KongTama Token Review: Legit or Scam?

I saw Kongtama token pump yesterday. The name, ‘Kongtama’, sounded good to me, but I didn’t bother to check it out. I was going through my Reddit feeds today, looking for a new token to invest in and review, when I saw the token again.  I got that reviewer’s urge to check it out, and what I found about the token is what I’m sharing with you.

Therefore, if you have an interest in Kongtama, either as an investor or a potential investor. This review was written with you in mind.

Before we begin, however, know that “I am not a banker or a financial adviser. I will not be held responsible for your financial decisions. It is important to verify or fact-check the things you got from this review and make your conclusions.  This article is just a guide. Consider it entertainment.” With that out of the way, let’s begin.

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What is Kongtama?

According to coinmarketcap.com, Kongtama was put together by a team of professionals who will work hard to bring KONGTAMA and the community to the moon. The team strives to create a token that is stable in price and grows steadily. They plan on making sure a lot of investors are satisfied with what they provide with Kongtama.

Personal opinion, Kongtama appears not to have any use case. Everything seems to be centered around the ‘team’, the community, and what they are trying to build. The token, at the time of writing, is doing poorly. It is down 30% and it is on the watchlist of under 600
people.

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Kongtama’s Website

Kongtama’s website is basic and straight to the point. The developers of the token strike me as those who do not have time to lie about a grand idea, they haven’t thought through like meme tokens. Most of the website is devoid of any explanation idealistic explanation as to why the token exists. The developers instead went straight to tokenomics. This sort of makes the website look tacky, but at least they are seemingly honest, which is good, in my opinion.

Kongtama’s Tokenomics

The website lets us know that investors are expected to pay a 12% tax upon every buy and sell. The developers claim that the tax will be used to develop, market, reward investors, and add liquidity to the token. This is how the tax is shared. 3% goes to the Liquidity Pool. 4% is directed to the marketing wallet. 2% goes to reflection. For those who do not know, reflections seek to reward investors. Lastly,  2% is directed to the dev team, as a reward for their work.

In my opinion, this heavily tilted towards the developers of this token. The way the tax is structured, you can see marketing has the highest share. Most of the time, developers do not use the money accrued from the tax to do the actual marketing. Whether this token will take that route is another matter entirely.

Kongtama On Tokensniffer

On tokensniffer, kongtama is rated 0%. although, it is sellable. This is a huge red flag. The token contract assessment platform does not rate Kongtama. Tokensniffer thinks the project is a scam. Here are some of the reasons behind the very poor rating. The source code contains a mint function which could potentially allow new tokens to be created and dumped on investors. Kongtama’s source code contains a function that can set a maximum transaction amount (honeypot risk). The owner’s wallet contains a substantial amount of tokens which could have a large impact on the token price if sold. The owner’s wallet contains a substantial amount of liquidity which could allow for a significant amount to be removed. There are many other reasons, I didn’t include. There’s hardly any positive in this token, as far as tokensniffer is concerned.

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Developers Behind kongTama

Though those behind this token have some first names and links to what looks like their personal, telegram account. It doesn’t mean they are doxxed. This is to say, the developers of Kongtama are faceless, nameless, and unknown. This is a gigantic red flag.

Conclusion

Inclusion, although many investors have not been locked out of selling (yet). Everything about this token is faulty. I have never seen a token so full of negatives on token sniffer. Investing in this token with all the above stated red flags is like having a crocodile as a pet. It is only a matter of time, you will get burnt. If however, you enjoy risking money, because you have a ton of it in your bank account. Invest what you can afford to lose.

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