Every day, scammers are launching rug pulls on Solana, fooling even seasoned memecoin traders. Here's how you can protect your funds and avoid falling into their trapsđ
PumpFun & The Rise of Memecoins
- PumpFun is Solana's go-to platform for creating and buying memecoins with ease.
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- As the platform grows, so do the number of scammers using it to trick traders.
The Sophisticated Scam Schemes
- Scammers create tokens that appear legitimate, with no suspicious wallets and minimal dev holdings.
- After a token gets pumped, bots create fake trading volume, fooling traders into buying in.
- Even tools like @bubblemaps might not detect these scams due to the clever use of bots and identical wallet transactions.
Key Red Flags to Spot
- Low Activity: If a token's PumpFun page has little to no genuine interaction, be wary.
- Bot Comments: Watch out for comments filled with meaningless phrases, often posted by bots.
- Suspicious Wallets: Scammers often use wallets that were just topped up from centralized exchanges or mixers on the day of the token launch.
Stay Vigilant & Protect Your Funds
- Always double-check token activity and beware of sudden pumps that seem too good to be true.
- Use this knowledge to navigate the memecoin landscape safely and avoid becoming a victim of rug pulls.
