Lower than 16 hours have handed because the launch of PayPal’s new stablecoin (PYUSD), and opportunists, degens and potential scammers are already trying to money in on the hype with their very own copycat tokens.
In accordance with information from decentralized trade scanner DexScreener, almost 30 new token pairs sporting the ticker “PYUSD” have cropped up within the 16 hours because the announcement.
At present, 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 as we speak and rolling out within the subsequent few weeks, you’ll be capable 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 a wide range of completely different chains together with Binance Good Chain, Ethereum and Coinbases’ latest layer 2 Base.
It’s essential to notice that the actual PayPal USD token was created in November final yr, and might be verified on the following contract deal with.
PayPal explicitly acknowledged that PayPal USD may solely be despatched between verified PayPal and different suitable wallets, making it extraordinarily unlikely that any of the tokens listed with the identical ticker on UniSwap or another decentralized trade are the actual factor.
The most important 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 their 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 explicit token made a barely humorous tackle PayPal’s stablecoin, choosing the title “PepeYieldUnibotSatoshiDoge.” The imposter token has gained greater than 3,000% within the final 4 hours.
It’s price noting that most of the pretend PYUSD tokens listed are doubtless what’s generally known as “honeypots” — which means that when an investor purchases the token, they’re unable to promote, and have successfully given away their crypto.
Associated: Paypal USD: Boon for Ethereum however not decentralization, says group
Until buyers 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 identified 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.
Every week earlier than on July 27, degens crafted up a roster of greater than 50 UFO-themed memecoins as america’ Congress held a listening to the place a whistleblower accused the U.S. authorities of overlaying up alien visitation to Earth.
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