Why are Pancakeswap pumps a big scam and no one tells you about it! Learn why you should never do Pancakeswap pumps: rug pulls, honey pots, taxes.
This short blog post is here to explain to you the risks of Pancakeswap (or PCS in short) pump and dumps and why you should avoid them – always. We’ll explain to you why you aren’t able to sell the coins you bought from these pump announcements.
How do Pancakeswap pumps work?
It is really easy. Pancakeswap pumps work just like the regular known crypto pump and dumps, but they are done on an unregulated and decentralised Exchange — as the name says: Pancakeswap
On Telegram are big pump and dump Pancakeswap groups. The Admins of those groups give a pump signal and all user should buy the coin as fast as possible. This will increase the price of the coin on the decentralised Exchange Pancakeswap. And that is it. A sell is 99% of the time not possible, so I dont need to say it.
Pancakeswap pump bot
PumpBot offers no Pancakeswap pump bot. Why? because even we say it is a big fraud on those who don’t know about this. You can see it here: https://pump-bot.com/pump-and-dump-pancakeswap-pump-groups-telegram/
The three most common types of Pancakeswap Pumps Scams
1. Pancakeswap pump scams: Honeypots
A Honeypot is a coin or token that can be bought but not sold. You have heard right! You can buy the coin, but once bought you will not be able to sell it. And the pump admins have your money while you are stuck with some useless coins in your wallet. In pump and dumps Pancakeswap is this widely used.
2. Pump Dump Pancakeswap: 100% sell taxes
The result is the same as of the honeypot: you lose all your investment, but this time it is different. You can buy and sell the coin. But when you sell it there is a 100% or 99% sell tax. This means for selling your coins you pay 100% or 99% fees — which ends you with nothing left over. This is how this type of scams work.
3. PCS Telegram Pump groups make rug pulls
Looking for information on rug pulls in the crypto space on PancakeSwap? Rug pulls, a deceptive practice that occurs when developers abandon a project after attracting significant investments, can be a major concern for investors. PancakeSwap, a decentralized exchange running on the Binance Smart Chain, has experienced its fair share of rug pulls. To protect yourself from such scams, it is crucial to conduct thorough research before investing in any project on PancakeSwap. Verify the credibility of the development team, assess the project’s whitepaper, and scrutinize the community’s feedback. By staying informed and vigilant, you can minimize the risks associated with rug pulls and make more informed investment decisions on PancakeSwap.
Rug pulls are the another way for the admins to profit from the pump. It’s pretty simple. They create the token the shill during the pump announcement. When enough people bought the token they just run away with the money and you are left with a useless token in your wallet.
Summary: PCS Pumps Telegram
It is and will always be a big scam! Please don’t try it. I mean you can try it but you will lose your money, no matter what those admins try or promise you. You’ll see the same thing on other decentralised exchanges (DEX or DEXes in short). PCS is just popular because of the very low fees to create and deploy a BEP-20 token on the Binance Smart Chain (BSC).
If you really want to make money in the crypto space do your own research! PumpBot helps you with this. Check out what we offer and understand what you can do with our tools. If you invest a little bit of time you can make money from crypto pump and dump schemes.
