So, I saw BlowUp token on coin market cap today, which is the 22nd October, 2021. It has been up 94, 916,165.739% on coin market cap over the last seven (7) days.
If you are thinking about buying the BlowUp token, but you unsure if it’s legit or a scam? Don’t worry, I got you covered.
In this review, I’ll share my thought about the Blow-Up token, along with some tips and tricks to help you make a good decision.
Before I begin, I’ll like to let you know that, I’m not a banker or financial expert. I will not be held responsible for your financial decision or indecision. This website is just a guide and nothing more.
With that out of the way, let’s begin.
Usually, whenever I’m looking at or investigating new, unfamiliar tokens or crypto projects, the below are the things I look out for.
- White paper
- Liquidity Pool
- Market Capitalization
- Developers behind the project
- What people are saying about the blowUp token
I will go on to explain these points as it relates to BlowUp token in the subsequent paragraphs.
Personally, the name is a red flag. The name ‘BlowUp token’ is just too corny. It sounds like something begging to be bought, with the promise of blowing up, helping people become overnight millionaires. If you have been in crypto long enough you’ll realize coins named this way are out there to rug pull people off their hard-earned money.
Like I said earlier, the first thing I check is the website. The BlowUp token website, I must admit is visually appealing and convincing, telling the honest to God truth. You can tell it was put together by a professional(s) with an idea in mind. It doesn’t look overly ‘selly’. The mixture of purple and white gives it a cool look.
I tried to read the text on the website. In an effort to make sense of the whole the thing,
Here’s an except from the website.
“BlowUP is the first rebase token with USDT rewards. Hold $BLOW and receive $USDT directly to your BEP-20 wallet as a reward for holding”
Now, they went on to tell us what a re base token is by saying
“Rebase is an increase or decrease in the total supply of a given token across all holding pools and all wallets. This is done in order to adjust the token price, without affecting the value of anyone’s share of coins. This can be beneficial as the chart will always look healthy regardless of dips and we can be on the top gainers parts of websites due to the illusion of a rise in price floor so is a brilliant marketing tool in itself”
If you don’t understand what a rebase token is still, I will attempt explaining it to you, in the simplest way possible.
With rebase, tokens charts don’t mean anything. The only things that matters are the market capitalization and the total supply of the coin. When the market cap goes down, the chart goes up, when the chart goes up, holders sort of lose money. But when the market cap is up and the total supply of the token increases, the chart goes down. The value of the currency increases.
People FOMO into these rebase tokens because they see the charts and how massive the pumps are, without having a clue what they are doing. My honest advice is simple, if you don’t understand it, don’t invest in it, until you understand it.
The whitepaper is the second thing I look out for in a new project. If you do not have an idea what a white paper is. Here is a simple definition of a white paper that should help you.
“A white paper is an informational document usually issued by a company or not-for-profit organization to promote or highlight the features of a solution, product, or service that it offers or plans to offer.”
Back to BlowUp token. I downloaded their white paper to make meaning of what the blowUp project was all about, and I honestly felt like a wasted my time. The whole ‘whitepaper’ is the same information on the website. Yeah, maybe they said something about their tokenomics, but essentially the white paper is a repetition of what was on the website. The unique thing the BlowUp token claims to possess is its rebaseness
that offers USDT as a reward for holding, nothing else. It doesn’t seek to solve any important problem in the industry.
On the white paper, I saw a link to their twitter account. I checked and saw that they had about 6000+ followers. I tried to check whether these followers were legit or fake. This was what I found out.
Yes, I couldn’t assess their follower. I think that a red flag. So, I’m thinking their followers aren’t really followers. They might have bought those followers to improve social proof.
To be fair, I saw this video on the twitter account. I clearly do not know who this guy is, but he seemed to be promoting the hell out of the BLOWUP token. There’s also a verified hockey pro, who tweeted A shout out to the BLOWUP token.
Here is the tweet
I’ll start this section by defining what a liquidity pool is.
“A liquidity pool is the number of cryptocurrencies locked into a smart contract by its developers to enable investors or traders trade the assets on a decentralized exchange (DEX).”
The liquidity pool is one of the most important aspect of checking to know whether a project is worth the risk or not.
Using the poocoin.app, and the binance smart chain scanner website, I investigated the BlowUp token.
Here’s what I found out.
99.5253 percent of the liquidity pool is attached to one wallet address. This is a giant red flag.
The address is not a dead address, another monstrous red flag. There’s no dead address attached to the coin, another big red flag. The entire liquidity pool is a meager 287.92 BNB, which is equivalent to $138,108 as of 23rd October 2021. The BlowUp token information is a cluster of red flags.
I checked the holders, as at the time I checked there were over 235 people holding the coin, which is not healthy.
Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the price of the cryptocurrency by the number of coins in circulation.
For a rebase token, the market cap is missing. I can’t find a credible source that has listed the market cap of the BlowUP token. Even though I checked coingecko.com and coinmarketcap.com. This is a big red flag for investors.
Developers behind the coin
The developers behind the blowUP token are nameless. That is, there are no names or pictures of the developers of this coin. If the project was such a marvel, how can the developers choose to be anonymous? I know you’d want to shout Bitcoin, but, this isn’t bitcoin. They are just ghosts, using social proof and influencer marketing to gain the confidence of investors.
What people are saying about the coin
I also looked out for what other people are saying about the coin.
So, I saw a video on YouTube that had comments from 5 days ago, that is, in October 2020. Here’s are comments from people who bought the coin.
In conclusion, BlowUp token has all the character and persona of a shitcoin that is susceptible to a rug pull. This coin will most probably hold little or no value in the future. If you are thinking about getting or holding thin after reading this review, you need to give yourself a long hard look.