Trouble In Financial Paradise: A $60 Million Alleged Dog Coin Rug Pull

It’s all exciting when we joke around meme coins price springing so high. We see it as a joke money forgetting we can also get joke rug pull. This meme coin craze is causing a lot of people to FOMO. You know that feeling of missing out on being an early investor on bitcoin, then there came the canine coin which was supposed to be a joke towards bitcoin. Yeah you are right I was talking about Dogecoin.

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Few years ago, as a matter of fact 2 years ago no one really cared about Dogecoin. But for some lucky weird reasons some people bought Dogecoin and held it before the popularity of the coin. Fast forward to the the ending of 2020 and the beginning of 2021, Dogecoin was the star in the midst of other cryptocurrencies. It was looking like a stepping stone became the corner stone type of story. Everybody wanted to join in the meme coin craze and lots of people bought a lot. I bought too, I didn’t want to miss out also. We are all here to make money. The cryptocurrency,Dogecoin, got the full support of the wealthiest man in the world, Elon Musk. I bought more for that reason.

All of a sudden, there came shiba Inu, the supposed coin to over take Dogecoin. Well it did in market capitalization. Suddenly we started seeing people switch their attention from doegecoin to shiba Inu. I mean that’s life, everyone is always trying to make the best gain. We all saw testimonies of how lots of people have made millions of $$$$ buying these coins early, sometimes you begin to wonder, when will I be lucky enough to buy a coin so early it will make me a millionaire by making me millions of dollars.

The quest for early meme coin searching and the latest canine dog(since it looks like that’s the specie coin that makes people rich) coin began.

The latest dog coin that got people pumping their money was the AnubisDAO. Which was supposed to be a fork off the OlympusDAO. It’s ridiculous how desperate people are right now due to FOMO. This is the major disadvantage of FOMO. Scammers are seeing that Dog inspired coins is what attracts naive investors into pouring their hard earned money into. So they use that as a bait.

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How do you invest on a coin that has no website just discord server and Twitter account. Don’t get me wrong am not saying a project with a website can’t rugpull. But not having a website is supposed to be an early red flag for you.

Investors decided they were going to make millions of dollars by pouring a total of $60 Million into this project to get ANKH tokens. But unfortunately the developers vanished with the money by transferring the liquidity in the pool to another address. Different investors have been showing their regrets through tweets.

Bounties has been placed on the developers of the AnubisDAO, angry investors are working with the police to apprehend these guys. These developers are just sitting in their homes $60 Million richer.

In investing in meme coins, aside Dogecoin, I don’t trust any dog coin, that was the reason I didn’t invest in shiba Inu. I’m not regretting that even though the profit is outrageously high right now. I also don’t invest in meme coins that have just telegram and discord as a means to communicate and interact with their investors. I don’t trust meme coin with complete anonymous developers. This is because when they vanish, you don’t have any body or a facial proof to hold responsible. And lastly I don’t believe in the next bitcoin,Ethereum or Dogecoin killer project. I believe in having a unique use case and working towards that.

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2 comments
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You don't invest in dog coins, but lion "Cub" coins are alright? lol just kidding. Glad shiba has a real project around it, I think that is the most important thing. I don't think the logo, or mascot is the most important thing when deciding in a coin to invest in, it's the community. Like you said that other coin didn't even have a website, obvious scam, the first thing I always do is check for a website at least.

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Wow. That's one bad news. I feel sorry for them. And you're right. The only coins i may invest in aside LEO, HIVE and POB is Dogecoin. Powerful backing right here. I know no other coins asides the ones mentioned above. 😅

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