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Dogecoin clone turns out to be a rug pull

Dogemoon, Dogelon Mars, Dogefather, Dogeking, and, for soda fans, Dogecola or Dogepepsi: the tail end of Dogecoin, the popular meme coin with the cuddly Shiba Inu design, is not only long.

By Finst News
• 2 min read
Dogecoin clone turns out to be a rug pull

Dogemoon, Dogelon Mars, Dogefather, Dogeking, and, for soda fans, Dogecola or Dogepepsi: the tail end of Dogecoin, the popular meme coin with the cuddly Shiba Inu design, is not only long. But also very risky for new investors. There are often clever scammers behind the projects. The most recent example: Teddy Doge.

Dogecoin spin-off unmasked

The name might have given it away, but for those who doubted: Teddy Doge is the latest scam coin used to skim money from people's pockets and directly stash it in the owners' wallets.

The cryptocurrency has proven to be a classic rug pull, as PeckShieldAlert announced on Twitter. According to the report, the developer or developers "used the contract and transferred a large amount of Teddy, then pumped and dumped the price." Meanwhile the token is about 99 percent in the red.

A lucrative affair: according to the blockchain security company, the fraudster has amassed 10,000 BNB tokens — the equivalent of $2.5 million — and two million dollars in the stablecoin BUSD.

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