On the date of publication, Brenden Rearick\u00a0<\/i><\/span>did not have (either directly or indirectly) any positions in the securities mentioned in this article.\u00a0<\/i>The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com\u00a0Publishing Guidelines<\/a>.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n
Crypto scams are painful for investors, and it seems they are becoming more common. Why? More people are now embracing digital assets than ever before. As a result, scammers have a sea of targets ripe for the picking. Because of this, investors must be diligent when researching new projects. Promises of big gains might be enticing, but there\u2019s always a possibility that one gets caught holding the bag. Baby Musk Coin<\/strong> (BABYMUSK-USD<\/strong><\/span>) reminds us of this reality today, as the BABYMUSK crypto plunges nearly 100%.<\/p>\n Source: Shutterstock<\/p>\n<\/div>\n As\u00a0InvestorPlace<\/em> contributor Chris MacDonald wrote yesterday, Baby Musk Coin seemed like the big new meme coin to invest in<\/a>. It blends right in next to tokens like\u00a0Shiba Inu<\/strong> (SHIB-USD<\/u><\/strong><\/a><\/span>),\u00a0Dogelon Mars\u00a0<\/strong>(ELON-USD<\/strong><\/span>) and\u00a0Baby Lambo Inu<\/strong> (BLINU-USD<\/strong><\/span>), taking various aspects of these tokens and adopting them for its own project. It blended in so nicely, in fact, that it posted gains of over 30% yesterday alone.<\/p>\n The project has seen pretty wide discussion since its launch at the end of January. Indeed, it first became noteworthy as it raised $2 million through its initial coin offering (ICO)<\/a>. But, there have been plenty of Baby Musk Coin skeptics, and they are looking pretty smart today.<\/p>\n The first warnings came just days after the ICO by Twitter user named @NOSHITCoin_io. The user noted several red flags<\/a>, including the giant BABYMUSK holding by developers and the fact that users can\u2019t sell. As such, the user labeled it a honeypot scheme. They also took CoinMarketCap to task over its listing of BABYMUSK data \u2014 something the project noted in its press release to \u201cprove\u201d legitimacy.<\/p>\n And now, the project is falling apart. The project\u2019s developers appear to have scrubbed all signs of BABYMUSK\u2019s existence; the project\u2019s website<\/a> and Twitter account<\/a> are gone, as is the self-proclaimed \u201cviral Baby Musk Dance video\u201d it posted to promote the project.<\/p>\n Not gone<\/em>, however, is CoinMarketCap\u2019s overview page<\/a> for Baby Musk Coin, which shows the near-100% plummet the token is taking. Crypto auditing firm CertiK<\/strong> tweeted a warning this afternoon of a rug pull scam<\/a>; the team says developers are dumping the crypto into mixers to launder the funds. As a result of CoinMarketCap continuing to showcase the BABYMUSK project, the site is getting a lot of flack from users this afternoon<\/a>.<\/p>\n On Low-Capitalization and Low-Volume Cryptocurrencies:<\/span><\/span>\u00a0<\/span>InvestorPlace<\/span>\u00a0does not regularly publish commentary about cryptocurrencies that have a market capitalization less than $100 million or trade with volume less than $100,000 each day. That\u2019s because these \u201cpenny cryptos\u201d are frequently the playground for scam artists and market manipulators. When we do publish commentary on a low-volume crypto that may be affected by our commentary, we ask that\u00a0<\/span><\/span>InvestorPlace.com<\/span><\/span><\/a>\u2019s writers disclose this fact and warn readers of the risks.<\/span><\/span>\u00a0<\/span><\/span><\/em><\/p>\n![\"A](\"https:\/\/investorplace.com\/wp-content\/uploads\/2021\/05\/crypto-scams-300x169.jpg\")
<\/p>\nBaby Musk Coin Drops Value as Project Falls Apart<\/h3>\n
<\/span>Read More:\u00a0<\/span><\/span>How to Avoid Popular Cryptocurrency Scams<\/span><\/span><\/a>\u00a0<\/span><\/em><\/p>\n