OverMoon Token Review: Legit or Scam?

On YouTube, many meme coin analysts are calling Overmoon token the safe moon killer. Well, safemoon is looking like a dead project and overmoon had no hand in it.

Hello ladies and gentlemen, welcome to Knowledgegapexpert.com. As you already know, we would be reviewing Overmoon token. This token is printing its early investor’s money right now, thereby attracting the interest of meme coin investors like you and I. In this review, We would find out, together whether this token is just another scam or a legit project that could make us money in the near future.

I always say this in my articles, “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.

What is Overmoon Token?

Through coinmarketcap.com, we find out that overmoon token describes itself as a hyper-deflationary token with automatic rewards. The token is a community-driven one that focuses its project on NFTs and gaming.  The token is on the watch list of over 1,500 people and it has pumped over 250% in the last 24 hours.

Let’s go on check out overmoon’s website.

Overmoon’s Website

Overmoon’s website is a simple one. I’d agree if you call it basic. There isn’t much on the first and second pages of the site. It was on the third-page majority of the description began. The developers of the token claim to have inserted buyback options on overmoon’s contract. They gave their reasons for implementing the buyback options. Some of the reasons are,  Buybacks increase the value of the token as it supports the demand for it on the market. Buybacks increase the asset value of the remaining tokens if the tokens subject to buyback are burned.

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Overmoon’s Tokenomics

Not much was revealed about the token’s tokenomics. However, we learn that holders are expected to receive an automatic 4% reward upon every transaction on overmoon’s ecosystem. Also, an additional 4% is added to the liquidity pool upon every transaction. It is important to note that this is a tax, every buyer and seller of overmoon is expected to pay.

Overmoon Token On Tokensniffer

On tokensniffer, Overmoon is rated 55%. This is a slightly above-average score. Which is common in the crypto space. Tokensniffer highlights that the token’s contract source has both its positive and negative sides. Here are some of the negatives. Overmoon’s source code contains a mint function that could potentially allow new tokens to be created and dumped on investors. Overmoon token’s source code contains a function that can set a maximum transaction amount (honeypot risk). There are highly similar contracts that were deployed before this one. This means that overmoon’s contract was copied or cloned. Which makes it unoriginal. Lastly, The tax they charge investors is high. They didn’t completely state this on their website.
Now to the positives, the token’s liquidity has been locked for one year. Which is a good sign the developers are committed to the project. There’s adequate liquidity. There are no toxic whales in overmoon’s ecosystem.

Developers Behind OverMoon

The people behind overmoon token are not known. This, in my opinion, increases the risk around the token. It increases the risk because we do not know whether they are folk investors can trust or whether they have the right skillset to deliver on their promise.

What ‘investors’ are saying about Overmoon

Investors seem to be bullish about OVM. Going through comments on coinmarketcap, you’d realize some folks appear to believe in the prospects of the token. Here is a screenshot of some comments.

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Conclusion

In conclusion, overmoon token (OVM) is one I’ll be wary of. The fact the token has a mint and other potentially harmful functions is a clear red flag. Also, the token’s developers are unknown. Asides from this, the token seems to have a good marketing setup, which is good. And investors seem to like the direction the token is going. Investing in this token comes with risk. If you decide to invest in this token, invest what you can afford to lose. Do not get greedy and FOMO with money that will hurt you (if you lose it)

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