• TeddyDOGE, a Dogecoin copycat, got rug pulled and lost 99.5% of its value overnight. 
  • A blockchain security firm identified the event as a soft rug pull – 10,000 BNB and 2 million BUSD were stolen from the protocol. 
  • Analysts note that bears are taking control of Dogecoin price, pushing the meme coin lower. 

While Dogecoin struggled to recoup its losses, copycat TeddyDOGE got the rug pulled, a type of scam in which developers working on the blockchain drain the liquidity pools from the project. PeckShield, a blockchain security firm, identified a soft rug pull on TeddyDOGE. TEDDY lost 99% of its value overnight. 

Also read: Here’s why analysts believe bears are taking control of Dogecoin

Dogecoin copycat TeddyDOGE attacked

PeckShield, a blockchain security firm, identified a rug pull on TeddyDOGE. The Dogecoin impersonator is a multifunctional swap that integrates exchange, transaction, wallet, farm and chart, according to its official website. 

The firm identified the event as a soft rug pull, with 10,000 BNB and 2 million BUSD stolen. TEDDY witnessed a 99.5% decline in its value within hours of the event and currently sits at $0.00000047. 

Soft rug pull on TeddyDOGE

Soft rug pull on TeddyDOGE

Developers of Dogecoin have warned investors about impersonators of the meme coin. TeddyDOGE is one of the several impersonators; RenDoge, Dogeelon, EtherDoge are the others on the Ethereum network. 

Analysts reveal bearish outlook on Dogecoin

Analysts believe bears are in control of Dogecoin price, and the asset is likely to plummet. Analysts have evaluated the possibility of Dogecoin price breaking out of its multi-year trend line. Dogecoin started a declining trend in May 2021; since then, the meme coin has struggled to break out of it, despite several attempts. 

$0.082 is a key resistance level for the meme coin on its path to breaking out of the downtrend. Dogecoin needs to recoup its losses from the past two weeks and cross immediate resistance at $0.079 before moving to the next at $0.082. For more information and trends in Dogecoin’s price, check the video below:

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

PancakeSwap loses nearly 3% value intraday as the DEX crosses $1 billion in trade volume

Decentralized exchange (DEX) PancakeSwap (CAKE) announced in an official tweet that it has crossed $1 billion in trade volume on the Layer 2 chain, Base. CAKE on-chain metrics support the thesis of a recovery in the DEX token’s price. 

More Cryptocurrencies News

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu hits new milestone, over $9 billion worth of SHIB tokens burnt

Shiba Inu (SHIB), the second-largest meme coin in the crypto ecosystem, recently hit a milestone in the volume of tokens burned. Shiba Inu has burnt over 410.72 trillion SHIB tokens since the inception of the burn mechanism in the project, worth over $9 billion.

More Shiba Inu News

Dogwifhat crashes 60%, but here's why you should not buy WIF yet Premium

Dogwifhat crashes 60%, but here's why you should not buy WIF yet

Dogwifhat (WIF) price shows a slowdown in the bearish momentum as it sets up a potential range. This development could lead to a good buying opportunity from a long-term perspective. 

More Dogwifhat News

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP struggles to overcome $0.50 resistance, SEC vs. Ripple could enter final pretrial conference

XRP is struggling with resistance at $0.50 as Ripple and the US Securities and Exchange Commission (SEC) are gearing up for the final pretrial conference on Tuesday at a New York court. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP