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91% of top meme coins on the Coinbase blockchain are at risk

91% of meme coins on the Base platform operated by the Coinbase exchange had security vulnerabilities.. This puts users at risk of suffering significant losses. This follows Dunkin's upgrade, which saw an increase in users, transactions and total value locked on the platform. This is similar to the activity fueled by decadent gaming on Solana’s L1 blockchain.

Base Coins on Blockchain Base Suspected of Fraud

I've resolved study 1,000 new BlockchainBiz tokens, mainly meme tokens, launched between March 19 and 25. The analysis found that 908 projects failed to comply with one or more basic security measures. These measures include blocking liquidity, verified contracts and ensuring there are no vulnerabilities.

This lack of security may stem from content creators ignoring proper procedures or attempting to troll the industry.

David Schwed, COO of Halburn, highlighted the challenge faced by projects that lack the resources to hire security experts or conduct independent assessments. Many projects make the situation even worse by copying existing tokens, thereby perpetuating the flaws.

“The tendency of these projects to be branches of existing projects or to be created using AI means that they often inherit vulnerabilities or introduce new ones.” » said Shwed.

More importantly, circumstances such as exaggerated sales "taxes" have led to suspicion that 17% of meme coins on Biz are outright scams. While not all projects featuring exaggerated marketing campaigns are scams, they raise concerns about their legitimacy.

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The craze for even coins continues to divide the industry. Some have criticized the lack of interest and high fraud rates, while others see meme coins as a way to attract new investors to the sector.

For example, seen Vitalik Buterin, co-founder of Ethereum, highlighted the playful nature of meme coins as a potential way to achieve beneficial results. He highlighted instances where charitable coins have supported anti-aging research and cultural efforts. Which shows how meme currencies can contribute to significant problems.

“I appreciate people's desire to have fun, and I prefer the cryptocurrency space to swim with the flow rather than against the tide. That's why I want to see fun, high-quality projects who contribute positively to the ecosystem and the world around them (and not just by “attracting users”) attracts more attention.

👈Read more: Memes in 2024: Will they make crazy gains?

As the meme coin phenomenon grows, the importance of real value, security measures, and investor vigilance becomes increasingly evident.

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