Safu Frog
@safufrog
If you've looked at Degen Chain's trending tokens on DexScreener you may have noticed these 4 odd coins at the top of every metric. Wow, even the smallest of them has more daily volume then nos. 5-10 put together! But not all is as it seems of course. We're not quite sure what is going on here, but we dug in:
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Safu Frog
@safufrog
All four of these tokens come from the same factory and trade on the same 'Unknown Dex'. Neither the DEX contract nor the factory contract are verified so its impossible to know what's in their code, but what we can look at is the transactions which make up the supposed volume here.
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Safu Frog
@safufrog
Look at this recent ~$350 buy for $LIBERTY. It came from an addy which never held more than even $1 in liquidity, and the supposed 'buy' was this addy calling the unverified Uniswap contract & transferring... no tokens. https://explorer.degen.tips/tx/0x015f50e98b8f718d85a3629042ec2fbbdbdda24e50e16a7949ab7060b64751ac
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Safu Frog
@safufrog
What really stands out here though is that there's no clear way to actually buy these tokens. When you dig into the transaction history the only thing that stands out is that at some point, an "Icecreamswap" router (maybe @icecreamswapcom ?) is consistently multicalling these contracts, presumably to rebalance pools
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Safu Frog
@safufrog
We're not quite sure what's going on here or qui bono, but we can say for certain that most of the 'volume' here is fake. Somehow the creators of these tokens have found a way to spoof DexScreener to make it look like there is much more volume then there actually is.
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