With new food-themed DeFi tokens popping up every day, the industry is slowly being polluted by pump and dump schemes and 3-digit annual percentage yield (APY) promises. As the trend of food memes continues, the two new DeFi protocols with worthless tokens were Hotdog and Pizza. They are basically clones of other platforms.
Hotdog is a clone of Uniswap, which, like SushiSwap, promised better APY and shares in administrative tokens. Yield farmers flocked to the platform in hopes of similar profits that SushiSwap made.
DeFi Pump and Dump Schemes, would you like Hotdog?
HOTDOG tokens have skyrocketed to $ 6,000 in a matter of hours, according to charts on Uniswap.info. Early users seem to have sold out after the pump, triggering an epic dump that knocked the token back into the dollar in just an hour.
Within 5 minutes, HOTDOG tokens fell from $ 4,000 to $ 1.
Fraud is possible due to the nature of the decentralized Uniswap exchange, which allows anyone to create and list any token. Once he is given a little liquidity with an ETH, the owners can artificially inflate the token price.
Once enough trusting farmers have rushed to the platform and put in the liquidity, the tokens are liquidated, resulting in what just happened to these Hot Dogs. The crypto-community observed the pump and dump live.
Trader Simon Hayes wrote on Twitter:
This $hotdog thing everyone is on about shows that you shouldn’t be tossing money at projects without researching just because uniswap coins are the trend. I’m happy trading the old way on #binance .
Ant what about Pizza?
Another DeFi platform called Pizza Finance offered its liquidity providers up to six-digit returns. The same thing happened with this risky token, only faster. According to Uniswap.info, PIZZA climbed to $ 370 in just two hours before getting back to zero.
Kimchi appears to be still in operation, even though her tokens have dropped 70% a day to just over $ 2. Sushi has a little support from a recent security check from Quantstamp after code issues and time locks in the admin wallet.
SUSHI tokens are at $ 8.70, but it should be noted that smart contracts have yet to be fully audited. At the time of writing, they are seeing a retreat again as the food-themed DeFi cools the influx of liquidity from farmers.
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