Within 16 hours of PayPal's launch of their new stablecoin (PYUSD), numerous copycat tokens with the same ticker have appeared on various chains, including Binance Smart Chain, Ethereum, and Coinbase's Base. However, it is important to note that the real PayPal USD token was created in November last year and can only be sent between verified PayPal and compatible wallets.
Many of the fake PYUSD tokens listed may be "honeypots," where investors are unable to sell their holdings after purchasing the token. Degens have a history of creating memecoins to capitalize on trending stories and developments.
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