Baby Musk Coin has lost nearly all of its value as a result of a rug pull. The token raised $2 million in its initial coin offering and vowed to revolutionize meme coins.
The Baby Musk Coin, named after Elon Musk, looks to be on the cusp of a collapse, with its value has dropped by about 100%. Deployer wallet is the wallet that created/deployed the contract of the token. In this case, that wallet owns 50% of the tokens. If they decide to sell it they will empty liquidity, even if it’s locked. Investors lose everything.
The project raised about $2 million during its initial coin offering (ICO) in early February 2022. The initiative’s developers went to considerable measures to make the token look legitimate, saying that their goal was to “revolutionize the meme industry.” The Baby Musk Coin website, which is no longer active, included a roadmap describing the project’s future goals.
When the coin was released, its price surged, and the apparent CEO, Grant Liu, declared that it was “just the beginning.” The idea includes features such as an index fund and a “Baby Musk Swap.”
This is the latest in a series of heists that have lately hit the cryptocurrency market. From Squid Coin, based on the famous TV show Squid Game, to fraudulent Banksy NFTs, scammers have utilized popular culture to prey on unsuspecting victims.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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