Memecoins went from an unnoticed and strange niche to an enormous gambling drive that made individuals millionaires overnight, thanks to hype and hysteria.
PEPE coin is the latest sensation that has piqued the interest of some of the most voracious degens in space.
As FOMO engulfed the market, a specific frog-themed coin rose to dizzying heights. The latter, on the other hand, is a scammer’s best friend.
Crypto There are numerous stories on Twitter about how early PEPE coin investors became millionaires overnight.
While PEPE did bring about a meme coin renaissance, it also set off the creation of a slew of scam tokens over the last week.
PeckShield, a blockchain security firm, discovered at least ten meme coin scams, including PEPEDOGE, PEPEC, WOW, MEME, FOUR, NEWPEPE, BENZ, BMW, POP, and BOBO.
The creators of the flagged scam token are accused of removing liquidity and duping unaware investors.
Scammers are also attempting to prey on PEPE investors. CertiK, a cybersecurity firm, gave a warning last week about a fraudulent PEPE site that claimed to provide rewards and warned that the website is linked to a phishing contract.
Fraudulent accounts have also penetrated the meme coin’s official community Telegram group, posting random links in an effort to redirect users to fake websites.
The token’s creators have repeatedly urged the community to be cautious and avoid connecting their wallets to suspicious pages which claim to provide airdrops, staking, asserts, mints, raffles, and giveaways, among other things.
Regardless of being praised by Twitter CEO Elon Musk, who recently shared a meme with PEPE the Frog on his Twitter handle, the meme coin sparked a number of debates.
For example, the US cryptocurrency exchange Coinbase sent out an email newsletter to its customers in which it described the PEPE meme as a “hate symbol” co-opted by alt-right groups.
This sparked a firestorm of criticism on Twitter, and the hashtag #deletecoinbase briefly trended on the social media site.
The newsletter has since been revised, and Coinbase’s chief legal officer, Paul Grewal, has apologized for the error.
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