- 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.
#PeckShieldAlert #rugpull TeddyDoge @DRAC_Network is soft rugpull. $Teddy has dropped -99.4%. The assets currently sit in https://t.co/3zu55iZAWX (accumulatively receive ~10k $BNB & 2m $BUSD) and are slowly transferred to @Binance pic.twitter.com/I48dWkLIOE
— PeckShieldAlert (@PeckShieldAlert) July 25, 2022
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.
Recommended Content
Editors’ Picks
Bitcoin to extend its consolidation between the $75,000 to $88,000 range
Bitcoin price faces a slight rejection around the $85,000 resistance level on Wednesday after recovering 3.16% the previous day. A K33 report highlights that Cryptocurrencies and Equities have largely de-risked going into Donald Trump’s “Liberation Day” on Wednesday.
Maker, Gala and Polygon lead $100k whale transactions, can altcoins defy looming macro uncertainty?
Maker (MKR), GALA, and Polygon (POL) are among the crypto projects that have seen a spike in whale transactions of at least $100,000 in the past week, as revealed by Santiment on-chain data.
Cardano and Binance Coin Price Forecast: Altcoins ADA and BNB show weakness in momentum indicators
Cardano (ADA) and Binance Coin (BNB) prices edge slightly down, trading around $0.66 and $598, respectively, at the time of writing on Wednesday after a mild recovery so far this week.
Public firms turn balance sheets into Bitcoin vaults: Gamestop raises $1.5 billion; Metaplanet adds 160 BTC
Public companies are increasingly converting their balance sheets into Bitcoin reserves. Gamestop (GME) has raised $1.5 billion in capital, with potential plans to allocate part of the funds toward expanding its Bitcoin treasury.
Bitcoin: BTC remains calm before a storm
Bitcoin's price has been consolidating between $85,000 and $88,000 this week. A K33 report explains how the markets are relatively calm and shaping up for volatility as traders absorb the tariff announcements. PlanB’s S2F model shows that Bitcoin looks extremely undervalued compared to Gold and the housing market.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.