Because the 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 line with information from the decentralized alternate scanner DEX Screener, practically 30 new token pairs sporting the ticker “PYUSD” have cropped up within the hours for the reason that announcement.
Immediately, 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 now and rolling out within the subsequent few weeks, you’ll have the ability to 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 varied 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 handle.
PayPal explicitly acknowledged that PayPal USD might 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 some other 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 title “PepeYieldUnibotSatoshiDoge.” The imposter token gained over 3,000% in 4 hours.
Most of the pretend PYUSD tokens listed are probably “honeypots,” which means that after an investor purchases the token, they can’t promote and have successfully given away their crypto.
Associated: Paypal USD: Boon for Ethereum however not decentralization, says neighborhood
Until traders are able to auditing good contracts themselves, they usually 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 builders 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 greater than 50 UFO-themed memecoins as the USA 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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