While the dreams of investors who expected cryptocurrencies with plenty of zeros to rise much harder once again fell into the water, there were interesting price movements in the Teddy Doge (TEDDY) token. The price of TEDDY, which blockchain security firm Peckshield claims has “rug pull” attributes of the project, has been raised and lowered by the developer, according to Peckshield. According to Peckshield, the name or names behind the “rug pull” made millions of dollars. According to the data received, 10,000 BNB tokens and $2 million worth of BUSD were transferred to the Binance exchange.
Rug Pull is a method in which crypto developers, after increasing the value of their projects, stop trading and disappear with the money they have obtained. With this method, the decentralized finance project is left illiquid and the project team gets lost with the funds belonging to the investors.
As it is known, the bull season, which started at the beginning of 2021, had reached a completely different level, especially with the support of Elon Musk to Dogecoin. While Musk's influence on Dogecoin was greater than expected, there were millions of Dogecoin fans around the world. After the Dogecoin craze, there was a tremendous rise in Shiba Inu and FOMO, which started in September 2021, reached the level of madness.
However, there was another important factor in Shiba Inu's popularity all over the world, which surpassed even Dogecoin: It has plenty of zeros. The 1 quadrillion supply and price are seen as "cheap" by many, and the belief that there will be sharp increases and that it will increase even more in the future. had strengthened. Investors who believed that SHIB would reach $ 1 one day began to make serious investments in this token. Seeing this madness in SHIB, many fraudsters and manipulators created many tokens with plenty of zeros and high supply and promised high returns.