As I type this, Bee inu is currently the one of highest gaining coins on market cap. The token has been up 600%+ in the last 24 hours. This means one thing, and one thing only. Bee inu is in the eyes of a lot of people and many of them are buying it.
In the last few days, I have been following Bee inu’s price. it lost about 60% of its value two days ago. This current push-up in price has motivated me to review this token. This review is an attempt to demystify the token, especially for new investors. We will be checking whether Bee inu is a project you’ll want to put your money into, or whether it is another dressed-up scam that’s going to burst soon.
So, if you are curious about bee inu like I am, or you are a potential investor just getting to know about the token, or maybe you are holding the token, already (this demography is usually very sensitive. Try to read the review with an open mind). I desire to make new investors (even old investors) understand what they are getting into, so I try to explain crypto in an uncomplicated manner by breaking down crypto terms or whatever the developers are trying to say in basic English. Before we get into the main review, however, we first need to establish an understanding.
“I’m not a banker or a financial expert, I don’t even consider myself a crypto ‘expert’ (whatever that means). I will not be held responsible for your financial decision. Crypto investments, especially meme coin investments are high-risk, high-reward ventures. This article is just a guide, consider it alternative entertainment.” With that understood, let’s go!
What is Bee Inu?
According to coinmarketcap.com, “Bee inu is a coding education site for everyone. It contains tools that make programming love and easy, especially for children. Through its tutorial courses, millions of students are learning how to code in real programming languages. Bee Inu; offers an engaging and fun curriculum for schools, after-school clubs, and camps, as well as self-paced online courses for learning to code at home. And it’s completely free.”
Well, from the above, you can see that the token is theoretically founded on some noble idea of making coding easy for everyone, especially for kids.
The description on coin market cap went on to say that “the Bee Inu project will gradually develop an online course, web game, mobile games, and NFT projects. $BEEINU token holders will have exclusive access to these developments. Protect BEE INU and earn rewards.”
While I love the idea behind this token. I struggle to see how the demand will come into this project. One reason is that there are thousands of more popular web2 platforms that handle things like this.
Anyway, let’s go on to review Bee Inu’s website
Bee Inu’s website
In my opinion, bee Inu’s website is well made. However, the cliche floating object background makes it look unoriginal. The description begins on a welcome note.
“Welcome to BEE INU
Learn free software with Web 3.0 technology and earn with Blockchain.”
Bee Inu’s Tokenomics
Bee Inu has a total supply of 1,000,000,000. This amount of supply is typical of meme coins. People who Invest in Bee Inu are to pay a 7% tax upon every buy and sell.
This is how the tax is distributed. 3% is sent to the marketing wallet. 1% is directed to the developers. While the remaining 3% is redistributed to holders of Bee Inu. One thing about Bee Inu’s tokenomics is that taxing is not excessive.
Bee Inu on Tokensniffer
Through Tokensniffer, we find out that the quality of Bee Inu contract is very low. The contract checker rates it 15%, at the time of writing this review. This means that the token’s contract has many downsides. Let’s go to explain these negatives, in tokensniffer’s own words, Bee Inu’s source code contains a function that can set a maximum transaction amount. The source code also contains a function that can modify the transaction fee. In the holder’s analysis, we find out there are whales in the token’s ecosystem. Little wonder when you look at the chart, you’d see that the price action is manipulated. The Bee Inu’s developers have the right which allows them to change the contract behavior (for example, disable selling, change fees, or mint new tokens). All of these are red gigantic red flags. There’s hardly any positive around this token. However, you have to bear in mind that tokensniffer can be wrong sometimes.
Developers Behind the Token
The developers of the Bee Inu token are unknown. However, you can tell English is not their first language. This is a big red flag. I agree, not all real and legit projects have doxxed developers, for example, Shiba Inu, monero, etc. However, being doxxed goes a long way towards reducing the trust deficit between willing investors in Boba token and the developers
In conclusion, this project looks like a project that will disappear at any time. The red flags are many. The chart looks funny. Although I like the idea, I struggle to see how the team will attract demand for the token. I do not think this token is worth anyone’s Investment or time. If you insist on investing in this token, put in what you can afford to lose.
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