DOGE Copycat Ends Up Getting Rug Pulled As TeddyDoge Crashes 99%

A DOGE copycat ends up getting rug pulled with TeddyDoge crashing 99% in value in the past day so let’s have a closer look at today’s altcoin latest news.

The OG Doge managed to vault into crypto stardom in 2021 alongside the rival Shiba Inu thanks to the push from the TEsla chief Elon Musk but the same cant be said for most copycats. One such is TeddyDoge. According to the reports from PEckshield, the project is a soft rug pull. The deployer of the contract pumped and dumped the native token TEDDY and resulting in a 99% drop in value. The entity behind the latest rug pulls managed to acquire 10,000 BNB tokens and $2 million worth of BUSD stablecoins.

Peckshiedl added that the assets are being transferred to the Binance crypto exchange and it also detected that the DOGE copycat could be related to Half Pizza which is a Binance smart Chain platform that describes itself as a decentralized rewarding autonomous community. The meme coin is a Drac network project on a public chain developed on Ethereum. The DRAC official Twitter account showed that it halted the cross-chain bridge:

“We temporarily closed the cross-chain bridge.”

Right after, another exchange BitMart announced suspending all TEDDY-related features due to technical upgrades. According to DRAC, the team is actively discussing the next steps with BitMart to replace the new tokens with the TEDDY Tokens:

“We are actively discussing the next step with the exchange to replace the new DRAC tokens with TEDDY tokens, for which we are sorry.”

Squid Game was another meme coin inspired by the hit Netflix series “Squid Game” that lost all value in November a year ago in a rug pull. The developers behind the project fled with an estimated $3.38 million worth of funds.

As earlier reported, Dogecoin has a current market cap of $9,131,190,072 with a 24-hour trading volume set at $494,541,797 and the meme coin has a total circulating supply of $132,670,764,300 DOGE coins. The analysts are eying DOGE to breach even higher and the developers launched their recent update which can help enhance the efficiency and performance but also the security of the meme coin. Dust limits were also reduced from 1 DOGE to 0.01 DOGE and the new update on the feed mechanism in place aims to further decentralize the meme coin network.