META FLOKI SHIBA: a Meta-scam, or a new pet?

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Key Takeaways:

• New project MetaFlokiShiba might be a honeypot scam.
• What are honeypot scams and how to recognize one?

YEREVAN (CoinChapter.com) – As if the long line of canine-inspired nonsense coins wasn’t enough, there’s a new addition to the litter. Enter MetaFlokiShiba or Meta Floki Shiba, a strange love-child of Shiba Inu coin, Floki Inu, and, of course, the Metaverse.

The project’s whitepaper seemed more like an Elon Musk shrine but with a mercantile twist. However, it is highly doubtful that the billionaire entrepreneur knows about the Meta Floki Shiba’s existence.

We believe that Elon Musk’s influence in the Crypto space will continue to provide free advertising whenever he mentions his puppies.

read the whitepaper.

Moreover, the new mutant-pup on the block announced its ICO (initial coin offering) plan on the official website. The “special round” took place Jan 12-Jan 22. Additionally, Round 1 of the Public Sale commenced on Jan 23 and will hold until Feb 23, followed by Round 2 and 3.

Also read: Floki Inu dropped over 50% amid FLOKI contract upgrade.

Meanwhile, the Meta Floki Shiba price stood at $0.000000025. In the short time it’s been around, METAFLOKISHIBA got a listing on PancakeSwap and announced a 40 trillion-coin public sale. Additionally, the project plans to apply for listings on coin tracking websites, such as CoinMarketCap, and Coingecko.

While the project failed to pinpoint its utility in the Metaverse, a Twitter group was formed, dedicated to exposing Meta Floki Shiba as a scam. Admittedly, many users called the project a honeypot scam.

Honeypot scams are a brand of crypto scams that work more elaborately than a simple rug pull.

Meta Floki Shiba Might be a Honeypot Scams

A new trick that crypto attackers came up with, dubbed “Honeypot Scam,” has gained traction reasonably recently, so having a clearer idea of what it is could prove helpful in avoiding it.

In the old rug-pull mechanism, culprits could set out to get the naive investors’ money by luring them to buy a certain scam token. When enough people fall for it, the team will take off with the money. Instead, honeypot scammers take an alternate approach.

They trick their victims by sending out contracts that appear to be vulnerable but contain hidden traps. As mentioned, Honeypots are smart contracts that appear to have a design flaw. That flaw allows a user to drain coins from the contract if the user sends a particular quantity of coins to the contract beforehand.

However, when the user tries to take advantage of the apparent issue, a ‘trapdoor’ opens, preventing the coins from draining.

The purpose of the scam is to make the user believe they have an easy catch in front of them. The user focuses on the obvious weakness, which plays to their disadvantage. Surprisingly, the honeypot scenario is well documented in wildlife, with animals such as squids.

Also read: Another Scam: Solana NFT project Big Daddy Ape Club cons investors of $1.3M.

It is not yet clear if Meta Floki Shiba is, in fact, a honeypot scam or not. However, the ongoing public sale could eventually shed light on the project itself and what it is really after.

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