As we get closer to the beginning of the US banking system accepting cryptocurrency, we may see more rug pulls regarding memes. The latest rug pull is TZKI which is a coin I invested in nearly a week ago. Soon after I invested, the project team decided to launch another coin. At this point, red flags should have been going off. I quickly reduced my tokens and invested in other projects.
My husband and I were in San Antonio for the majority of today doing mom and dad stuff! After we returned home, I checked our market, and I noticed TZKI was down 85%, if not more. After looking on the homepage of the exchange we used to purchase TZKI, I learned that they had disabled trading. So, I went to Twitter, and apparently, the TZKI coin rug pulled!
I am not surprised because it didn’t make sense to add another coin so soon unless they were trying to make money quickly.
I have decided to add to the ten cryptocurrencies I have right now, and shortly, I will be staying away from any new memes. TZKI marks the second popular rug pull in about two months. Right now, I want to work on getting my XRP bag to a healthy level, so extra money will be going that way! I still have my SHIBA INU and other alts.
I feel bad for some of the people who invested large amounts in TZKI, but the listing of the second coin at the same price should have resulted in a big caution sign. I still have my reservations about some of the other projects, but it isn’t my job to tell you what to buy or not to buy. I have no issues telling you about what I’m doing, but you have to make financial decisions on your own.
ALWAYS check your currency, do 24-hour checks, weekly checks, and anything else to see if something has come up. One Twitter account stated that the issue with TZKI was that everything sounded right. They knew what to say and how to say it! This is true, but there was something they couldn’t fluff up, and that was the pace. They were trying to move much too fast for someone who wanted to make a lasting impression on the crypto world. So, be careful when you are investing and do not let your guard down. You will see more situations like this in the near future. They know their time is limited and they will try to scam as many people as possible. Now might be a great time to be extra careful.
As always, I am not a financial advisor.