Fake MemeCoins Rug Pull Happens Frequently, Beware Of Scams

Key Points:

• The rug pull phenomenon is happening more and more often after the memecoin became a big hit.
• The fake memecoin tokens were created 3 hours ago and just cleared the liquidity. The scammers initially raised 3.47 ETH from MEXC.
• Recently, $PEPE, $MONG, $WOJAK, $AIDOGE, etc., recorded huge gains despite no core utility.

Security firm PeckShieldAlert tweeted that a series of Rug Pulls were discovered in the past three days, related to 10 fake Memecoin scams.

According to data from security company PeckShieldAlert, a series of EPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, and BOBO tokens were created 3 hours ago and just cleared liquidity scammers. The island initially raised 3.47 ETH from MEXC – still the same old trick. The scammers will pump the token price to trick people and then deplete the funds.

The LADYS token is also becoming the focus of scams after the NFT Milady collection got hot again following a share yesterday by an influential billionaire in the crypto market Elon Musk.

The data system records the scammers who just created the LADYS token a few minutes ago. Therefore, investors need to raise their vigilance so as not to fall into the trap.

Memecoins remains one of the primary sources of “generational wealth” in the crypto space. These tokens and protocols, designed to mimic some meme or any humorous idea captured in an image, have created countless millionaires and simultaneously bankrupted many in the industry.

Recently, $PEPE, $MONG, $WOJAK, $AIDOGE, etc., recorded huge gains despite no core utility. This is due to the hype in the memecoins ecosystem. Therefore, this is an excellent opportunity for the bad guys to trap. These scammers have negatively exploited the hype of the memecoins and enticed desperate investors looking to turn a few tens of dollars into millions of dollars.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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