For the reason that launch of PayPal’s new stablecoin (PYUSD), opportunists, degens and potential scammers are already trying to money in on the hype with their very own copycat tokens.
In keeping with knowledge from the decentralized alternate scanner DEX Screener, practically 30 new token pairs sporting the ticker “PYUSD” have cropped up within the hours because the announcement.
As we speak, we’re unveiling a brand new stablecoin, PayPal USD (PYUSD). It’s designed for funds and is backed by extremely liquid and safe belongings. Beginning right this moment and rolling out within the subsequent few weeks, you’ll be capable of purchase, promote, maintain and switch PYUSD. Study extra https://t.co/53RRBhmNHx pic.twitter.com/53ur2KmjU7
— PayPal (@PayPal) August 7, 2023
The look-alike tokens have been minted on numerous chains, together with BNB Good Chain, Ethereum and Coinbases’ latest layer 2, Base.
It’s vital to notice that the actual PayPal USD token was created in November 2022 and might be verified on the following contract address.
PayPal explicitly stated that PayPal USD may solely be despatched between verified PayPal and different appropriate wallets, making it extraordinarily unlikely that any of the tokens listed with the identical ticker on UniSwap or another decentralized alternate are the actual factor.
The biggest imposter PYUSD token, minted on Ethereum, has seen a staggering $2.6 million in buying and selling quantity since its inception simply minutes after PayPal introduced the launch of its stablecoin.
Regardless of surging greater than 30,000% within the first eight hours, the token has since plummeted greater than 66% from its all-time excessive.
One specific token had a barely humorous tackle PayPal’s stablecoin, choosing the identify “PepeYieldUnibotSatoshiDoge.” The imposter token gained over 3,000% in 4 hours.
Most of the pretend PYUSD tokens listed are likely “honeypots,” that means that when an investor purchases the token, they can’t promote and have successfully given away their crypto.
Associated: Paypal USD: Boon for Ethereum but not decentralization, says community
Except traders are able to auditing good contracts themselves, they typically won’t discover out the token is a honeypot till they attempt to promote their holdings.
Degens have been recognized to race to mint new memecoins to capitalize on trending tales and developments.
On Aug. 3, nameless developers created an “LK-99” token in a bid to money in on the superconductor craze.
Per week earlier than, on July 27, degens crafted up a roster of more than 50 UFO-themed memecoins as america Congress held a listening to the place a whistleblower accused the U.S. authorities of protecting up alien visitation to Earth.
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