Rug pull has prompted the Baby Musk Coin price to tank by nearly 100% making it the biggest loser of the week. The massive price drop came about as the project developer dumped the tokens. This has turned into a honeypot as holders of the meme coin are unable to sell the token.
Investors turned to Baby Musk Coin as it was regarded as the “big new meme coin” that could give Dogecoin and Shiba Inu a run for its money. Chris MacDonald, an Investor Place contributor, highlighted that Baby Musk Coin blended with the likes of Shiba Inu, Dogelon Mars, and Baby Lambo Inu. It took various aspects of these meme coins and adopted them into its own project. Initially, it blended in nicely and posted gains of over 30%.
Baby Musk Coin has been the center of discussion since its launch in late January. The newbie turned heads when it raised $2 million through its initial coin offering (ICO). The warnings first came days after the ICO when a Twitter user @NOSHITCoin_io highlighted several red flags. This included developers holding the giant BABYMUSK, users are not able to sell it. CoinMarketCap was also criticized for listing BABYMUSK data which the project used to show its legitimacy.
With the project falling apart, developers seem to have washed away all signs of BABYMUSK’s existence! Reports reveal that the project’s portal and Twitter account have vanished into thin air and so has the viral Baby Musk Dance video (project’s promotional video).
The CoinMarketCap says Baby Musk is a tribute coin to Elon Musk. The developers came up with this to attract Tesla CEO Elon Musk’s attention for him to join the project. Baby Musk was described as an integrated smart staking system built to reward users in BTC that are added automatically to the wallet during transactions.