Memecoins
Best Memecoin Rugs in 2023
Memecoins have generated much-needed hype to raise millionaires. At the same time, they destroyed investors’ fortunes.
TLDR;
- Memecoins have produced numerous millionaires but have also caused huge losses due to scams known as rugpull.
- WSB Coin, the “unofficial official memecoin of the r/wallstreetbets subreddit,” recently valued at 334 ETH ($649,000) after the team falsely claimed to have no token allocation.
- YODA Coin rallied shortly after launching its token, stealing 68 ETH worth around $130,000 from users.
- Jugs showed promising signs, but it was harsh from the founders and influencers, causing a stir on Twitter. It is important to do thorough research before investing in any memecoin.
Don’t be a victim of Memecoin carpets
Memecoins remain a major source of “generational wealth” in the cryptocurrency industry. These tokens and protocols, designed to mimic different memes or any funny idea captured in an image, have produced numerous millionaires while simultaneously destroying many in the industry.
Recently, $PEPE, $MONG, $WOJAK, $AIDOGE and others have seen huge gains despite having no underlying utility. This is due to the hype in the memecoin ecosystem. Therefore, there have been some cases of scams, otherwise called rugpull.
These scammers took advantage of the memecoin hype and attracted desperate investors looking to turn $20 into millions. This article will look at the latest memecoin carpets, which have paralyzed many investors in the Decentralized Finance (DeFi) space.
WSB Coin ($WSB)
WSB Coin, according to his website, is the “unofficial official memecoin of the r/wallstreetbets subreddit.” The memecoin, built on the Ethereum network, launched on May 2. Despite some controversy, the token launch successfully recorded over $100 million in transactions in the first 24 hours.
The first controversy began with the name WSB. According to multiple reports, the WSB coin was impersonating another protocol, but the team did well to downplay the rumors with Twitter spaces not long before d3ploy detected some questionable activity in the project’s smart contract.
The security firm said that the WSB team received a reward of 334 ETH ($649,000). This came after the team revealed that they had no token allocation, instead reserving 10% of the coins for the subreddit. The team’s statement was refuted by a Twitter user, Eric Cryptoman, after he identified a wallet with 10% of the token supply, dumping the tokens.
The thread above shared more details about the incident. Meanwhile, the token is still active but has dropped significantly. The team also constantly hosts Twitter spaces with the promise of a great week and a potential recovery in the $WSB price. BSC News recommends always doing thorough research before investing in memecoin.
YODA Coin ($YODA)
YODA is another Ethereum-based memecoin that has established itself in a short period of time, despite having some traces of legitimacy. The memecoin, which joined Twitter in May, immediately gained a verified organization badge, a huge following, and teased its token launch on May 4th. Perhaps, this may have raised some question marks about the long-term construction of the protocol. For some, it was probably another quick memecoin pump in the making.
Peckshield revealed memecoin is robust moments after launching its token, by deleting his official Twitter account. According to security platform Web3, the scammer stole 68 ETH from users, worth around $130,000. Furthermore, there were some reports that the platform opened nine different Twitter accounts to also defraud users, enticing them to invest in the pre-sale and earn an airdrop.
You can learn more about the $YODA rug in our recent article.
Jugs ($JUGS)
Like WSB Coin, Jugs has shown promising signs with a lot of hype in the industry. The memecoin attracted so much attention that one Twitter user, Titan, identified the culprits and threatened to take the case to court.
Multiple sources claimed that the Ethereum-based memecoin was corrupted by influencers and that 72 ETH was stolen. Furthermore, through several messages via blockchain, ZachXBT, a renowned on-chain analyst, discovered that the founders and influencers have laid the carpet. In simple terms, everyone was involved.
The Rug Jugs caused quite a stir on Twitter, especially since some top influencers were involved. An on-chain message from the memecoin distributor to ZachXBT revealed the influencers’ dirty scheme.
“If you want to know the truth about Jugs, they all lie. Influencers want the carpet,” the message reads.
Refer to the thread to learn more.
Investing in memecoins is always a risk. Not all memecoins are the next big thing in the industry. Therefore, it is advisable to do thorough research before taking a risk with any memecoin.