Top Memecoin scams to avoid in February 2025

Key takeaways

• Memecoin scams are increasingly sophisticated, often targeting investors with high hype, FOMO and unrealistic promises.
• Rug pulls, fake presales and pump-and-dump schemes remain the top methods of scams.
• Identifying scams requires recognizing unrealistic returns, lack of transparency and lack of a clear use case in projects.
• To stay safe, research, diversify and use trusted wallets and exchanges.

Memecoins are almost every crypto enthusiast’s favorite wild ride. From Shiba Inu to Pepe, these tokens have made millionaires out of some meme lovers. 

But what exactly are memecoins? Think of them as cryptocurrencies that thrive on humor, community hype and the collective belief that a coin based on a dog, frog or even a banana can change your life overnight. 

Unlike crypto blockchain projects like Bitcoin or Ethereum, memecoins often lack fundamental use cases, but that’s part of the charm, isn’t it? 

Unfortunately, not everyone’s in it for the memes. Scammers have infiltrated the space, turning what should be lighthearted fun into a high-stakes gamble. 

As 2025 approaches, bad actors use increasingly sophisticated methods to exploit the frenzy surrounding memecoins. From rug pulls and fake presales to pump-and-dump schemes, the risks are as abundant as the memes themselves.

This article highlights the most common memecoin scams to avoid this month and provides the tools to protect yourself.

Did you know? In January 2025, a record-breaking 1,250 new memecoins were launched in a single week! This frenzy was fueled by community-driven launchpads like Pump.fun, where developers turned wild ideas into tokens overnight. 

Common types of memecoin scams 

1. Rug pulls 

A rug pull occurs when developers drain a token’s liquidity and disappear, leaving investors with worthless coins. In February 2025, rug pulls remain the most prevalent memecoin scam. 

For example, in November 2024, a Solana-based memecoin, Quant (QUANT), gained significant attention after a teenager launched the token on the Pump.fun launchpad, only for it to quickly turn into a fraudulent project. 

Here’s what happened:

• The teen live-streamed the rug pull and sold tokens for 128 SOL (~$30,000 at the time).
• Despite the fraud, social media hype drove QUANT’s market cap to $1 million.
• Notable trader Fi2h earned 2,141x returns, turning a 2 SOL ($460) investment into $988K within 3 hours.
• The teenager behind the project sold 51 million QUANT tokens, netting 103 SOL (about $24,000) from those sales. 
• This highlights extreme risks in speculative, utility-lacking memecoins.

The case serves as a reminder of the extreme risks involved in memecoin investments, especially in the absence of proper project transparency and regulatory oversight.

2. Fake presales

In fake presales, scammers create a buzz around a new token, claiming investors can get in early by purchasing tokens at a discounted price. Once they collect funds, they disappear without delivering the promised tokens. 

Froggy coin serves as a prime example. Let’s learn more about it.

• In early 2024, marketed as a meme token, Froggy coin attracted investors through playful branding and promises of quick gains.
• After building hype on social media platforms, the developers executed a rug pull, draining liquidity and causing the token’s value to crash, leaving investors with worthless assets. 

3. Pump-and-dump schemes

Pump-and-dump schemes manipulate cryptocurrency prices unfairly. Scammers buy large amounts of the token at an initial low price. Then, they spread fake news to boost interest. This raises the token’s value artificially — the “pump.” Once the price is high, scammers sell their holdings — the “dump.” This causes the price to crash quickly, and scammers profit at the expense of late investors. 

January 2025 saw a $30 million pump-and-dump scam involving Solana-based memecoin $CUBA. Here’s what happened:

• The memecoin $CUBA launched and rapidly gained momentum, only to be abruptly pulled, followed by similar actions with $CUBA 2.0 and JUSTICE FOR CUBA. 
• All these memecoins were created on Pump.fun and launched within 24 hours. 
• Despite official social media posts promoting these coins, which were later deleted, questions remain about the Cuban government’s involvement. 

After US President Donald Trump launched his TRUMP token, there was an influx of fake tokens — fraudulent political-themed tokens designed to mislead users and steal funds. 

Scammers employed tactics such as misleading token contracts, honeypot schemes (buy-only tokens), phishing attempts, fake celebrity endorsements and unverified exchange listings. These scams often trick victims into sharing private keys or investing in worthless tokens, exploiting the token’s popularity to deceive unsuspecting investors.

Similarly, bad actors hacked Jair Bolsonaro’s (former president of Brazil) social media to promote the fake BRAZIL memecoin, netting over $1.3 million in minutes. Other fake political memecoins to be aware of are IVANKA, BARRON and ERIC.

Did you know? Dean Norris, best known as Hank Schrader from Breaking Bad, fell victim to a scam when his X account was hacked to promote a fake memecoin called “DEAN.” Fraudsters used his account to falsely announce the launch of the token, which briefly reached an $8.35 million market cap before crashing to $51,000 after Norris revealed the hack.

