The memecoin market has exploded over the past week and PEPE is the latest among them to shoot to dizzying heights and draw the attention of investors. However, it also drew the attention of numerous scammers with intent to exploit unsuspecting investors by creating scam tokens such as PEPEDOGE, PEPEC, WOW, MEME and more. Blockchain security firm PeckShield has tracked at least 10 such tokens and security firm CertiK also flagged a fraudulent PEPE website claiming to offer rewards. Furthermore, fake accounts have infiltrated PEPE's official community Telegram group in an attempt to redirect users to fraudulent websites. US crypto giant Coinbase also sent out an email newsletter describing the PEPE as a "hate symbol" which resulted in uproar from the crypto community and lead to the #deletecoinbase hashtag trending on Twitter briefly. The publication has since been edited while Coinbase's chief legal officer apologized for the mishap. It is important to note that while memecoins such as PEPE remain a lucrative investment opportunity, these assets can be risky and it is essential to conduct due diligence on any project and any individual attempting to participate should be mindful of the potential risks. Be sure to always research and rely on reputable information sources when engaging with memecoins and avoid connecting wallets to suspicious pages.



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