. Business Elon Musk's $1 trillion pay package sparks memecoin frenzy amid struggling economy: 'Pretty wild, sci-fi sort of scenarios' Don't invest more than you can afford to lose. by Grace Howarth Link Copied! Photo Credit: Getty Images After recent news of a $1 trillion pay package for Tesla CEO Elon Musk , memecoin creators dumped new cryptocurrencies and scammed buyers out of their hard-earned money. What's happening? A recent investment approval from Tesla shareholders could see Musk becoming the world's first trillionaire . In discussing his plans for Optimus humanoid robots , Musk was quoted by the New York Times as saying, "you start getting into, like, some pretty wild, sci-fi sort of scenarios" — that also sounds about right for memecoins. The news of the staggering increase in Musk's net worth sparked a movement for cryptocurrency creators, who flocked to make memecoins such as "TRILLIONS," "Elon's $1," and "MUSK," according to CoinDesk . Though several of these Musk-themed memecoins rocketed in value by as much as 190% initially, many creators waited until the value peaked and suddenly withdrew all the funds from their project. This is known as a "rug-pull" scam , and it leaves investors with cryptocoins that are worth nothing. Why are memecoins so concerning? Besides being a breeding ground for scams and financial losses, the memecoin industry can also have a severely negative impact on the environment. FROM OUR PARTNER Save big on holiday spirit with 25% off lighting — this week only CVS has you covered this holiday season, with thousands of gifts, perfect stocking stuffers, joyful holiday decor, and more. Source: https://www.thecooldown.com/green-business/memecoin-scam-elon-musk-trillionaire/