DogeMother is a honeypot scam that has trapped buyers, according to blockchain security firm PeckShield
According to data provided by blockchain security firm PeckShield, DogeMother, one of countless offshoots of Dogecoin, is actually a scam.
The price of the BNB Chain-based cryptocurrency has collapsed by 91%.
PeckShield urged cryptocurrency investors not to fall prey to the sham.
Ironically, DogeMother was pitched by its developers as “the most caring” new coin that was “unruggable.” It has a total supply of 1,000,000 tokens.
The developers claimed that all decisions would be made by the community.
People were promised to receive guaranteed rewards for purchasing the token.
The project, however, had many red flags. On his official website, he falsely claimed that one could buy his mother a Lambo with the profits from the investment, a promise usually made by scammers.
The Telegram channel of the token is no longer available after an apparent rugpull.
Honeypot scams usually trick users into buying a certain cryptocurrency with big promises only to prevent them from selling. As the name of the scam suggests, their withdrawals are locked into a contract since only whitelisted users are allowed to withdraw their funds. Most of these tokens usually appear on BNB Chain, making it easy to create new tokens with cheap fees.
Even though the memecoin frenzy has completely died down, scammers are still attempting to capitalize on it by luring new investors with dubious tokens that often end up being blatant scams.
As reported by U.Today, PeckShield spotted a copy of Floki Inu that was a honeypot scam.
Fraudsters have also repeatedly tried to take advantage of the popularity of the Shiba Inu token by promoting fake tokens.
