Following the introduction of PayPal’s latest stablecoin (PYUSD), numerous opportunistic individuals have already emerged to take advantage of the excitement by launching their imitation tokens.
The Rise Of Fake PYUSD Tokens
According to data from DEX Screener, a decentralized exchange scanner, almost 30 new token pairs with the “PYUSD” ticker have sprung up within hours of the announcement.
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These imitator tokens have been created on various blockchain networks, including BNB Smart Chain, Ethereum, and Coinbase’s latest layer two solutions, Base.
Notably, the original PayPal USD token surfaced in November last year and can be authenticated through a specific contract address.
PayPal has cited that PayPal USD can solely be transferred between verified accounts and compatible wallets. As such, it’s unlikely that any token on UniSwap or other DEXs with the same ticker is real.
Image Source: Twitter
One of the most significant imposter tokens developed on the Ethereum network has recorded an astonishing $2.6 million in trading volume since its launch. This occurred just minutes after PayPal revealed its stablecoin.
However, despite experiencing an initial surge of over 30,000%, the token’s value has dropped by more than 66%.
Interestingly, one token adopted a slightly humorous approach to PayPal’s stablecoin, calling itself “PepeYieldUnibotSatoshiDoge.” This imposter token gained over 3,000% in value within four hours.
Many counterfeit PYUSD tokens listed are likely “honeypots,” meaning that once an investor acquires the token, they cannot sell it, effectively losing their crypto assets.
Most investors who cannot audit smart contracts themselves may only discover that the token is a honeypot when attempting to sell their holdings.
Other imitative crypto approaches
Such speculative behavior is common among “degens,” who are known to rapidly create new meme coins to capitalize on current trends and developments.
For instance, on Aug. 3, anonymous developers introduced an “LK-99” token to take advantage of the superconductor craze.
Just a week before, precisely July 27, degens launched a collection of more than 50 UFO-themed meme coins in response to a United States Congress hearing where a whistleblower accused the government of covering up alien visitations to Earth.
Grusch acknowledged the limitations of providing detailed answers due to classified information during the hearing.
However, he revealed that the United States government possesses “non-human” spacecraft.
According to Grusch, sources within the Pentagon who are still engaged in the UAP program reported the discovery of “non-human biologics” onboard these unidentified crafts.
