That crypto influencer's 'guaranteed 10x' pick turned out to be a rug pull

Last month this guy with 200k followers on X kept posting screenshots of his yacht and telling everyone to buy this token called MoonPig. I threw in $150 just to see what happened. Within 6 days the price dropped 94% and the dev wallet drained everything. The guy deleted his account and now his fans are blaming each other in a Telegram group. Has anyone else watched one of these hype cycles collapse in real time or am I just the last sucker standing?

2 comments

2 Comments

adam_baker3d ago

Man, I've been there. The whole "screenshots of the yacht" thing is always the red flag. I lost a couple hundred on some NFT project back in 2021 with the exact same playbook. Check if the liquidity pool is locked next time, that's the big one. If the devs can pull it anytime, it's not an investment, it's a donation. You're not the last sucker, but you're only a sucker if you don't learn from it.

lewis.brian3d ago

You mentioned checking if the liquidity pool is locked, and that's solid advice, but it's not the whole story. A locked LP just means the devs can't rug pull that specific pair, but they can still dump their own massive bag on you. I've seen projects where the LP was locked for five years, but the devs held 40% of the supply and sold it in chunks over a week. That's way worse than a straight rug pull because it looks legit until it's too late. So yeah, check the LP lock, but also check the holder distribution and how much the devs own. If they hold more than 20% of the float, you're still the exit liquidity.