Meme Coin Scammers Make Over $200K in Rug Pulls on Bitcoin Pizza Day

Meme Coin Scammers Make Over $200K in Rug Pulls on Bitcoin Pizza Day

On the 13th anniversary of Bitcoin Pizza Day, meme coin traders faced disappointment as rug pulls led to losses of over $200,000 in pizza-related tokens.

Meme Coin coin traders poured financial resources into plenty of pizza-related crypto tokens on Monday as rug pulls put a dampener on the anniversary of the 1st buy made with bitcoin.

Bitcoin (BTC) Pizza Day has taken a negative turn, with meme cryptocurrency issuers profiting over $200,000 from pizza-related rug pulls on the 13th anniversary of what’s thought to be the 1st commercial Bitcoin (BTC) transaction.

Reports by data from dextool’s “live new pairs” section, there has been 14 pizza-related meme cryptocurrencies announced in the past 24 hours. Four have been confirmed as rug pulls, or schemes in which money is stolen from investors through any of a number of techniques. And at least 5 others are suspected of being so- was known honey pots, in which an investment can be sold only to the contract founder, and purchasers are left holding crypto tokens they can’t get rid of.

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Bitcoin (BTC) Pizza Day is marked on May 22. It dates back to 2010, when computer developer Laszlo Hanyecz purchased two pizzas for 10,000 bitcoin.

The 1st meme cryptocurrency was pizza coin (PIZZA). It lasted for just eight minutes before developers altered the price of sell tax so that investors were unable to divest their holdings. A total of 34 traders purchased the crypto token with a total loss of 0.9892 Ethereum (ETH) ($1,800).

Seemingly unperturbed, investors then flocked to crypto tokens named Bitcoin (BTC) pizza and pizza inu, ending up with losses of greater than $12,000 in total.

Ethpizza and bpizza followed, with the previous reaching a $40,000 market capitalization and the latter soaring to greater than $100,000. Both crypto tokens became unsellable after the contract owner paused transfer and sales.

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There are numerous ways in which developers can “pull the rug” on projects, one of which is by adding a modifiable sell tax to the smart contract. That gives the contract owner the  potential to raise the tax so high that it makes the crypto tokens unsellable. An alternative – and more common – approach is for a smart contract owner to hold the vast bulk of a crypto token, waiting for the price to boost before selling the crypto token into freshly formed liquidity from unsuspecting investors.

The appetite for investors to buy the crypto tokens, all of which have no fundamental value, spawned out of the past few ” meme cryptocurrency mania” following pepe’s momentous boost to a $1 Billion market capitalization. Investors appear to be hoping to catch the following hype-fueled crypto token in a market that has unlimited downside risk.

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Sheldon Reback.


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