Web3 Coin Review: Legit or Scam Token?

Today, I’ll be writing about a coin that is still in its IDO stage, but it is already making waves on coin market cap. As I am writing this, it is comfortably sitting in the top gainers’ section. The name of this coin is web3 coin. The most interesting thing (to me) about this coin is that it has about 300,000 holders or investors in less than one month. The presale offer is ending in a day or so. It will be fascinating to see, how this token will fare in the market in the coming weeks or months. Is this coin another potential scam or could it be another apecoin? Let’s attempt to find out.

Before we begin, you have to know that, I’m not a banker or a financial expert. I will not be held responsible for your financial decisions. It is important to verify or fact-check the information you got from this review and make your conclusions.  This article is just a guide. Consider it entertainment. With that out of the way, let’s begin.

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What is Web3 Coin?

Through coinmarket cap,  we learn that Web3coin “is the next generation of advanced decentralized blockchain”. The project aims to be the leader of the space, that is why they are (seemingly) in a stage of rapid development. Web3coin is also a decentralized blockchain network for multi-chain mining pools, aggregated DEX, DAO governance, mining pools, Metaverse, gamefi, and NFT market applications. As a protocol and a framework, Web3coin is developed for building and connecting blockchain networks that are compatible with BSC.

That sounded complex, right? It looks like the project is many things at the same time. Let’s go to check out the website.

Reviewing Web3 Coin’s Website

Webs3 coin’s website is well made. You can see the was handled by a thorough professional.  The description begins with what we already know about the coin, as seen on coinmarket cap. Also, you can see that token is still offering IDO. For those who do not understand what an IDO is or how it works. Here’s a short explanation. An IDO uses a decentralized exchange (DEX) to facilitate the token sale. A crypto project provides its tokens to the DEX, users commit their funds through the platform, and the DEX completes the final distribution and transfer. These processes are automated and occur via smart contracts on the blockchain. You can read more about IDOs here.

To put it clearly, web3 coin’s initial Dex offering (IDO) is still on (at the time of writing this review). It however will be ending soon.

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Web3 Coin Utilities

We find out that Web3 coin promises cost-efficient and secure transactions by utilizing a wide range of protocols. The web3 coin project also promises a one-stop Defi Hub that includes Dex aggregator, mining, yield farming pool, and NFT market. The project is also multi-chain as it currently supports various chains like ethereum, BSC, and the little-known HuobiECOchain.

Web3Coin On  Tokensniffer

Now, something about this token is really strange. Before I started writing this review, it was rated around 60% on token sniffer. However, after about an hour or thereabout, the rating dropped to 5%. Which is a terrible score.  These are what tokensniffer highlighted about the token’s contract. Currently, the token is unsellable. But it was sellable some time ago.  minutes. The other seemingly negative thing about this project is that the liquidity pool is unlocked. This is however understandable because the token is still running its IDO. Aside from these, the token is all positive, as tokensniffer suggests the token is renounced, there are no whales in the token’s ecosystem and many other positives.

Developers Behind Web3 Coin

The developers behind the Web3 Coin are not known. This, in my opinion, increases the risk around the token. It increases the risk because we do not know whether they are folk investors can trust or whether they have the right skillset to deliver on their promise. Again, this token hasn’t bothered to undergo any form of contract audit or KYC before going live.

Conclusion

The token seems to be on presale and somehow was launched for trading. I do not understand that arrangement. There are many things about this token that looks rather strange and opaque. For instance, the website looks like that of a legit project. However, the fact that the developers did not dox, sends the alarm bells ringing in my head. Again, there’s nothing seemingly unique about the project. It promises too much, too soon. The last turn-off is the fact that their telegram is full of people  (bots) who only are just typing “Web3coin” endlessly. There’s no genuine conversation going on there. It looks like many are following the token because of their free airdrops or something.  If you decide to invest in this token, invest what you can afford to lose.

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