The token named Floki Inu (FLOKI), which has risen significantly due to the tweet of Tesla CEO and Dogecoin (DOGE) fan Elon Musk, has performed rug pulls twice. Floki Inu ran into trouble when investors realized there were problems with the contract, and it eventually escalated.
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Elon Musk, owner of Tesla and one of the notorious names of the cryptocurrency community, tweeted that the new Shiba Inu dog will be named Floki on June 25, and after this tweet, many tokens with this name were released. Not surprisingly, scams arose in the midst of these aimlessly created coins. One of them was Ethereum (ETH) based Floki Inu. FLOKI has attracted great interest and funding.
Historically, Elon Musk’s tweets have greatly moved the market and spawned many untargeted tokens. Floki Inu’s deception came as investors realized there were problems with the contract. Users started receiving warning messages while trying to sell the tokens they purchased. When only the project owners were able to make the sales, it was understood that the situation was fraud.
However, despite the exposure of the project’s scam, fear of missing out (FOMO) persisted for many who chose to gamble. When the V2 version of the project came out, investors also invested in it. But one-to-one problems were also experienced in FLOKI V2.
In other words, the project defrauded the investors twice.