DOGE, SHIB, PEPE: Investors have lost $ 500 million against the same scams in 2024
Scams involving popular mecoins such as Dogecoin (Doge), Shiba Inu (Shib) and Pepe Coin (PEPE) resulted in more than $ 500 million losses for cryptocurrency investors in 2024. A recent report from the company Crypto-intelligence Merkle Science highlights the way scammers are exploiting social media platforms like X (formerly Twitter) and YouTube to target without distrust, often using sophisticated tactics as social engineering to manipulate victims .
Growing scams in the same space
Samecoins, who are often presented for their viral attraction, have attracted not only legitimate investors but also crooks who seek to capitalize on the growing interest in these tokens. According to Merkle Science, social engineering tactics were at the forefront of the scams targeting investors in 2024.
- Imitations of social media: The crooks used false accounts of celebrity social media such as the French football star Kylian Mbappe and the musical artist Wiz Khalifa to promote fraudulent memecoins.
- Kylian Mbappe scam: A false account imitating Mbappe would have promoted several same, convincing people to invest in wallets controlled by crooks.
- Wiz Khalifa scam: Likewise, a false WIZ token was promoted to Khalifa’s social networks, reaching millions of followers. The market capitalization of the token increased to $ 3.4 million before being “drawn from the carpet”, dropping the value to zero.
Tactics of scam and targeted platforms
Merkle Science’s report highlights the evolutionary nature of these scams, revealing that fraudsters are increasingly diverting the credibility of high -level celebrities to manipulate the market in real time. The main platforms targeted by the crooks are:
- X (formerly Twitter): 75% of all the scams took place on this platform, where the rapid nature of social media allows crooks to quickly gain followers and to promote fraudulent diets.
- Youtube: 19% of scams targeted YouTube, using video content to create trust and deceive.
Samecoin arcs types
The two most common types of scams in the same space are:
- Carpet draw: These scams involve the sudden elimination of liquidity or funds by the creators of a token, which increases the value to zero.
- Wiz Khalifa’s Wiz Wiz Wiz Jeton incident: An excellent example of a carpet, where the token attracted significant attention before being suddenly drawn, leaving investors with valuable assets.
- Phishing attacks: Scammers often send false links, pretending to be legitimate portfolios or exchanges, encouraging users to provide their private keys and other sensitive information.
Same market on the market: Doge, Shib and others
The same as Dogecoin and Shiba Inu have experienced significant price movements in recent months, drawn by wider trends in gatherings in the cryptocurrency market. These parts, often perceived as speculative investments, remain very vulnerable to manipulation.
- DOGE performance: In the past three months, the price of Dogecoin decreased by 34%. However, it remains 206% in the last 12 months, reflecting its volatile but important presence on the market.
Highlights of important history
- Samecoin scams losses: Investors lost more than $ 500 million against the same scam in 2024, according to Merkle Science.
- Scam methods: The most common tactics concerned social engineering, including the identity of celebrities to manipulate the feeling of the market.
- Primary platforms: X (formerly Twitter) represented 75% of scams, with Youtube representing 19%.
- Types of scams: The most widespread scams were carpet prints and phishing attacks targeting popular mecoins like Doge and Shib.
- Doge Price Movement: Dogecoin has dropped 34% in the last three months, but remains up to 206% in the last 12 months.
While scams continue to afflict the Memecoin sector, investors must be cautious and conduct in-depth research before investing in these very speculative cryptocurrencies. The upward trend of the identity of celebrities and scams on social media highlights the need for increased consciousness in cryptographic space.