Cryptocurrencies that got here after Bitcoin [BTC] have been a rip-off of the world’s largest crypto. Whereas most emerged as vital belongings, others failed alongside the best way. It must also be famous that a few of these cryptocurrencies have been scammy tasks. Meme crypto cash like Dogecoin [DOGE] grew into immense reputation. The emergence of the crypto meme revolution lured a number of to roll out related joke currencies. Nonetheless, issues all the time don’t go as deliberate.
In accordance with current knowledge compiled by PeckShield, TeddyDoge [TEDDY], a coin impressed by Dogecoin, encountered a pump and dump. The agency famous that TEDDY dropped by 99.4 p.c.
The particular person behind the rug pull acquired away with a whopping 10,000 BNB tokens, and this was value round $2.5 million. Along with this, one other $2 million value of Binance USD [BUSD] was additionally taken.
Following this, many exchanges got here ahead to drop help for the Dogecoin rip-off. BitMart affirmed that it could droop all TEDDY-related options. The venture lastly determined to talk up. In a current tweet, the community mentioned,
Rug pulls taking a toll on OGs like Dogecoin?
People are sure to pour their cash into related tasks by trying on the progress that Dogecoin, Shiba Inu [SHIB], and BabyDoge coin have made. Regardless of their dainty costs, the double-digit surges that have been typically seen have lured many. Nonetheless, most of them appear to be making an attempt to run away with the funds of naive buyers.
Not solely does this trigger buyers loss, but it surely additionally questions the credibility of the crypto trade.
CoinMarketCap revealed that there are greater than 400 meme crypto cash. Nonetheless, only a few have managed to depart a mark. Over the past couple of months, many rug pulls of meme cash have taken the entrance stage.
One of the vital well-known ones was a Squid Sport-inspired crypto. The asset surged to a excessive of $2,856 and dropped to lower than a cent.
Whereas scammy tokens like it will probably emerge, people, are urged to commerce with immense warning.