BuffDogeCoin Token: Legit or Scam. Do your due diligence

Today I’m going to be reviewing one of the (arguably) newest dog meme coin in ” dog meme crypto town”. This review was requested by Milul. One of our consistent readers. I hope you’ll see this, Milul.

If you are new to this website or my writing, I usually start my token reviews by listing out the things I checked, as regards the token I’m reviewing. These things are usually,

The Website

The White paper

The Liquidity pool

The Market Cap

The Developers of the token

What people are saying about the token on the various websites.

But before I do that, let me tell you a little about the token I am about to review.

BUFFDOGECOIN ($DOGECOIN)

Buffdogecoin was launched on the first of August 2021 by. It is a ‘buff’ version of doge. If English is not a your first language, buff simply means ‘an attractive or well-toned. Somebody who is buff has an attractive body, they look ‘fit’. Buffdogecoin was born because of the popularity of dogecoin. So, it’s basically, another doge, targeted at folks that probably missed out on dogecoin.

BuffDogeCoin’s Website

The BuffDogeCoin’s  website is average looking to me. I have seen better websites. I understand that it Is a meme coin though.  After all,  the coin it is looking to emulate (dogecoin) doesn’t really have a great website also, yet it is a a billion dollar market capitalized investment.

Going through the words on the website. You can tell that the folks behind the token are reasonably honest with their proposition. They acknowledge it is just a  memecoin, they aren’t promising you huge, quick returns. They are simply trying to replicate what doge did by asking you to hodl, and hope get into the hype train.

Here are  some of the words on the website

“All holders will earn more Buff Doge Coin that is automatically sent to your wallet by simply holding Buff Doge Coins in your wallet. The community receives more Buff Doge Coins from the fees generated for each transaction.”

The developers are not telling you they will reward you with other coins like Ada, Cake or whatever. Like many scam token claim but do not fulfill. Their objectives are clear.

White Paper

To me, the most striking thing about buffdogecoin’s whitepaper is the disclaimer.

Here, the developer made it clear what you are about to get into. I like the team’s honesty. They emphasized the risk of investing in memecoins like buffdogecoin.
Even if you don’t read the white paper, make sure you read the disclaimer. It will give you enough perspective about the coin and the risk level.

Onwards, The people behind Buffdogecoin value 4 things. These 4 things are trust, transparency, community and longevity. The token is built on the binance blockchain. Which is faster and more secure than most blockchain.
Buffdogecoin is hyper deflationary. This simply means that the value of the currency is designed to be more valuable as years go buy. Which makes it an attractive long term investment option. In buffdogecoin smart contract code, holders of the token automatically get to share the 5 % fee charged on every transaction done with buffdogecoin

The white paper is honest and clear enough. I also read the audit report attached along with the white paper, done by desert finance. The audit was generally positive. It however stated that the audit only covered the bsc contract. It doesn’t guarantee, your money will not be stolen, and it will not be help to account if it does.

Liquidity Pool and Market Cap

The liquidity pool of buff doge coin token sits at a massive  $2,320,725  With a total number of 99%  apparently locked  under 3 different contracts. For a coin that just launched in August this year, these are impressive numbers.  The locked liquidity confirms the legitimacy of the project and reduces the chances the creators of this token will steal your investment. You however, need to confirm the lock period from the ‘team’ before you buy the token. To be certain of the longevity of the liquidity lock contract.

The market cap is slightly over $149 million + and growing. This is a relatively large market cap, for a token that got launched less than 4 months ago.

The total supply of the token is 1quadrillion. There’s however a mechanism but in place to reduce it progressive from period to period. This makes it more valuable as the time go by.

The token has about 76,419 holders. This is super healthy, as it indicate the community is growing and you are still in the early phase. Even, the way the coin is distributed is in the wallet is pretty good. 

Developers behind Buffdogecoin

Surprisingly, developers of  buffdogecoin have chosen to be anonymous. This is a shock to me because, dogecoin that they emulate have known developers.  Billy Markus and Jackson  Palmer are the creators of dogecoin. I hate to say it, but this is a red flag. If you follow my writing, you’d know I love a project with a face or two faces.

What people are saying about the token.

On twitter, The buffdogecoin has about 29k followers. This is good for social proof.  Their account has active tweeted a total number of 667 times, since they created it in June, 2021 (as of the time of writing). 

Many followers seem excited about the token. 

On YouTube, there is a big excitement around the coin. People have hope that it will make them rich. Community is getting stronger.

On  telegram, they have 22k people in the group. Investors in the token are upbeat and are excited about the token. Many of them were urging other member to go vote buffdogecoin in a contest on coin gecko. While some were asking about the state of another memecoin called buffetshiba(bshib) another memecoin.

Conclusion

Buffdogecoin is growing at fast rate. If I’m to score over 10, I’ll give it a 6. They have a good plan and an achievable objective, whether they’ll stick with it is anyone guess. If you are willing to risk it and invest, make sure you know the time frame of the liquidity lock. One thing I’m sure is that people are gradually realising the potentials of memecoins with strong communities and Buffdogecoin is really raising one hell of a community. So, this might just be the next dogecoin or shiba inu. I however do not like the fact that it creators are anonymous. it seems fishy because they honestly do not have any legitimate reason to be anonymous.

Okay, that’s me done, today. This has taken most of my evening, but no regrets. Thanks for the comment Milul.

P.S This is not a financial advise.

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