Why can the same name appear on several coins?
When a popular meme coin appears, a wave of impostor coins with identical or similar names—or names differing by just one letter—often follows soon after. When buying or selling on a centralized exchange, you select a trading pair and don’t need to enter a contract address yourself. When withdrawing to the blockchain, however, you need to check the network and token.
Impostor coins piggyback on the popularity of trending names. Once people buy the wrong coin, the creators may pull the liquidity or sell off their holdings all at once, and buyers often find it very difficult to recover their funds.
When trading on Binance, $DOGE , you don’t need to verify a contract address. But on-chain, there are countless tokens called DOGE.
When a popular meme coin appears, a wave of impostor coins with identical or similar names—or names differing by just one letter—often follows soon after. When buying or selling on a centralized exchange, you select a trading pair and don’t need to enter a contract address yourself. When withdrawing to the blockchain, however, you need to check the network and token.
Impostor coins piggyback on the popularity of trending names. Once people buy the wrong coin, the creators may pull the liquidity or sell off their holdings all at once, and buyers often find it very difficult to recover their funds.
When trading on Binance, $DOGE , you don’t need to verify a contract address. But on-chain, there are countless tokens called DOGE.