Wakanda Inu review: Legit or Scam? Do your due diligence

I first noticed Wakanda Inu token on twitter. It was basically being shilled by a Nigerian EdTech C.E.O and Crypto Expert, Chris Ani. 

According to him, Wakanda Inu started with a simple question. “Why is there no successful African project with at least $100 million market cap in the market..”

Another popular Nigerian crypto entrepreneur and founder of Tatcoin,  Gaius Chibueze, immediately followed and replied that

“This is the mindset, we are tired of only consuming. Let’s go…”

Clearly, this meme token was created to sort of put Africa on the map. To rival other meme tokens, asian created and maybe force a native african meme token, into global consciousness.

I have decided to review Wakanda Inu, to find out if, it is safe investment consideration. Or if it is a project that is a rug pull waiting to happen.

Before you go on reading, here’s an important information you need to know. 

I’m not a banker or a financial expert. I will not be held responsible for your financial decisions. This article is just a guide for educational purpose. I’m not here to promote or disparage any coin, heck, 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. And express your dissatisfaction in the comment section.

With that almighty disclaimer out of the way, let’s dive in!

When I am investigating a new token, the below are the things I look out for.

Website

White paper

Liquidity Pool

Market Capitalization

Developers behind the Wakanda

What people are saying about Wakanda Inu

(If you are a frequent reader of this website or my writing, you should know this already)

Wakanda Inu’s Website

Wakanda Inu’s website is not the best memecoin website I have seen. It is also not the worst. It is somewhere in the middle. Average. A friend called it basic and I agree. The website is ssl secure, which means it safe to use. The website does the job.

On the website, the token described itself as

Decentralized and built as a charity-oriented meme token that is entirely for social good across the globe”

The website went on to announce that it has been launched, and investors can now buy on Pancakeswap. One thing the developers forgot to include, is the fact that the token is built on the binance smart chain.

Tokenomics.

The tokenomics of this memecoin is really interesting to me.

Memecoins usually do not have this type of complicated tokenomics. I hope the white paper does justice to the rational behind their tokenomics.

Lastly on the website,  the road map and the ambitions of Wakanda Inu was made clear.

White Paper

The Wakanda Inu’s white paper, looks like something that was designed by a 12 year old, learning to use CorelDraw and Microsoft Word in 2007. It is the most visually unappealing document, I have  seen in the memecoin space. You can check it out here

The introduction begins with this statement.

Wakanda Inu is a community meme project forged from the deep and warm consciousness of humanity. Wakanda Inu (WKD), the digital meme token that represents the daily struggles and aspirations of the best aspects of what it means to be alive – truly alive as a community.”

This is clearly not what ‘forged’ Wakanda Inu. What forged Wakanda, according to those shilling the token on twitter, is the need for a native African token to participate in the striving global “memecoin” space. Besides, the quote doesn’t even make any sense to me. If it makes sense to you, help me out in the comment section.

The introduction ends by claiming,

“Wakanda Inu will outperform every meme coin out there. We are well on our way to inevitable widespread adoption.”

This is a big claim. The big promise. The only issue is that it sounds, like Buhari promising to outperform Angela Merkel, if given the chance to preside over Germany, amidst competition from other world leaders. The chances of that happening is near impossible. But,  impossible is nothing to a “dreamer”.

The white paper moved on to explain their values. I’ll go on to only talk about the token’s claims to be Transparent.

According to the page 4 of the  whitepaper,

“To show our first commitment, there will be no private sale or special allocation to the team members during the public sale. All team members will go through the whitelisting process just like every other member of the community.”

This is true, I can confirm it. The whitelisting process was announced to the  public on twitter. If it was announced anywhere else, I do not know.

Tokenomics Again

In the tokenomics, it was made clear that Wakanda Inu is deflationary. With a total Max supply of one quadrillion. For context, 1,000,000,000,000,000 WKD. A total supply of 750,000,000,000,000 is projected to be burned (gradual permanent removal from circulation) in 5 years.

If you don’t understand all what that meant, it simply means that, Wakanda Inu is designed to make your investment appreciate over time. Because there’s a limited amount that can ever be in circulation.

I however think the token’s total supply distribution is unfair to the public, since it is supposedly a community centric token. Also, for a ‘charity’ driven project, the distribution supply, suggests they do not care much about the ‘charity’ they currently profess.

It said somethings about it’s uniqueness and road map.

Market Capitalization and Liquidity Pool

On poocoin.app, the total supply of Wakanda Inu is 985,600,000,000,000 which is different from the 1 quadrillion, written on the white paper and website. This suggest there is mixup somewhere, which isn’t really a good look.

Also, the market cap of Wakanda Inu is $83,393,571 and growing as at the time of writing this review, according to data from poolcoin.app.  This indicates a lot of people have already started buying into the project. Believing and trusting the project will make them rich. For a token that was released less than two weeks ago, this is impressive.

The liquidity pool is even more impressive.
A total of 2,622BNB approximately $1.8 million is apparently locked in the liquidity pool. With about 97+% coming from one contacted address out of the 15 addresses available in the PC v2/WKD/BNB LP holding. This is a good liquidity pool, all things being equal.

About 18,242 are holding this token. This is a positive sign. However,  one wallet address holds  9% percent of the total supply available to the public. This indicate there’s a whale (big bag owner) in the Wakanda Inu community. When there’s a whale in a community, there is a chance, small investors will be at the receiving end of a dump.


This review saved our readers millions of dollars.


The Developers of Wakanda Inu

The developers of Wakanda Inu are not doxxed. They didn’t say they will renounce ownership of the token, when the token reaches certain milestones, like many token promise. This is a red flag. The only people I  know that are associated with the project are the two  tech/crypto business men, I mentioned earlier, using their social media influence to shill the hell out of the token.

These business men haven’t come out to declare ownership of Wakanda Inu. They are basically just promoting and marketing it. If you follow my website, you’d know I love a project with a faces. Yeah, Shiba Inu makes a good argument, but this is not (yet) Shiba Inu, my friend.

What People are saying about the project

Wakanda Inu has about 7,7854 followers on Twitter, many of which are Nigerians.

On twitter, the thing I see is excitement. You can tell Wakanda Inu is building a strong community of Nigerians who believe in the project. Maybe as time goes on, other nationals will jump in.

On their  telegram,  it is the same euphoria. The euphoria of a new project that might see early investors become ‘overnight’ millionaires. The FOMO in the Wakanda community is strong.

It is the same thing on youtube.

Conclusion

Wakanda Inu is basically a memecoin created to target Africans. The addition of charity is an obvious afterthought. Their is inconsistency in total supply figures, as poocoin.app suggest the token has 985.6 trillion max supply, while the white paper says it is 1quarillion. We discovered the token has a one whale, which is technically not healthy. We also discovered the liquidity pool is locked, although I don’t know how long for. If you decide to buy Wakanda Inu, confirm from the devs the time frame of the lock.

I believe the people shilling this project have a name to project. If it goes wrong, their reputation will be in permanent tatters. In fact, why people are FOMOing into is project mainly because of them. Like many Nigerians, I have come to trust and like their brands. However, you cannot say they “own” the project.

I can’t say if Wakanda Inu is legit or not. The token is obviously not perfect, but it has known ‘legitimate’ backers and a growing community of fanatics.

If you enjoyed reading this review, you can look here for other interesting reviews of other meme tokens. Don’t forget to comment and share this review.

5 Comments

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