World occasions, hit Netflix exhibits, new memes, and even profitable crypto tasks can all set off the launch of knock-off tokens by creators who’re maybe burning with inspiration – or really feel like pulling the rug out from beneath you.
In fact, it may be arduous to evaluate a brand new undertaking which rides on the coattails of a bigger one. So right here’s what it’s worthwhile to find out about JUMPN [JST] which was on CoinMarketCap’s ‘high gainer’ record at press time.
Do you have to be “JUMPN” with pleasure?
Clearly impressed by the current efficiency of STEPN [GMT] which rallied by greater than 17% in a single day, JUMPN [JST] shortly rose from $0.00016 to barely over $0.0023 in round a day. At press time, nonetheless, GMT was down by 9.63%. However, JST was buying and selling at $0.002313 after capturing up by 125.40% within the final day.
So what’s the largest purple flag related to JST? Effectively, CoinMarketCap did embrace a hyperlink to an internet site which claimed that the Leap Satoshi Token [JST] was a honeypot.
If that’s not sufficient warning for you, take into accounts that the BEP-20 token’s official website included no pictures of the founders, however simply their names and a few illustrated profile footage.
What’s extra, the official JUMPN Twitter account had solely 141 tweets – however joined in March 2012. In the meantime, the token’s official web site was created in early April 2022.
A dime a dozen, actually
Take a second right here to recollect one other token that additionally lately went ballistic. This BEP20 token, aptly named ELON BUYS TWITTER [EBT] went up by greater than 100x in a day. Even at press time, EBT was buying and selling at $0.000001748 after rising by 80.71%. Nevertheless, CoinMarketCap had stopped gathering information in regards to the token by that point.
Whereas the jury may nonetheless be out on EBT and its security, forged your thoughts again to February to recollect sure meme crypto named SHIBA TRON [SHIBT].
When the token rallied by over 1000% in a single day, buyers purchased in, pondering it may be the following DOGE or SHIBA. Nevertheless, PeckShield later reported that SHIBT may be a honeypot as solely chosen customers might promote their property.
For that purpose, these pondering of leaping on the JUMPN bandwagon ought to concentrate on all of the purple flags earlier than opening their wallets.
#SCAM PeckShield has detected that @ShibaTronToken$SHIBT (https://t.co/PXu2lansGB) is #honeypot! Solely whitelisted customers can promote. Steer clear of tokens which have loads of restrictions on transferring or promoting! pic.twitter.com/sRN3sXiz8x
— PeckShieldAlert (@PeckShieldAlert) February 28, 2022