Nearly 30 tokens sporting the PYUSD ticker have been created in the 16 hours since PayPal announced the launch of its new PayPal USD stablecoin.
that PayPal USD could only be sent between verified PayPal and other compatible wallets, making it extremely unlikely that any of the tokens listed with the same ticker on UniSwap or any other decentralized exchange are the real thing.
The largest imposter PYUSD token, minted on Ethereum, has seen a staggering $2.6 million in trading volume since its inception just minutes after PayPal announced the launch of their stablecoin.Despite surging more than 30,000% in the first eight hours, the token has since plummeted more than 66% from its all time high.
One particular token made a slightly humorous take on PayPal’s stablecoin, opting for the name “PepeYieldUnibotSatoshiDoge.” The imposter token has gained more than 3,000% in the last 4 hours.It’s worth noting that many of the fake PYUSD tokens listed are likely ” — meaning that once an investor purchases the token, they are unable to sell, and have effectively given away their crypto.Unless investors are capable of auditing smart contracts themselves, they often will not find out the token is a honeypot until they try to sell their holdings.
Degens have been known to race to mint new memecoins to capitalize on trending stories and developments.A week before on July 27, degens crafted up a roster of
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