As gotten from the blockchain security firm, PeckShield the Dogemother, one of the countless dogecoin offshoots is a scam.
This was gotten from the price of the BNB chain –a chain which has just been collapsed by 91%, because of this the PeckShield has advised the cryptocurrency investors not to fall prey to the sham.
Ironically, DogeMother was pitched by its developers as “the most caring” new coin that was “undruggable.” It has a total supply of 1,000,000 tokens.
Read also: The Meme Cryptocurrency Dogecoin Escalated To More Than 9%
The developers claimed that all decisions would be made by the community. People were promised to receive a reward for buying the token. The project is having a lot of red flags which needed to be considered before you go into it ignorantly. Checking its official website, it deceptively claimed that one would be able to buy his or her mom a Lambo with the profits made from investing, this was strictly made by scammers. Presently at the time of the writing of this news its telegram channel is not functioning anymore after an apparent rug pull.
Honeypot scams deceive people into buying a certain token with huge promises only to prevent them from selling. As the name of the sham suggests, their withdrawal gets stuck in a contract since the whitelisted users are allowed to withdraw their funds. Most of the tokens typically appear on the BNB chain, which allows easy creation of new tokens because of cheap fees. Despite that the meme coin frenzy has died down, the scammers are still trying to make the new investors enter into the mess again.
As reported by U.Today, PeckShield spotted a Floki Inu copy that was a honeypot scam.
Fraudsters have also repeatedly tried to take advantage of the popularity of the Shiba Inu token by promoting fake tokens.