According to data from DEXTool, there have been 14 pizza-related memecoins released on the market over the past 24 hours. However, at least 4 of them were known as rug pulls or have signs of stealing money from investors. And at least 5 others are suspected of being so-called “honey pots”, in which participants are only able to sell tokens to contract creators.
Bitcoin Pizza Day is one of the major milestones of the crypto market. On May 22, 2010, Bitcoin was used to buy real-life products for the first time. At that time, with the desire to demonstrate Bitcoin’s potential also as a currency for everyday transactions, Laszlo Hanyecz – a computer developer, also one of the first BTC miners, decided to spend up to 10,000 BTC to buy 2 pizzas.
As time went on, the Bitcoin Pizza Day event became so symbolic for the entire crypto community that it is celebrated with dedicated events every year. This year, the Bitcoin Pizza Day turned sour as many memecoins flagged rug pulls were launched.
The first memecoin in the rug pull list was PIZZA. It only lasted for 8 minutes before developers altered the rate of sell tax so that investors were unable to divest their holdings. A total of 34 traders bought PIZZA and suffered a loss of 0.9892 ETH ($1,800 USD).
The next was Bitcoin Pizza and Pizza Inu, which took away more than $12,000 from investors. Followed by ETHPIZZA and BPIZZA, with market capitalizations of $40,000 and $100,000 respectively, have also caused significant losses to traders.
The crypto market has great potential, but it also comes with high risks. Crypto users should always be vigilant and research carefully before making any investment decision.