Hey guys, it’s Henry again. I will begin this conversation by thanking all my readers. Thanks for clicking the link. Your readership is important to me. Special shout out to all of you, that chip in comments from time to time. From Bob Jones (yea, I haven’t done your review. For me to do a review, a lot of people have to be searching for that token. I’ll do it) to Milul and the rest of you. If you haven’t commented and you are a regular reader, kindly drop your comment. And share these things, it might save someone from giving their life savings to scammers in the name of investment.
With that said. Let’s get it started.
VikingSwap token did madness yesterday, by pumping more than 647% on coin market cap. As I always do, I decided to review this token. To help you decide whether the coin is worth the hype. And to uncover major scams, scammers in the industry plot.
So, If you are about to buy Vikingswap token, but you are wary and unsure if it is legitimate or a scam token? or maybe you are just curious about it. I have done all the heavy lifting and investigations on your behalf. All you need do is to read through this article. But before I begin, here’s a an important disclaimer you need to read.
First, I’ll like to let you know that, I’m not a banker or a financial expert. I will not be held responsible for your financial decision or indecision. This article is just a guide. I’m not here to promote or disparage any coin, hell, I don’t even know their creators. I consider my analysis to be objective and fair. If you are not satisfied with the things I say, you can always do your own research.
With that out of the way, let’s begin.
When I am investigating a new token, the below are the things I look out for.
Developers behind the project
What people are saying about the
(If you are a frequent visitor of this website, you should know this already )
I will go on to explain the above points, as it relates to Vikingswap token in the coming paragraphs.
Before I do that. This is a little ‘history’ of the token, according to coin market cap.
Viking Swap (VIKING) is the next generation of Automated Market Making (AMM) decentralized exchange with a deflationary governance token model. We are your go-to yield farm running on Binance Smart Chain and Pancakeswap exchange, with lots of other features that let you earn tokens. As with the current wave of second generation yield farms, the aim is to create a perpetual deflation token, the VIKING, with a continual burn mechanism in order to field an environment that can sustain long term gains with consistently high APR for greater earnings.
The confusing word in the about quote is. Automated market making (AMM) decentralized exchanged. For you to understand what AMM is, you have to first properly understand what a Decentralized exchange is. Here is an a simple, easy to understand meaning.
“Decentralized exchanges (DEXs) enable users to buy and sell cryptocurrencies with one another without the need for brokers. Users merely need to connect their crypto wallet to a DEX, such as Uniswap (CRYPTO:UNI) or PancakeSwap (CRYPTO:CAKE), select their crypto-crypto trading pair of choice, such as between Bitcoin and Ethereum, enter the amount, and hit the swap button. There are a lot more coins and tokens available on these exchanges, making them ideal for the adventurous investor.”
Now, for Automated Market Maker (AMM).
An automated market maker is the underlying protocol that powers all decentralized exchanges (DEXs). Simply put, they are autonomous trading mechanisms that eliminate the need for centralized exchanges and related market-making techniques
My opinion of Vikingswap ‘history’
Viking swap is a decentralized exchange (DEX) that offers financial services like staking, yield farming etc. I however discovered something staggering when I was going through Vikingswap info on coin market cap. It all time high was an impressive 75 USD to 1 VIKING, some months ago. Now, it is struggling to maintain 0.05 USD to 1 Viking. This is an indication that this coin has experienced a rug pull in the past.
I’m not going to dive into conclusion yet. Let’s review the website.
The Vikingswap token’s website is an okay one. It sort of shares the same Viking/nordic warrior esque design with Pancakepoll. It is basically a copy of Pancakeswap. The website is not ‘beginner’ friendly, to me. A lot of people will get confused navigating it. But, the nature of the idea backing the token demands the website is built like that, so I understand.
The whitepaper of Vikingswap token is embedded on the ‘doc’ section of the website. The vikingswap token is deflationary, we all know that, don’t we? The most striking thing about the whitepaper to me is security. Here, listen to them.
Migrator Code (Rug-pulling Mechanic)
Through ‘function migrate’, Pancakeswap can potentially take all of your money within 6 hours. Of course given their established legitimacy, the chance of this happening is negligible. However the code is still present in their contract and it was by exploiting this code that other notorious clones were able to “pull the rug” from under their participants (how un-warrior-like!)Why would you ever stake your hard-earned gold on a site with this code still present? Foolishness! As honorable Vikings, we have removed the migrator code from our contract which was forked out from Pancakeswap. You can see the following migrator code is still present in the following link: https://github.com/pancakeswap/pancake-farm/blob/master/contracts/MasterChef.sol“
Here they indirectly admit that, they could steal your investment, through a clause in their smart contract. But, say they can’t because that clause has been removed. Mind you, this document was ‘updated’ 8 months ago.
Market Cap and Liquidity Pool
Vikingswap’s market cap and liquidity pool seats at a worrying $311,160. For a token that was launched almost year ago, this is a major source of worry and concern for early investors and new ones.
The liquidity pool has a combined total of $37,000. With 95% of it locked in a contract. However, I can’t access the contract lock time frame. The liquidity pull is meager, for a project that is almost one year old. This indicates unhealthiness.
Over 4,528 people are holding this token. I can bet you these folks are trapped holding. They can’t sell, they can’t buy. The total number of holders isn’t that impressive, if you look at the how long the project has been on.
Developers of the token
The people behind this token are faceless and nameless. When a dev team is not doxxed, you have to be extremely careful with whatever they are offering.
What people are saying about the coin.
On twitter, the folks that invested money into the project are up in their comment section, toxifying the whole place.
This one really broke my heart.
On Disqus, you can clearly see that investors regretted putting their money in their.
In conclusion, vikingswap is scam coin that is preying on people’s ignorance. It is clear they lied about removing the pro rug pull contract. The token shouldn’t ever be given a chance, as it has proved to be one without any mission asides a source of pain to naive investors.
If you have invested in any of this type of project, share your experience, let’s learn from it. Also, share this with your friends and family, so, together, we can help people not fall victim to these sort of scams.