4. Impersonation and phishing attacks

Scammers often impersonate legitimate projects or create fake wallets to steal user’s funds. Phishing links shared on social media can trick users into connecting their wallets to fraudulent platforms, exposing them to theft. 

The popular blue chip memecoin SHIB was exposed to this. Let’s find out more about this.

• In January 2025, the SHIB team officially warned about fraudsters exploiting the upcoming TREAT token launch. 
• These fraudsters were posing as the team and offering fake TREAT services, phishing emails and creating forged social media accounts to trick users into sharing personal details. 
• The SHIB team urged the community to be cautious, reminding everyone that the official TREAT launch was still weeks away. 
• Digital detective and vigilante accounts also highlighted the same:

Did you know? The STONKS memecoin, promoted through a hack of Nasdaq’s X account, was a copycat token linked to Solana. The hack briefly sent its market cap to $123 million before collapsing. This scam highlights the increasing trend of hackers exploiting high-profile accounts to push fraudulent cryptocurrencies.

Why are memecoins targets for scams?

Memecoin scams use calculated strategies to attract investors by creating excitement, fear and confusion. Scammers target memecoins because of their traits such as:

Popularity and hype cycles

Memecoins often go viral overnight, fueled by social media buzz and celebrity endorsements. For example, during President Donald Trump’s office takeover, his company, World Liberty Finance, launched a memecoin, TRUMP, which surged over 300% in hours and hit an $8 billion market cap. 

Such massive surges create a perfect breeding ground for scammers as unsuspecting investors rush to buy tokens without conducting due diligence. The lure of quick profits blinds many to risks.

Lack of regulation

The crypto space is decentralized and largely unregulated, making it easier for scammers to operate. Many memecoin projects are launched anonymously, making it difficult to hold perpetrators accountable when things go awry.

In 2022, in a bizarre twist in the NFT world, an NFT project’s founder allegedly “died” during the minting process, sparking outrage and disbelief in the community. 

While the specifics are unclear, rumors suggest the project might have been a rug pull, using the founder’s sudden death as an excuse to disappear. However, due to the founder’s anonymity, nothing could be credibly ascertained, making it one of the infamous jokes on scams in the NFT space.  

FOMO (fear of missing out)

Scammers exploit investors’ fear of missing out on the “next big thing.” Flashy websites, fake partnerships and promises of astronomical returns create a sense of urgency that tempts people to invest without proper research.

How to identify memecoin scams?

To avoid falling victim to memecoin scams, it’s crucial to know the red flags. Here are some tips to help you identify fraudulent projects:

• Unrealistic promises: If a project guarantees unrealistic returns like “1,000x gains” in a short period, it is likely a scam. Genuine projects avoid making such promises.
• Lack of transparency: Anonymous teams and vague project details are red flags. Look for teams with verifiable identities and a history of successful ventures.
• No clear use case: Many scams rely on hype without offering a real utility or problem-solving feature. If a project’s purpose is unclear, proceed with caution.
• Absence of audits: Legitimate projects undergo security audits by reputable firms. A lack of audits or reliance on unverified ones is a major warning sign.
• Manipulative marketing: Beware of projects heavily promoted by influencers with no technical background. Scammers often pay for promotions to build hype.

Tips to protect yourself from memecoin scams

• Do your research: Before investing in any memecoin, thoroughly research its white paper, roadmap and team. Use platforms like CoinGecko and CoinMarketCap to verify token data.
• Diversify your portfolio: Avoid putting all your funds into a single memecoin. Diversification reduces the impact of potential losses.
• Use trusted exchanges and wallets: Stick to well-known exchanges and wallets with strong security protocols. Avoid connecting your wallet to suspicious websites.
• Join community discussions: Engage with the memecoin community on platforms like Telegram and Discord. Active and transparent discussions are a good sign of legitimacy.
• Trust your instincts: If something feels off about a project, it is better to stay away. Skepticism can be a lifesaver in crypto.

To avoid falling victim to scams, it is crucial to follow trusted accounts that track, expose and report fraudulent projects. Some such X social media accounts in the crypto community include:

• ZachXBT — Known for tracking onchain data to expose scams and fraudulent activity.
• Foobar — A blockchain researcher known for uncovering malicious projects.
• Crypto_McAfee — Tracks memecoin scams and helps the community stay informed.

By following these detective accounts, you can get valuable insights and updates that can protect your investments.

The world of memecoins offers both opportunities and risks. While these tokens can be fun and profitable, they are also a magnet for scams. As you navigate 2025, staying informed and vigilant is essential to protecting your investments. 

By identifying red flags, conducting thorough research and following safety best practices, you can enjoy the excitement of memecoins without falling victim to fraud.

Remember, in the crypto world, knowledge is your best defense. Stay safe and trade smart!

Written by: Shailey Singh