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TeddyDoge Rug Pull Raises $4.5 Million, Token Price Drops

The meme coin, Teddy Doge, inspired by Dogecoin, has dropped about 99.7% in the last 24 hours, and investors are left unhappy.

A copycat meme of the Dogecoin cryptocurrency, TeddyDoge has lost more than 99% of its value. The token, a network project developed independently of ethereum, has thus taken a serious hit. The price is currently in the millions of dollars.

Korean blockchain Security firm Sooho called the project a “soft” rug pull. “Rather than cheating in code, it looks like the distribution allocated to the manager’s account was split and sold in bulk,” said Jisu Park, CEO of Sooho. “It is not a hack. It’s a rug.” But it is unclear if they abandoned the project, so we can call it a “soft rug.

Addresses connected to the project swapped TEDDY for wrapped BNB, which was swapped for over 10,000 BNB and 2 million BUSD. PeckShield added, “The converted funds were sent to cryptocurrency exchange Binance.”

Teddy Doge, which offers token exchange, non-fungible tokens (NFTs), and cross-chain products, has raised hundreds of thousands of dollars in an initital token offering. NFTs are tokens that represent ownership of a virtual or physical item and cross-chain refers to transactions where data is sent from one blockchain to another