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A recent analysis of over 2,000 COAI posts indicated that sentiment was driven by three themes: trading opportunity (35%), the Bitget listing (30%), and ChainOpera’s focus on decentralized AI (20%).

“Traders see $COAI as a potential investment opportunity, with many posts highlighting the potential for gains and the project’s focus on AI…..The project’s focus on AI and its integration with blockchain is seen as a positive factor, with many users promoting it as a potential ‘next big thing.’” LunarCrush stated.

Experts Warn COAI Could Be the Next Major Crypto Scam Amid Rapid Rise

Despite COAI’s sharp rise, skepticism remains. Data highlighted that ten wallets hold 87.9% of tokens, raising centralization concerns. Previously, blockchain analytics firm Bubblemaps claimed that a single entity is behind half of the top-earning COAI wallets.

“I thought COAI was just another hype coin, but turns out it was worse- a full on scam in motion. Fake product with a made-up AI story. Fake decentralization….And CEXs helped it by listing this garbage. Retail gets dumped on while insiders walk away rich. It’s time this space stops rewarding frauds,” an analyst remarked.

Another analyst, Viktor, drew parallels between COAI and MYX Finance (MYX), calling the former ‘the top scam of October.’

“I am very much of the opinion that the scale of the scams that are allowed on Binance and Bybit perps is now unprecedented, after seeing M, MYX, AIA and COAI all happen in two months,” he wrote.

While proponents see COAI as a promising project at the intersection of AI and blockchain, critics warn it could be another short-lived hype or worse — a coordinated scam. As debates intensify, only time will tell whether COAI proves its legitimacy or fades as just another cautionary tale in the crypto market.