Post $PEPE Memecoin Wave on BSC Network

The new memecoin craze is happening on the Binance Smart Chain (BSC) network after $PEPE. The BSC Network, with thousands of new contracts created, hosts mostly abandoned projects. Offering lower costs than the Ethereum Network, BSC is the first choice of fraudsters and those who want to create crypto money at low cost.

Binance Smart Chain (BSC) is an Ethereum virtual machine (EVM) compatible blockchain network developed by the Binance exchange. Because the BSC network is less dense than the Ethereum network, transaction confirmation times are shorter and transaction fees are generally lower. The BSC network also provides an alternative for the development of DeFi (Decentralized Finance) applications and tokens.

The memecoin craze after $PEPE on the BSC Network has spawned thousands of unskilled projects on the network

Because the Binance Smart Chain network (BSC), Ethereum Network transaction fees and costs are much higher, memecoin creators prefer the BSC network as the network. Project owners, who can issue crypto money with much less cost in the BSC network, have released more than 1000 projects in the BSC network compared to the Ethereum network.

A few reasons why programmers prefer this network are hidden in the features of the BSC network. When we look at the features of BSC, it is compatible with Ethereum, integration with other blockchain networks through cross chain bridges, support for Ethereum virtual machine (EVM) compatible smart contracts, using PoSA (Proof of Staked Authority) consensus algorithm and integration with Binance exchange. .

So is every new memecoin that comes out on the BSC network a scam?

While memecoins appearing on every BSC network are not meant to be scammed, their future is unlikely to be predicted. For example, the $RIBBIT project pulled all liquidity within 14 hours, causing those who bought the project to lose all their money.

The $PERRY project, on the other hand, is another emerging memecoin. Although this coin is bullish, the similarities between the charts are frightening. $PERRY, which seems speculative and has an unhealthy chart, will perhaps be finished by withdrawing all the liquidity it has within hours by the project owners, and it will go towards zero.

Although not all cryptocurrencies fall victim to big drops within 24 hours, they can be abandoned by the project team after a few days or months. As an example from the past, Meerkat Finance (MEER) is a popular project launched in the past on the Binance Smart Chain network. However, after a short time, its owners are known to have withdrawn liquidity from the exchange and stole about $31 million.

Although every emerging cryptocurrency brings risks, many investors are in danger of shallow liquidity and fraudulent project owners. The lack of a legal basis for cryptocurrencies makes it difficult for users to seek their rights. The scammers are hungry, taking people’s money and assets by launching projects on more cost-effective networks. Although the BSC network is a very suitable network for this, it also includes advanced projects that have emerged in the past, such as $CAKE.

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