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clipboard One of the hottest meme tokens of early May has turned into one of the worst-performing in the past fortnight .
The value of Shiba Inu has plunged 78 per penny since May 11, in part thanks to Ethereum collapse Vitalik Buterin dealing the pooch token a crushing “ rugpull ” using coins that had been sent to him unasked for.
Shiba tokens were trading for US0.000011c this dawn, down from 0.000035c on May 11. That ’ s silent enough to make to meme coin the No. 29 crypto, with a total value of an astonishing US $ 4.2 billion, on trade volume of US $ 1.4 billion .
The token is supposed to power a “ decentralised meme ecosystem ” including ShibaSwap, a decentralized exchange that has yet to materialise but will be presumably like to Uniswap and SushiSwap .
“ ShibaSwap is undergo security tests, audits and final examination updates to prepare for a safe launching, ” the token ’ s web site says .
The developers of the coin are anonymous but a drawn-out queer published on WordPress used a variety show of clues to tentatively ID them as an iranian software developer ; a peruvian national living in Moscow ; and a spanish national animation in Spain .
The poster accused the developers of lento “ rugging ” the project to the tune of US $ 70 million .
“ Get out, fast ( in my opinion ), ” the drug user wrote .
It was hard to verify any of the writer ’ second claims which are largely circumstantial .
I ’ m distillery holding don ’ deoxythymidine monophosphate get me wrong but this has me slightly worried hypertext transfer protocol : //t.co/8o4BEC1t7O ( metadata section )
— ColeSlaw O_o ( @ the_north_face9 ) May 24, 2021
“ Rugpulls ” have become painfully common in the earth of “ decentralised finance ” ( defi ) tokens, which rely on coins being basically locked in a liquidity pool for trade .
While traditional cryptocurrencies like Dogecoin or Bitcoin aren ’ deoxythymidine monophosphate controlled by developers, with defi tokens the developer broadly retains the winder for the liquidity pool and can drain it at any time, generally rendering the tokens worthless .
The holders of bantam Yeet Token appeared to be victims of a rugpull yesterday, with the coin ’ s social media channels shut down, its web site vanished and its liquidity pool drained .
The mint ’ second subReddit, which has 2,400 “ Yeeters, ” was rife with recriminations yesterday .
“ truly trusted what was happening. Thought this was different. now I don ’ t know what to think. Disappointment and betrayed. Never putting a single dollar to a *hitcoin again, none of them can be trusted, ” one person wrote .
“ If person can come off this legit and silent rug then no community is immune. ”
inactive the Shiba Army appeared to be going solid on social media yesterday, with rapper Meek Mill yesterday tweeted to his 10 million followers that he was buying the meme coin .
I ’ m about to buy some shiba inu coins 💎
— Meek Mill ( @ MeekMill ) May 23, 2021
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