The memecoin "OZMPC," not associated with the blood sugar drug Ozempic, was launched on Coinbase's Base blockchain and exhibited very low liquidity across its trading pairs within an hour of its launch. The abbreviation OZMPC refers to the actual drug Ozempic, yet the pharmaceutical company Novo Nordisk, the drug's manufacturer, has not provided any comments on the coin. Novo Nordisk has legal rights to Ozempic globally and could take action against the operators of this unauthorized cryptocurrency.

During its launch period, the creator of OZMPC implemented a steep 70% tax on buy transactions, resulting in a rapid depletion of funds from early investors. Currently, the token is down 65% from its peak value and trades well below one cent.

Gecko Terminal has warned potential buyers about the extremely low liquidity of OZMPC, leading to significant price variations across different exchanges. On numerous cryptocurrency exchanges, there are no bids for OZMPC at all. The funds siphoned from the Ozempic meme coin as a result of smart contract taxes exceed the current market capitalization of OZMPC, amounting to over $5 million.

This case exemplifies the current meme coin frenzy, where projects like OZMPC can exploit early investors and accumulate substantial sums of money. By using the name of a patented drug, the founder of OZMPC could face legal consequences for unauthorized use. These incidents echo the ICO craze of 2018, with meme coin founders failing to produce whitepapers, roadmaps, or any financial plans, instead choosing to drain investors' money into their own pockets directly.

The trend in meme coins resembles the ICO phenomenon with a lack of documentation and planning, but with an even more reckless approach.