Token of the next gastronomic DeFi project collapsed from $ 4,000 to $ 1 in 5 minutes
Pump-and-dump schemes under the guise of gastronomic tokens continue to proliferate in the decentralized finance space, but their life cycle is getting shorter. Often, other DeFi projects are cloned for this, which, in turn, can themselves be forks..
The latest projects in this series are Hotdog and Pizza. Like SushiSwap, Hotdog is a modified version of Uniswap and intends to attract liquidity providers with promises of unrealistically high returns, up to a million percent per year..
A few hours after the launch, the price of the HOTDOG token on Uniswap rose to $ 6,000. At this stage, market participants who had already stocked HOTDOG started selling. Within an hour, the price dropped to $ 1, and the drop from $ 4,000 took 5 minutes.
Pizza Finance, another DeFi clone, is offering liquidity providers six-figure returns. His fate is not much different from that of HOTDOG. Having risen to $ 370, the token collapsed to near-zero levels.
“I swear this market is worse than Bitconnect,” writes trader Edward Morra. – It happened only in the last day, dozens of similar examples in a month “.
Other projects of a similar nature with longer-term plans are still working properly. SushiSwap, for example, has already collected almost $ 1.5 billion in its pools.
Earlier, community members drew attention to a wallet with $ 27 million in SUSHI tokens, available for free spending by the administration. SushiSwap founder Chef Nomi told Cointelegraph that this is the “developer share” that is used to develop the project as originally intended..
“Indeed, I have complete control over this wallet,” he said. – In theory, I can sell all these tokens, but I don’t see anything reprehensible in this. I’m not hiding anything. I will spend on two audits and grants “.
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