AmazingDoge (ADOGE) – Is It Legit?
AmazingDoge (ADOGE) is a dog coin on the Binance Smart Chain. It has received some attention because the token has not rugged despite existing for a few weeks.
That is somewhat noteworthy for a dog coin, especially a dog coin on the BSC.
Despite that, we are still somewhat skeptical of the project. This article will offer a full review of Amazing Doge (ADOGE) and cover whether or not the project is legitimate.
What is Amazing Doge?
Amazing Doge is just a dog coin. There is nothing noteworthy about this token and some of the claims it makes seem dubious.
For one, the developer claims to have conducted KYC, but they have not posted the company they have done the KYC with.
They also claim to have done an audit. Again, they have not posted the company that audited them.
That’s extremely suspicious.
Next, the website nor whitepaper mention much of anything about what the project actually plans to do. The whitepaper does mention something about an NFT marketplace or NFTs, but it was clearly written by a non-native English speaker and makes absolutely no sense.
Amazing Doge does not have any NFTs nor do they have an NFT marketplace, so the whitepaper discussing both of those like they exist is disingenuous.
Finally, the whitepaper claims that the CEO of Amazing Doge is a Malaysian man named Chia William. The whitepaper states, “used to be a financial analyst on Wall Street” and “has a very strong financial sensitivity trader.”
We have no idea what “has a very strong financial sensitivity trader” even means nor how it’s relevant to launching a dog coin. We find it unlikely that Chia William is the name of the CEO nor do we believe that the founder worked on Wall Street.
Amazing Doge Tokenomics
Amazing Doge has some terrible tokenomics despite the name “Amazing” in the name of the project. 64.5% of all tokens were sold in a pre-sale, which we assume mostly went to the owner. 34.1% of the tokens were used to fund the liquidity pool.
The other 1% of tokens were locked.
64.5 + 34.1 + 1 = 99.6
So, what happened to the other 0.4%?
We do not know. Apparently the “Wall Street financial analyst” could not even perform basic arithmetic.
Is Amazing Doge Legit or Is it a Scam?
Amazing Doge does not appear like a legit project to us. The whitepaper is borderline nonsensical and discusses an NFT marketplace and NFTs as if they exist when no trace of them can be found on the website.
The website also claims that something (not even the smart contract) has been audited while offering no proof of any audit. The same applies to KYC about the developer. There’s no evidence about an audit or any project developer doxxing themselves to a company like RugDoc.
Our biggest gripe with this project, however, is that it has a variable tax rate function in the smart contract. This means that the smart contract owner can change things like the tax rate or even transfer tokens to their own wallet. As a general rule, you want to avoid projects with these types of smart contracts as they are often honeypot scams.
The smart contract owner can change the transfer tax to 99% at any time.
Finally, the website is terrible. It has a few pictures of dogs, a “workbook” that tells next to nothing about the project, and a two sentence mission statement.
To summarize, this project is some sort of rug or scam. And it’s not a very high effort one, either.
Is Amazing Doge a Good Investment?
Amazing Doge is probably not a good investment. The token does appear to have good price movement and some amount of 24 hour trading volume.
However, that is easy enough to manipulate because the smart contract has a variable tax rate.
We would not go anywhere near a cryptocurrency project that has a variable tax rate in the smart contract. CoinMarketCap also suggests the same thing.
Where to Buy Amazing Doge?
You can buy Amazing Doge on PancakeSwap (V2). Again, it’s not something that we recommend purchasing due to the risk of some sort of honeypot scam.
To summarize, Amazing Doge (ADOGE) appears like some sort of scam, which should not come as much of a surprise considering that most dog coins launching in 2022 are scams.
This is especially true of dog coins that launch on the Binance Smart Chain in 2022.
We believe that this project is a scam because of the poor quality whitepaper, lack of evidence that an audit has occurred, poor quality website, and variable tax function in the smart contract. There are far better options if you want to purchase a dog coin, like Shiba Inu or Dogecoin, than purchasing an unproven dog coin on BSC.