Big Eyes Coin launched with immense anticipation, positioning itself as a meme token aimed at revolutionizing decentralized finance (DeFi). However, the project has faced mounting allegations of being a scam following a disastrous token listing and a severe price crash. Many investors now believe that the project could be a scam, with complaints about token distribution and drastic losses fueling these suspicions.
This article delves into the Big Eyes Coin scam allegations, shedding light on the key issues that have led to the growing distrust among investors.
1. The Big Eyes Coin Scam Background
Big Eyes Coin entered the stage with high expectations, introduced as a meme coin aimed at supporting decentralized finance (DeFi) and NFT sectors. The project launched its pre-sale in August 2022, where investors could purchase tokens at $0.0001.
The project quickly gained momentum with endorsements from influencers. As part of its roadmap, Big Eyes Coin emphasized DeFi, NFTs, and charitable initiatives, drawing the attention of retail investors seeking the next big meme coin success. The promise of significant returns on investment drew in thousands of investors, making the Big Eyes Coin scam even more damaging for those affected.
2. Listing Debacle and Price Crash
Big Eyes Coin‘s listing on Uniswap, which was expected to mark a major milestone for investors, turned out to be the start of its downfall. Based on its pre-sale performance, investors anticipated the token to open at around $0.0006, but the listing price was shockingly low at $0.0000743.
Worse, the token’s price plunged rapidly, dropping to $0.000007 within hours, marking a 99% loss for early investors. This triggered widespread panic and somebody started to use the term “Big Eyes Coin scam”.
One of the reasons for this drastic price crash was a “nonce too low” errors during the token claiming process delayed many from obtaining their coins, adding to investor frustration. These delays created panic selling, with investors scrambling to liquidate their holdings to avoid further losses.
Adding to the controversy was Big Eyes Coin’s decision to impose a $100 payment on users who wanted to claim their tokens early. This move further incited anger and distrust, as it was seen as an unconventional and suspicious practice in crypto projects. Instead of sparking growth, the $100 fee alienated many investors who were already nervous about the project’s future.
The lack of clear communication and the sudden, steep decline in value solidified suspicions that the Big Eyes Coin scam was indeed unfolding.
3. The Red Flags
Several red flags surrounding the Big Eyes Coin scam have emerged since the token’s listing:
- Drastic Price Drop: The near-instantaneous collapse in token price raised significant concerns about price manipulation and lack of transparency from the project’s team.
- Distribution Issues: Investors faced difficulties when attempting to claim their tokens, frequently encountering “nonce too low” errors.
- Mandatory Payment: Adding to investor frustration, Big Eyes Coin demanded $100 from investors to claim tokens early, an unusual and suspicious practice.
- Delayed Launch: The six-hour delay in the launch further fueled suspicion and created widespread panic.
These signs pointed to deeper issues within the project, with some viewing the Big Eyes Coin scam as inevitable given the lack of transparency and sudden price drops.
4. Rug Pull Speculations
Many have accused Big Eyes Coin of being a rug pull, a scam where project creators abandon a project after raising funds. Influencers like Jacob Bury and Crypto Ahoy have suggested that Big Eyes Coin could be tied to previous failed projects such as Firepin and Journart. These projects also experienced rapid declines after promising significant returns.
The liquidity of the Big Eyes Coin project has also been called into question. With just $60,000 in liquidity against a market cap of over $1 million, many token holders found it impossible to sell their coins at a reasonable price. This even further fuelled the Big Eyes Coin scam rumors. The gap between market cap and liquidity created significant bottlenecks in the trading market, leaving many investors trapped with nearly worthless tokens.
Related topic:
- 9 Most Common Cryptocurrency Scams & How to Avoid Them
- Crypto Scams on Telegram: How to Spot & Avoid Them?
- How Does a Honeypot Scam Trap Crypto Investors?
5. Response From the Project
In response to the growing concerns, the Big Eyes Coin team claimed that they had liquidated some initial bots and sold off funds to reinvest into the liquidity pool. However, this explanation did little to reassure investors as the token’s price has shown little sign of recovery, and the community saw these moves as damage control rather than meaningful action.
The project also rolled out its decentralized exchange (Big Eyes Swap) and announced a listing on Poloniex, but despite these efforts, the price has shown no signs of recovery. The slow recovery and unresolved concerns surrounding the chaotic listing fueled the narrative of the Big Eyes Coin scam, leaving many investors wary of trusting them again.
6. Influencer and Community Backlash
The Big Eyes Coin Twitter page has been flooded with complaints from users unable to claim their tokens. Many investors felt misled by the promises made during the pre-sale. The issue has been exacerbated when some crypto influencers have called for investigations into the project, urging the broader crypto community to remain cautious of the Big Eyes Coin scam.
Despite efforts from the project team to address the concerns, the overwhelming number of complaints and accusations of a Big Eyes Coin scam have caused lasting damage to the project’s reputation.
Meanwhile, it’s needed to note that prominent figures like Coffeezilla, who have exposed numerous rug pulls in the past, have yet to comment on the Big Eyes Coin situation.
7. Future Outlook
Looking ahead, the future of Big Eyes Coin remains uncertain. While the team continues to promote new developments and new listings, investor trust has been deeply shaken. The project’s failure to deliver on its promises, combined with the massive price drop, makes recovery a long shot for many. There’s little confidence that the token can recover from the current situation, and some believe that the Big Eyes Coin scam has irreparably tarnished its future prospects.
For now, the Big Eyes Coin scam serves as a cautionary tale in the world of crypto investing, where even the most hyped projects can quickly unravel.
8. How to Avoid Similar Scams
To protect against potential scams like the Big Eyes Coin scam, investors should consider the following precautions:
- Research the Team: Ensure that the project has a verifiable team with a transparent track record.
- Check Liquidity: Always evaluate the liquidity of a token to avoid being trapped in an illiquid investment.
- Be Wary of Fees: Unexpected fees or payment requirements to claim tokens should raise red flags.
- Community Feedback: Stay informed by following discussions in the community and paying attention to influencer opinions.
These steps can help investors spot potential scams early on and avoid falling victim to schemes like the Big Eyes Coin scam.
Conclusion
The Big Eyes Coin saga is a cautionary tale for the crypto community. Investors have lost significant sums, and the project has failed to deliver on its early promises. While the team continues to make efforts to stabilize the token, the drastic price decline and unresolved issues have cast long shadows over its future.
The Big Eyes Coin scam serves as a reminder of the risks in the volatile world of cryptocurrency. As always, investors should exercise caution and conduct thorough research in reputable pages like FMCPAY when entering new projects. By learning from other’s mistake, you can better protect themselves from similar pitfalls.