Less than 16 hours after the launch of PayPal's new stablecoin, PYUSD, opportunists and potential scammers are trying to cash in on the excitement with their own knockoff tokens. According to DexScreener data, approximately 30 new token pairs bearing the “PYUSD” tag have emerged since the announcement.
The real PayPal USD token was created in November last year and can be verified at the contract address below. PayPal has made it clear that PayPal USD can only be sent between verified PayPal and other compatible wallets.
The token produced on Ethereum, the largest imitation PYUSD token, saw $2.6 million in trading volume just minutes after PayPal announced the launch of its stablecoin. Despite rising more than 30,000% in the first eight hours, the token has fallen more than 66% from its all-time high.
It is important to note that if investors can audit smart contracts themselves, most tokens are “pumpkins” and the investor cannot sell the token after purchasing it, effectively donating their crypto. Investors usually learn that the token is a pumpkin when they try to sell their tokens.
Share your comments and thoughts with us!#PayPal#PYUSD #crypto
The real PayPal USD token was created in November last year and can be verified at the contract address below. PayPal has made it clear that PayPal USD can only be sent between verified PayPal and other compatible wallets.
The token produced on Ethereum, the largest imitation PYUSD token, saw $2.6 million in trading volume just minutes after PayPal announced the launch of its stablecoin. Despite rising more than 30,000% in the first eight hours, the token has fallen more than 66% from its all-time high.
It is important to note that if investors can audit smart contracts themselves, most tokens are “pumpkins” and the investor cannot sell the token after purchasing it, effectively donating their crypto. Investors usually learn that the token is a pumpkin when they try to sell their tokens.
Share your comments and thoughts with us!#PayPal#PYUSD #crypto