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A rug pull is when the liquidity is removed. That means that the token holders won't be able to sell their tokens.
In my previous article I gave a more detailed description:
The token creator removed all the liquidity after they took in enough BCH. I doubt that the liquidity will ever be added again.
This is what is called a "rug pull": I am left with worthless tokens which I will never be able to sell, because nobody wants to buy them. Therefore, there is no liquidity - and I was scammed out of my initial investment.
You may be surprised to hear that even though the creator of the token pulled their liquidity and disappeared, the token may not be dead after all. We will have to see if MonkeyCash survives this rug pull. The tokens will remain in existence and can theoretically still be traded and even appreciate in value - if the community decides to provide liquidity for the token - and if people start buying them again despite the shady and borderline criminal behaviour of the creator.
The price of the token is definitely very low right now. So it may even be a good buying opportunity. However, this is definitely not financial advice - and I haven't bought that token and don't plan to buy it either.
Will you buy the token and gamble hoping for a price recovery? Or do you think the token is dead?
Personally, I concentrate on buying projects where I either know the creators - and where the creators have a good reputation in the Bitcoin Cash community - like KTH and ARG - or where the token is a public good like MAZE.
CATS and KITTEN are probably fine, too. The developers are anonymous, but have shown in the past that they are reliable and they seem to act in the best interest of the token holders.
Thank you for reading and remember to be careful when buying SEP20 tokens! SmartBCH is a great project - and it attracts a lot of attention to Bitcoin Cash - which is both a good and a bad thing. The good thing is that Bitcoin Cash finally gets the attention it deserves - and this may finally be the chance to become the world's preferred currency. On the other hand, lots of scammers are attracted to SmartBCH, too. In my humble opinion that's why we are seeing so many rug pulls right now.
Let me remind you:
In the Bitcoin Cash community it sometimes feels like we are all a big family. However, anyone can create an SEP20 token on SmartBCH. It doesn't take much time or money to do that. So please be aware of that. And don't buy new coins just because the chart looks like they are going up in price. And be especially careful with names that sound familiar. I fell for all of this, unfortunately. It was the first time - and I surely hope it will be the last time.
So, be more careful than this guy when it comes to investing. 😉