Doge Floki Coin: Legit or Scam. Do your due diligence.

Doge Floki Coin token is doing a massive pump today 5/11/21 on  Coinmarketcap. I have decided to review the token. This article is to guide you in deciding if the coin is worth your time and investment. And also,  to uncover major scams, criminals in the industry plot.

First, I’ll like to let you know that, 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 these points, as it relates to the token in the following paragraphs.

But before I do that. Here is a little ‘history’ of the token, according to their whitepaper.

“Born on 27 October 2021, Doge Floki Coin (DOFI) is the fastest growing cryptocurrency like other popular coins. Doge Floki Coin (DOFI) is built in Binance Smart Chain and fully decentralized with 5 seconds block speeds and low gas fees compare to bnb. Doge Floki Coin (DOFI) has been derived from Doge Floki Coin to follow in his footsteps.
Doge Floki Coin (DOFI) was impressed with dogecoin but DOFI has broad benefits compared to dogecoin, the community can earn DOFI by depositing and saving DOFI tokens on its wallet. How is the reward obtained? The reward will be obtained in each transaction of the community with a corresponding percentage to be distributed to all holders. Impressively, there is a burning mechanism coded in DOFI to reduce the supply continuously.

My opinion of Doge Floki’s ‘history’

This is perhaps one of the most recent dog meme coins in the memecoin space. They described themselves as one of the ‘fastest-growing cryptocurrencies. Well, fastest-growing is one of the buzz terms these days, so I’d take that like a pinch of salt. Also, Doge Floki coin is a token, not a coin. There’s a difference. So, this is perhaps my first red flag.

Let’s go on to review the website. 


Read our review of BuffDogecoin here


Website

Doge Floki coin token’s website is decent. It is dynamic and has a beautiful layout. I like the color combination, well arranged. One of those website you’d spend reasonable time on, in my opinion.

The description on the website begins like this; 


“Doge Floki Coin is a new cryptocurrency born to emulate dogecoin with the help of Elon Musk”

Help of Elon Musk? How?

Those were the question in my mind, after reading the first sentence on the website.

As I scrolled down the website, I met another sentence that left me with more questions than answers.

‘DOFI is a rug-proof deflationary BEP20 token on the Binance Smart Chain.”

Rug pull proof? was that what they were going to say? And How is Doge Floki a rug-proof token?

I’m honestly waiting for these questions to be answered in their white paper.

White Paper

The white paper of Doge Floki Coin (DOFI) is a 13 paged ‘cartoonish’ Pdf, like many other memetoken’s white papers.

The first ‘real’ page of the Doge Floki Coin’s whitepaper, which is the  “INTRODUCTION” section clearly states the history of the coin. Of which we have gone in the early part of the article. 

The second ‘real’ page of their white paper is the ‘abstract’. I found it lacking in meaning and purpose.  They just listed the things they intend to do, and that was that. 

The Doge Floki coin project is built around the success of Dogecoin, and the seeming popularity of Floki, Elon’s Musk’s dog. There are many projects like this out there. While a couple of them succeed, many don’t. Many were deliberately designed to steal from investors. The white paper didn’t seek to answer any questions. It just feels like a counterfeit, which it is.

The Doge Floki coin (DOFI) has no real-world use case, ‘yet’. Its just hopes to build a large community with the hype.

Tokenomics/Dofinomics

Doge Floki coin token (DOFI) claims it charges a 5% tax upon buying and selling. This 5% tax is redistributed to holders of the token. They also went on to say that 30% of the total supply has been burnt.

Doge Floki has a total supply of 420 quadrillions. For perspective, 420,000,000,000,000,000.

Audit

Doge Floki claims to have been audited. But a link to the audit report is unresponsive. Here’s the link.

Market Cap and Liquidity Pool

Doge Floki Coin token’s market cap currently seats at a respectable $129,506, 449 on poocoin. Although, they claim to have a $150 million market cap in their white paper.  For a token that was launched just some weeks. This is impressive.

At the time of writing, the liquidity pool has a combined total of $800+k. With 95% of it locked in about 3 different contracts. I however can’t access the contract to find out its nature, as at the time of writing. This is generally seen as healthy. If you decide on buying this token, make sure you verify the nature of the contract from the devs.

Holders.

Over 19,337 people are holding this token. This is a good sign. A token that isn’t even a month old yet has that many people believing in it. I however have my worries because, in the white paper, they claim to have burnt 30 percent of the token already. That is not true. As the burn address has only 2% percent of the token. A total number of 10 addresses own about 40% of the coin. Whales are holding this coin. These whales could easily dump the price of the token. This is a red flag.

Developers of the token

The developers are unknown. Faceless and nameless. This is is another huge red flag. These devs could decide remove their liquidity pool and abandon the project without facing any consequences. This is an obvious red flag.

What people are saying about the coin

On twitter,  there’s seem to be some sort of missed reaction from people. Some people are calling it a scam, while others are bullish about the toke.

On YouTube, I saw only one video on YouTube that talked about the token. The YouTuber seems to be bullish about the token. Man was probably paid to shill the token. Because, He was just talking nonsense.


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On telegram, investors are happy about the pump. The general mood is an okay one, as at the time of writing. 

Conclusion

I’m pretty conservative about Tokens like this. I however don’t believe, the developers are honest people. This token is probably getting set for gigantic rug pull.

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