Spook Inu token is the latest token that is hugging the top gainers’ section of coimarketcap. This token has been attracting the attention of investors for the past couple of days. The token is currently up 600%. So, naturally, many investors would be looking at the token.
The purpose of this article is to review Spook Inu token. To find out if the token is worth anyone’s time or whether it is another dressed-up scam like Pumpeth. If you are already an investor in Spook inu, I advise you read this review with an open mind, I know it’s hard, but try. Before we get into this review, you need to know that I’m not a banker. I’m not a banker or a financial expert. I will not be held responsible for your financial decisions. This review is just a guide and nothing more, take it as a form of entertainment.
What is Spook Inu?
According to coin market cap, Spook Inu claims to be the next Inu-themed coin in the alt-universe. Spook Inu’s group of experienced developers have developed ideas together to create what will be a unique, large-scale project that features unique tokenomics, flawless fundamentals, and a strong community that helps us to sustain and expand. Let’s go on to analyze Spook Inu’s website.
Spook Inu’s Website
Spook Inu’s website design is basic, in my opinion. The description begins with what we already know about Spook Inu. We find out that Spooky Inu was inspired by consolidated, established coins with similar themes, such as Shiba Inu.
The token has certain features, investor relations protection scheme, Spook SWAP,
Rewards calculator, NFT Collection & Marketplace, Spook Inu Wallet, and its rebase functionality. The fact it is a rebase token is the first red flag you need to be aware of. From my experience as a reviewer of crypto coins and tokens alike, rebase tokens launched on the binance smart chain are 97% dressed up frauds. Another point of observation is the Ethereum reward system, that’s a classic fraud coin move. Spook Inu looks like Pumpeth. For those who do not know Pumpeth. Pumpeth is a token that has been pumping since last year, yet, has made many investors frustrated. I am however not concluding here.
The total supply of Spook Inu is 1 quadrillion. This supply figure isn’t unique. Investors are to pay 12% upon every transaction undertaken on the Spook Inu ecosystem. This is how the tax is distributed. 2% is distributed to the Ethereum wallet. That is used to reward the holders of PumpEth. Another 8% is directed to the marketing wallet. And 2% is used to add liquidity to the liquidity pool. In my opinion, this is where the fraud occurs. The transaction tax is exorbitant and a majority of it is channeled towards marketing. For a token that naturally markets itself, through its rebase functionality, the marketing tax is pure thievery.
Spook Inu On Tokensniffer
Through token-sniffer, we find out that Spooky is 35% safe to invest in. This, in my record, is unhealthy. Here are some of the negatives around this project. The contract is unoriginal, this shows the project is a low-quality one. There are whales in the Spook Inu ecosystem. This could have a large impact on the token price if or when sold. The contract is a honey pot risk. Ownership is not renounced. The liquidity the owner claims is locked for one year was locked for just 109 days. The tax in Spooky Inu ecosystem. There’s hardly any positive about this token’s contract information, as seen on token sniffer.
Developers Behind Spook Inu
Unsurprisingly, the developers behind Spook Inu are unknown. This is a big red flag. I agree, not all real and legit projects have doxxed developers, for example, Shiba Inu, monero, etc. However, being doxxed goes a long way towards reducing the trust deficit between willing investors in Spook Inu and Spook Inu developers.
For those who do not understand what rebase is. With rebase, tokens charts (the Spook Inu token chart you saw, that attracted you want to invest), and the percent it has pumped today, doesn’t mean anything in the grand scheme of things. The only things that matters are the market capitalization and the total supply of the coin. When the market cap goes down, the chart goes up, when the chart goes up, holders sort of lose money. But when the market cap is up and the total supply of the token increases, the chart goes down. The value of the token increases. While the rebase mechanism burn investors’ token, reducing the number of tokens in investors’ wallet. The whole of spook Inu token is built on this mechanism that confuses investors.
In conclusion, It was Warren Buffet who said, ‘If I don’t understand it, I’m not investing in it’. If you don’t understand the functionality of rebasing, don’t invest in rebase tokens. Most of the time, they are outright scams that disappear into thin air, after a whale. It’s hard to categorize Spook inu as a scam, but, the signs are there. However, they clearly stated that they are a rebase token. It is not their fault investors only look at charts and make investment decisions.