Scams involving cryptocurrency are painful for investors, and they appear to be on the rise. Why? More people than ever before are adopting digital assets. As a result, con artists have a plethora of targets to choose from. As a result, when studying new ventures, investors must be thorough. Promises of large profits may be appealing, but there’s always the risk of being left holding the bag. Today, the BABYMUSK crypto (BABYMUSK-USD) reminds us of this fact, as the BABYMUSK crypto drops about 100%.
Baby Musk Currency appeared to be the great new meme coin to invest in yesterday, as InvestorPlace contributor Chris MacDonald explained. It sits comfortably with tokens such as Shiba Inu (SHIB-USD), Dogelon Mars (ELON-USD), and Baby Lambo Inu (BLINU-USD), adapting various parts of these tokens for its project. It fit in so well that it gained over 30% only yesterday.
Baby Musk Coin Drops Value as Project Falls Apart
Since its inception at the end of January, the initiative has generated a lot of buzz. Indeed, it sprang to prominence after raising $2 million through an initial coin offering (ICO). However, there have been many Baby Musk Coin critics, and they are now looking very savvy.
The initial warnings came from a Twitter user dubbed @NOSHITCoin io just days after the ICO. The user pointed out various red flags, including the developers’ big BABY MUSK and the fact that users cannot sell. As a result, it was dubbed a honeypot scam by the user.
They also chastised CoinMarketCap for listing BABYMUSK data, which the project claimed was done to “establish” its legitimacy in a press release.
The project is currently on the verge of collapsing. The project’s developers appear to have removed all traces of BABYMUSK’s existence, including the project’s website and Twitter account, as well as the project’s self-proclaimed “viral Baby Musk Dance video” that it produced to advertise it.
CoinMarketCap’s overview page for Baby Musk Coin, which reveals the token’s near-100% drop, has not vanished. CertiK, a crypto auditing business, issued a warning about a rug pull fraud this afternoon; the team claims developers are dumping coins into mixers to launder the profits. CoinMarketCap is receiving a lot of criticism this afternoon due to their continued promotion of the BABYMUSK project.