Dogecoin mimic DogeMother was exposed as a honeypot scam by the blockchain security company PeckShieldAlert.
As per the date given by PeckShield through one of its tweets, DogeMother, the Dogecoin impersonator, ended up being a scam coin.
The BNB based token dropped 91%, leaving investors puzzled. PeckShield warned the users not to fall prey to it and stay away from scammy coins.
The makers boasted DogeMother as an “unruggable” project. The developers stated that the community would make all decisions.
They also mentioned that the token purchasers would receive guaranteed rewards.
DogeMother’s journey
DogeMother wrote on its website that it was “Started with a meme, growing with a love and care.” It emerged out of a love for meme coins.
DogeMother has a total supply of 1,000,000 tokens. But this project had numerous flaws.
DogeMother made a misleading claim on the company’s official website. They wrote that the investors could buy their moms Lambos with profits made from investing, a promise typical of scammers.
Due to an apparent rug pull, the Telegram channel for the token is no longer available.
It added on its website, “Welcome to best pump out there (warning: might be better than your mom’s hugs).” Ironically, it was a pump and a slow rug.
Rising honeypot scams
In honeypot scams, users are typically tricked with big promises into buying a cryptocurrency only to be unable to sell it.
As their name implies, withdrawals get stuck in a contract since only whitelisted users can withdraw their funds. Typically, scammers create such tokens on the BNB Chain, where cheap transaction fees make creating new tokens easy.
Despite the complete decline of the memecoin frenzy, scammers are still trying to capitalize on it by trying to entice new investors with dubious tokens that often turn out to be heinous scams. The only way out is to stay away from shady projects.