Chihuahua Token: legit or Scam. Do your due diligence.

Chihuahua token is having a filled day pumping more than 647% on coin market cap and leading the trend as the  number  one top gainer . As I always do, I have decided to review this token. To help you decide whether the coin is worth the hype. And to uncover major scams, scammers  in the industry plot.

So, If you are about to buy Chihuahua token, but you are wary and unsure if it is legitimate or a scam token? or maybe you are just curious about it. I have done all the investigations on your behalf. All you need do is to read through this article. But before I begin, here’s a an important thing you need to know.

First, I’m not a banker or a financial expert. I will not be held responsible for your financial decision or indecision. This article is just a guide. I’m not here to promote or disparage any coin, hell, I don’t even know their creators. I consider my analysis to be objective and fair. If you are not satisfied with the things I say, you can always do your own research.

With that out of the way, let’s begin

When I am investigating a new token, the below are the things I look out for.

Website

White paper

Liquidity Pool

Market Capitalization

Developers behind the project

What people are saying about the

(If you are a frequent visitor of this website, you should know this already )

I will go on to explain the above points, as it relates to Chihuahua token in the coming paragraphs.

Before I do that. This is a little ‘history’ of the token, according to coin market cap.

Think of Chihuahua as a fair universal currency for the people with unique features. This is a real project that will be constantly evolving. Soon to come:

⁃ Dogmarketcap → First decentralized service to provide aggregated cryptocurrency market data.

⁃ HuaSwap → First Independent exchange that helps animals all over the world

⁃ Chihuahua NFT → The smallest NFT figures in cryptocurrency ⁃ Charity Support for Animal Shelters.

The community is encouraged to airdrop HUA tokens to help animals all over the world. It’s important to give back and build community trust

My opinion of Chihuahua token ‘history’


Chihuahua token ($hua) is basically another memecoin, that launched without having any structure on ground asides the regular promises of building things as the ‘community’ grows, having an ambition to displace top memecoins like doge coon and shiba inu and doing charity for all the ‘animals’ in the world.


This article saved our readers millions of dollars.


Website

The chihuahua token’s website is pretty decent. It is unique. Easy to navigate. I must say that impressed by the website. The front end guy needs to be rewarded well. But, we all know, great website doesn’t turn an illegitimate project to become legitimate.

On the descriptions on the website, the first thing that hits you is

HUA is the experiment in decentralized community building We are here to prove that every great community could beat dog coin and Shiba. This is the first BSCPAD Launch in meme crypto community.”

ExperiWHAT? You plan on using my hard earned money for an experiment?  This is the first big red flag for me. The creators apparently aren’t convinced their project will work.

Before I move to the white paper, a another thing, I’d like to talk about is the road map.

We are already in the 4th quarter of 2021. And the things the devs behind this token envisioned to achieve in the second quarter hasn’t yet been achieved. This doesn’t exactly give you confidence in the developers or their goals.

White Paper

The whitepaper of Vikingswap token is embedded on the ‘doc’ section of the website.
In the intro of the white paper,  I found this totally amusing.

“Chihuahua was born of the idea of a decentralized ecosystem created by a community associated with blockchain technology. We wanted everyone interested to be able to contribute to this project on the same terms and equal footing with the rest of the community. We believe that projects built based on social commitment will be revolutionary and will redefine the future of creating not only DeFi but projects in general”

Does that make sense to you? If it did, maybe you can help me understand that garbage in the comment section.

Moving on, Chihuahua token claims it will reward holders of the token with passive income through the redistribution of the 5% tax levied on all transactions in the Chihuahua ecosystem.

Chihuahua token is deflationary.  Which means the token is built to be more valuable as years go by. How, will they guarantee this, They guarantee this by locking  5% of each purchase or sale transaction in the liquidity pool of the token.

Market Cap and Liquidity Pool

Chihuahua’s token  market cap seats at a relatively okay level of $2,727,733 . For a token that was listed on coin market cap in may, 2021. This is a decent growth trajectory. I however, noticed the market cap is unstable. It depreciated to $1,920, 686 in a matter of minutes. Red flag.

The liquidity pool has a combined total of $228,590 as of the time of writing. With 94% of it apparently locked in a burned wallet. I however noticed the liquidity pool is unstable, as it  jumped from $228,590 to 201,901 in a matter of minutes. This indicates the creators are selling from the remaining 6% of their liquidity. This is malpractice.

First Check.
Second Check

Over  11, 844 people are holding this token. The highest holder of the token owns about 10%. And the wallet address is locked to a contract on PancakeSwap. The next wallet address owns about 6% percent of the token. This is generally seen as  Okay.

Developers of the token

The people behind this token are faceless and nameless. When a dev team is not doxxed, you have to be extremely careful with whatever they are offering.

What people are saying about the coin.

On twitter, the token isn’t that popular. It has about 5,500 followers. It has tweeted a total number of 132 tweets, since the handle was created in April 2021. Here’s what people are saying about the token.

On YouTube, the reaction is missed. While some people praise the coin. Other think it is a scam.

On telegram,
People are crying on their telegram group right now. The developers have been accused of  selling the liquidity pool. Here is a screenshot

In conclusion, chihuahua token might have it fundamentals almost correct. But one thing I realise about the token is that, the honesty of the developers have been questioned time and time again. The mere fact that their identity is unknown sends the alarm bells in my head ringing.  This token might just be a big rug pull waiting to happen.

As always, this is not a financial advice.

If you have invested in any of this type of project comment, let’s learn from your experience. Also,  share this with your friends and family, so we can help people not fall victim to crypto scams.

You may also be interested in other reviews I have done.