New Meme Coin HotDogSwap Out, Goes from $0 to $6000 and Back to $0

New Meme Coin HotDogSwap Out, Goes from $0 to $6000 and Back to $0

By Abhi K | News | 3 Sep 2020


The DeFi market has received yet another asset named after food, this time a meme coin called HotDogSwap, which was released on September 2. The asset experienced tremendous volatility in a matter of minutes, highlighting the increasing number of unvetted tokens being released on the DeFi market.

  • HotDogSwap pumped to $5000 levels in minutes, and then crashed to $0 a few hours later
  • Token claims to offer an absurd return rate of 1 million percent APY
  • The token has poor liquidity, and critics have called this yet another pump and dump scheme
  • HotDogSwap follows other unaudited protocols, like $PASTA and $KIMCHI, both of which have seen staggering amounts of capital poured in
  • While the DeFi market has proven capabilities, numerous bogus tokens have entered the market; some analysts also believe that the market is overvalued
  • The DeFi market has been criticized by the likes of Binance’s Changpeng Zhao, Vitalik Buterin and Aave (LEND) co-founder and CEO Stani Kulechov
  • Uniswap is warning users that anyone can create ERC-20 tokens, including fake versions of existing tokens 

Abhi K
Abhi K

Technophile, cryptocurrency enthusiast and journalist.


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