Bitcoin Pizza Day is Here — Plus A Lot of Crypto Scammers

Key Takeaways:

• What is Bitcoin pizza day all about?
• The day was a source for scammers to mooch off naive investors.

YEREVAN (CoinChapter.com) – Bitcoin pizza day is an annual cruel joke on all crypto enthusiasts and a reminder to be humble and accept the losses with the gains.

In short, on this day in 2010, Laszlo Hanyecz, a Florida developer, spent not-so-precious-yet 10.000 BTC on two pizzas — an equivalent to $270 million as of May 23. Those pizzas were undoubtedly delicious but left a sour taste for the could-be millionaire, albeit he admitted he did not beat himself up over the miscalculation.

Since then, the day has become a source of various puns, events, and businesses in the crypto industry. Unfortunately, Bitcoin pizza day 2023 brought more than fun, delivering a big batch of scams.

Evil Dead Rises on Bitcoin Pizza Day 2023

Due to the high rate of scams and rug pulls, meme coin developers are not exactly known as the most reliable bunch. However, traders keep always falling for the promises of the next 100x coin. Similarly, on Monday, many enthusiasts poured capital into several pizza-related tokens.

According to data from the analytical platform Dextool and its “live new pairs” section, May 22 was productive for scammers. Fourteen new pizza-related meme coins saw the light within 24 hours. Four of them were confirmed as rug pulls hours later.

Also read: 3 Reasons Why Bitcoin Price May Not Retest $30K in 2023. 

For example, one of the meme coins was unoriginally named pizza coin (PIZZA). It lasted for just eight minutes before developers altered the sell tax rate so that investors could not divest their holdings. As a result, a4 traders bought the token with a total loss of 0.98 ETH ($1,800).

Then the naive investors flocked to “bitcoin pizza” and “pizza inu” coins, ending up with losses of more than $12,000 in total. “Ethpizza” and “bpizza” took the torch afterward, ballooning to $40,000 and $100,000, respectively.

The last project is still active, albeit the BPIZZA price has dropped 30% in the previous six hours.