Vibe Token Review : Legit or Scam?

The time is 5:21 am, here in Nigeria. I’m surprised to see a token called Vibe in the top spot of coinmarketcap. Vibe has pumped over 2488% in the last 24 hours. As I always do,  I decided to do a review of the token, in the hope of finding out whether it is safe for investment or it Is just another well-thought-out scam coin going through the motion. Yesterday, I saw that a victim of the snowdogecoin rug pull committed suicide. It is these sorts of things, I try to help new investors avoid with my reviews.

If you are considering investing in Vibe Token, or maybe you are already an investor in vibe token. This review is for you. I have checked almost everything on your behalf. All you need to do is read through this.

Before I start, you need to know that 

I’m not a banker or financial expert. I will not be held responsible for your financial decisions. This article is just for educational purposes, consider it a form of entertainment. I didn’t write this review to promote or disparage any coin. I consider my analysis to be objective and fair. If you are not satisfied with the things I say, no problem. You are encouraged to always do your research, whether you agree with me or not.


Heard of Wolverinu?


Here are the things I will check, as I plow through the Vibes Token ecosystem.

Website

White paper

Market Capitalization

Liquidity Pool

Use Safu and Token Sniffer to check Vibe Token

Developers behind  Vibe

What investors are saying about Vibe Token.

Website

Vibe tokens website is an okay one. It is SSL secure, which is always a good thing to see on websites. I like the black and orange combination. The logo however seems unnatural in the position it took. It looks like something that’s isn’t supposed to be there. Vibe token’s website begins with an introduction I find playful, perhaps too playful it is useless.

“Good VIBES Only Token
We-vibe each day, every day, all the time. Good energy, good vibes only.
Earn $vibe’s passively while vibing with us.”

Personal opinion

Vibe token sounds too “unserious” for my liking. Like something, a group of marijuana smokers (I don’t have issues with people that smoke marijuana) gathered to push through, while high.

The above not-so-serious introduction is the only description of Vibe token. It tokenomics follows immediately.

In the tokenomics, we found out that a total of 1 trillion vibe tokens were minted upon its launch. For context, 1 000, 000, 000, 000. It currently has a  supply of 550 billion, because 45% of vibe token was immediately burnt upon launch. This makes vibe token deflationary. For those of you who do not understand what a deflationary token is, a deflationary token is deliberately designed to become more valuable over a while. Unlike fiat that is inflationary.

Out of the current supply, 500 billion was added to Uniswap as liquidity. Whilst 100% of the initial liquidity was rendered inaccessible to anyone (burnt). The remaining 50billion are stored in the ‘treasury’ to pay for potential CEX listing and marketing. 

We also found out that Vibe token uses tax and reflection mechanism. Upon every transaction on the Vibe token ecosystem, a 10% tax is levied. This is the breakdown. 2% is spread across to holders of the Vibe token, to encourage them to hold. 4% goes to the liquidity pool, while the remaining 4% goes to the Dao funds. They did not bother to explain what they mean by Dao funds. But if you are curious to know what the term Dao means,  this is how forbes.com put it

“a DAO is an internet community with a shared bank account. A small group of people come together to form a chat group, and then they decide to pull capital together, [typically] using an Ethereum wallet”

What this means is simple. Some DAO groups have already invested in Vibe tokens.

White Paper

Vibe token unfortunately does not have a white paper.  I have noticed new meme tokens are choosing the path of not having a white paper. This to me is not good and will never be. I see this as a red flag.

Market Capitalization

According to dextool.io, vibe token currently has a $550,999 market cap. This is interesting because it isn’t even up to a million-dollar yet. It shows the token is still very new. Not many investors have put their money in vibe tokens. The current holders (investors) in the vibe token are about 1070. While 1070 holders were registered on Dextool.io, Etherscan only registers only 794 holders.

You can see there’s inconsistency with the claim.

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Liquidity pool

Vibe token claims to be un-rug-able because according to them,

…we have set aside 50% of $vibe tokens as liquidity that was deposited via Uniswap. After doing so, the LP Tokens received in return were sent to a burn wallet, making it inaccessible to anyone. Thus, eliminating the risk of a possible “rug”. $vibe Token is, therefore “unruggable”.

However, when I checked Uniswap, this is what I saw. 

This isn’t a good sight. The warning from Uniswap suggests it isn’t recognized. Be aware that there’s another vibe coin. It is not clear whether this vibe token is trying to impersonate that vibe coin or not.

Safu

I used safu to scan the vibe token contract and this is what I found out.

You can tell this token is super risky. The developers aren’t honest. And the logic behind the token is useless.

Developers Behind Vibe Token

Developers behind vibe token are unknown. This confirms my suspicions that the token doesn’t have any good intentions. This token is probably an experiment or a bet to see the number of people that will fall for a scheme like this.

What investors are saying about vibe token

I checked the whole of YouTube, I was only able to see one video and one comment dedicated to the token.

What does this commenter mean? How is vibe a good project? The token stands for nothing.

Vibe token’s telegram has about 300 members. It seems like a graveyard. There’s absolutely nothing going on there.

Conclusion

Vibe token doesn’t stand for anything, except for ‘vibe’. The owners are unknown, Uniswap doesn’t recognize it. There are inconsistencies with the holding figures. No one is talking on their telegram group, no one is talking about it on youtube. It is currently like a project on life support. Or a token that is yet to take off.