Crypto social media has gone abuzz with the story of a woman who invested $10 in a memecoin, and made a staggering $242,000 but was unable to withdraw due to liquidity issues. The story reflects the highly volatile nature of memecoins, and how unsuspecting investors can fall to scams without due diligence.

Woman Gets Rugged on CHILLGIRL?

In a video shared on X by crypto trader and investor, Dubzy, the lady shared her story about losing $242,000 after investing in the memecoin CHILLGIRL.

According to her, her $10 investment quickly turned into six figures reaching $242k in just one hour. However, she was frustrated when she found that she couldn’t swap the token for Solana because of a lack of liquidity in the project.

Consequently, her “profit” vanished as investors began selling their investments to cash in on accumulated gains. She described her emotions as “sickening,” likening it to that of individuals who cry when they experience losses in financial activities.

Woman invests $10 into memecoins and loses $240,000Welcome to crypto pic.twitter.com/ApmTeC4geg

— dubzy (@dubzyxbt) November 25, 2024

The CHILLGIRL token was created to mimic the CHILLGUY coin. CHILLGUY is a memecoin on the Solana network that portrays calmness and simplicity. The coin is represented by the viral meme of a relaxed dog.

Memecoin developers often copy existing successful projects and launch them on decentralized exchanges, attracting a pool of investors only to rug them in the end.

Community Reacts

Meanwhile, the video, which was viewed by over a million people, attracted lots of comments and reactions. Several users noted that it was a honeypot scam. In this type of scam, developers use smart contracts to create wallets that only allow buying and not selling of the specific token.

The developers bait unsuspecting investors into interracting with the fraudulently configured wallets, making them invest their funds while preventing withdrawals.

Another user, Cypress Demanincor, expressed concern about the ripple effect and stain such incident leaves on the entire crypto market. He said, “This video that started trending is exactly why the masses think and will continue to think crypto is a scam.” He noted that she would have looked for a coin that has long-term prospects rather than looking for a “quick fix.”

Meanwhile, other users tried to remind her that she didn’t lose $242k, rather she lost the $10 that she put into the coin because the price surge wasn’t real in the first place.

Ultimately, the incident highlights the importance of information and due diligence before investing in cryptocurrencies. Investing in tokens with proper roadmaps and prospects is essential to prevent or mitigate losses.

The post Woman Flipped $10 Memecoin Investment Into $242k But Couldn’t Withdraw, Here is What Happened appeared first on Coinfomania.