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Scam cash are driving the wave of meme coin mania led by PEPE coin frenzy. PeckShield has detected 24 rip-off meme tokens inside the final 10 that rug pulled their buyers.

Scammers appear to have taken the chance of meme coin mania to create and liquidate their faux tokens and drain hundreds of thousands of {dollars} of buyers. According to the PeckShieldAlert analysis, there was an enormous spike in meme coin rug pulls within the final 10 days.

These meme cash rug pulled their buyers

PeckShield listed 24 faux meme tokens, together with BENS, PSYOP, FOG, TINDER, and WorldCoin that had their liquidity eliminated within the final 10 days. These all tokens emerged from the continuing meme coin mania as these phrases trended on social media for some cause or one other. SEI token, which was created earlier right now, has already had its liquidity eliminated.

PeckShield reported that SEI token scammers initially funded 5.19 $ETH from OKX trade, pumping the token’s worth to lure buyers after which draining the pool.

Bitcoin pizza day launched a slew of pretend cash

Fake token’s issuers profited over $200,000 from pizza-related rug pulls on the thirteenth anniversary of Bitcoin Pizza Day. The pizza day is well known as it’s thought of the primary ever business bitcoin transaction. Around 14 pizza-related meme cash had been issued a day earlier than the Bitcoin Pizza Day and most of them turned out to be scams, as per dextool. PeckShield additional warned to not fall for the newest created token BEREAL.  

Jai Pratap is a Crypto and Blockchain fanatic with over three years of working expertise with totally different main media homes. His present function at CoinGape consists of creating high-impact net tales, cowl breaking information, and write editorials. When not working, you will discover him studying Russian literature or watching some Swedish film.

The introduced content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.