Crypto Scams Gain Traction Amid Memecoin Trading Rally

1. PEPE memecoin trading has revived the memecoin trading sector.
2. This has encouraged unsavory opportunists to launch many scam tokens.
3. As of the last three days, PeckShiedAlert has identified 11 scam tokens.

The recent fuel to crypto, specifically memecoin trading thanks to PEPE over the past week, has led to a significant number of memecoin scams. In particular, PeckShieldAlert announced the discovery and neutralization of 10 meme token scams in just the last three days.

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According to the tweet above, PeckShieldAlert, the free Google Chrome extension detected a series of rugpulls. In detail, these involved 10 meme tokens of which were identified as PEPEDOGE, PEPEC, WOW, MEME, FOUR, LADYS, NEWPEPE, BENZ, BMW, POP, and BOBO.

The tweet says they were created in the last few hours and have since had its liquidity removed. Adding on, the tweet says the scammers had initially put in 3.47 ETH as funds from MEXC. This pumped the token price which created the illusion of a pump just to have the pool drained after.

In related news, Zerohedge shared an article that put together crypto statistics to visually represent all the failed crypto coins since 2013. The data goes on to show crypto coins that were either abandoned or didn’t make it past the first phase of their plans till 2022. 

This visualization shows how many crypto coins failed due to an ICO failure or were short lived or abandoned and have no volume. It also represents crypto coins that ended up being scams or were created as a joke or for amusement. 

According to the data, 2009 had very few such failed crypto coins while the number peaked in the year of 2018 when the crypto market was thriving. It seems since then, the crypto market as a whole has wised up as the number has dropped once again over the past three years. 

It may be true that some ‘opportunists’ try to take advantage of a ‘crypto rush’ to bamboozle the masses. However, it is also important to know that the market and its people have gotten wiser and are less susceptible to fall for these schemes. We have many entities protecting and guiding us to make better, more informed decisions. Stay vigilant.

Read also:

• Gary Gensler-Inspired Memecoin Pumps 1,700%
• Ethereum’s Memecoin Frenzy: PEPE and WOJAK Soar
• PEPE Sparks Memecoin Trading Interest, New Challenges Emerge
• Ben “Bitboy” Armstrong Promotes Memecoin Named BEN
• This Cat-Inspired Token Kitty Inu is Challenging the Status Quo of Memecoins