Petoverse Token Review: Legit or Scam Coin?

Petoverse token has been gaining popularity since its initial launch some days ago. It has followed the steps of tokens like sphere finance token, safuu token, and elonbank token. The truth is that tokens like Petoverse divide opinions. Like the below screenshot.

Some people say the model is an unsustainable scam, others think it’s the project that will finally make them rich.

This makes the Petoverse token rather hard to understand for beginners, especially if you are new to trading meme coins.

This Petoverse review is an attempt to demystify the token, especially for new meme coin and Defi investors. In this review, we will be checking whether Petoverse token is a project you’ll want to put your money into or whether it is another dressed-up scam that’s going to burst soon.

So, if you are curious about Petoverse, or you are a potential investor just getting to know about the token, or maybe you are already holding Petoverse token (this demography is usually very sensitive. Try to read the review with an open mind). I desire to make new investors (even old investors) understand what they are getting into, so I try to explain crypto in an uncomplicated manner by breaking down crypto terms or whatever the developers are trying to say in basic English. Before we get into the main review, however, we first need to establish an understanding.

“I’m not a banker or a financial expert, I don’t even consider myself a crypto “expert” (whatever that means). I will not be held responsible for your financial decision. Crypto investments, especially meme coin investments are high-risk, high-reward ventures. This article is just a guide, consider it alternative entertainment.”

With that said, let’s go!

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What is Petoverse Token

According to coinmarketcap.com, ” Petoverse is the first METAVERSE PROJECT that provides a decentralized financial asset that rewards users with a sustainable fixed compound interest model through the use of its unique PAP PROTOCOL (PETO Auto-staking protocol).”

Petoverse is breaking boundaries by integrating the Metaverse MMORPG concept with the hottest Auto-Staking Protocol in the industry. With a FIXED APY PAID EVERY 15 MINUTES and a simple buy-hold-earn system that grows your financial portfolio exponentially.”

I believe the above quote is not easy to understand, especially, If you are a total newbie. I’ll be explaining some of these ‘strange’ terms in the next paragraph. But, you can see that it says it’s a metaverse gaming project that promises high returns. Let’s go on to review the website. 

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Petoverse’s Website

Petoverse’s website is an okay one. You can tell easily that, it was put together by a professional with little or no imagination. The description begins with the below headline.  “A game driven passive income”. This sort of tells you what we already know.  The website said many things after, however,  where I want to narrow my focus on is the “how much can you earn part”. According to them,  

“At the end of the year, with $100 worth of $PETO invested. You can earn up to $ 2,087,120.50 worth of $PETO at 2,087,120.50% APY*” again, they said

“THE APY IS INSURED THROUGH THE GAMES DUAL-CURRENCY SYSTEM, AND IS MAINTAINED TO PRODUCE PASSIVE EARNINGS FOR EVERYONE THROUGHOUT THE YEAR.”

Wait, is the game live already? If the game is not live, this is the hottest lie on the internet. The developers made it sound like the game utility and ‘dual’ currency made the crazy APY possible.  

Now, if you have a hard time understanding what terms like Auto-staking, auto-compounding means. The below explanation should put you in the clear.

MMORPG

MMORPG means massively multiplayer online role-playing games. It is an online role-playing video game in which a very large number of people participate simultaneously.

Auto Staking

For you to understand Auto staking, you first have to know what staking is. Staking in crypto is the process of locking up (for a particular period) crypto holdings to obtain rewards or earn interest. Usually, staking is seen as another option to earn when investing in Defi projects. However, with the Petoverse token and its auto staking feature, that option has been removed. From the second you purchase Petoverse, you immediately earn Staking Rewards.

Auto Compounding

Compounding is the process in which an asset’s earnings (in this case Petoverse earnings), from either capital gain or interest, are reinvested to generate additional earnings over time. What this means is simple. Gains from auto-staking petoverse are automatically reinvested to generate even more rewards for investors.

Petoverse Whitepaper

Petoverse made use of the gitbook as a medium for its white paper. Through the whitepaper, we find out Petoverse wants to be a mixture of Sandbox, axie infinity, Defi, and everything in between. The white paper differentiated the two currencies in its ecosystem. According to the white paper,  “the native token of Petoverse ($PETO) is a transferable representation of attributed utility functions specified in the code of the project, which is designed to be used solely as an interoperable utility token on the game’s ecosystem.”

While, $PETOGEM “can be earned by playing the game. Once you earn them, you can claim them to your wallet”. Please, make sure you go through the white paper before making a financial decision.

Petoverse ‘Audit’ Report

Petoverse dev team has KYC’d and has done an audit with rug doc. Here are some things rug doc has to say about the project.

“Petoverse liquidity is not locked yet. 80% of tokens are in a presale contract from PinkSale. The owner can disable auto adding of liquidity, rebase, and anti-bot. The owner can swap out addresses that receive the fees, treasury, insurance, and inferno put.  Auto LP Tokens are sent to the 0x…dead address. Auto-Liquidity: 3%. Max Supply: 800.0 million tokens. Preminted: 800,000 tokens. 16% buy tax, 18% sell tax (max of 25%)”

Rugdoc highlights all the risks around these projects.

This report was published by ghostwriter bachelorarbeit

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Developers Behind Petoverse

The developers of Petoverse are doxxed. Two of them, that is, C.E.O, Micheal Flynn, and the C.T.O, Joseph Sloan have their linkedln profiles, which look very legit. This is commendable, as all the projects I have reviewed, that are of this nature, do not have doxxed dev teams. The C.E.O is an experienced network administrator, and a project development manager. He somehow has taught himself crypto development. Does he have enough expertise to make this token work? Only time will tell.

What Investors are saying about Petoverse  Token

There seem to be many fans of this project already. Here are some of the comments of investors sources through coinmarket cap and Twitter. I like that the token is building a community of devotees. Ready to fight ‘Fudders’ and cynics.

Conclusion

On poocoin, petoverse currently has a $9,272,186 market cap. And a liquidity pool worth around $1,712,061. It also has over 30,000 holders at the time of writing this review. I do not think the 2,000,000% is sustainable. I see it as a marketing gimmick. I think they will try to change that at some point just as Sphere Finance and others are trying to do. However, I think the dev team is genuinely trying to build something. If you are a newbie in this space,  I will not advise you to start with this type of project. This is not to discourage you from investing in this token, it was written to give you a clear idea of what you investing in from an objective third-party point of view. If you decide to invest in this ElonBank. Please invest what you can afford to lose.

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