Chinu (CHINU) – Full Review
It plans to increase the reach of the project by a “unique marketing methods” that include merchandise, launching a chili sauce, launching a comic series, and donations to charity.
What is Chinu (CHINU)?
Chinu (CHINU) is a memecoin that falls in the dog coin category of memecoins. Now, the thing with memecoins is that they don’t actually do anything, so a proper analysis must look at the community surrounding the memecoin rather than the actual utility of the token.
From that perspective, Chinu falls a little flat. The project has almost no community behind it and this is reflected in the price and trading volume.
Chinu does have some rather grand plans to promote the token that include NFTs, a chili sauce, merchandise, a play to earn game, a comic strip, and staking.
Chinu has a 12% transaction tax. The whitepaper did not include whether the transaction tax is a buy tax or a sell tax.
It’s also important to note that the website has a different breakdown than the breakdown on the whitepaper. What is that about?
The breakdown of that 12% is the following:
- 4% goes to marketing.
- 4% goes to the team.
- There was no team allocation of tokens.
- 2% is used for a buyback to fund the future staking rewards.
- 2% is used to maintain the liquidity pool.
We do not like those tokenomics. It’s also strange that the whitepaper failed to mention whether the 12% is collected from buy transactions or sell transactions.
If it’s simply a tax on all transfers of CHINU, then that’s extremely bad.
The token allocation is the following:
- 50% was burned at the time of launch.
- 16.87% was allocated to a vested private sale.
- The vesting is over 3 months and with the tokens airdropped once a month.
- 10% to fund the LP.
- 10% to fund a CEX.
- 5.63% for airdrops at launch.
- 3.5% for staking.
- 2.5% for P2E gaming.
- 1% for miscellaneous.
- 0.5% for Vitalik Buterin.
Just like CHINU’s tokenomics, the token allocation is a complete joke. 33% of the total available tokens (50% were burned at time of launch) were sold in a private sale.
Our Problems With Chinu
We have a few problems with Chinu. The biggest problem we have is that this project is attempting to do way too much, which makes us suspicious.
The founders want to launch a chili sauce and a play to earn game at the same time.
That’s absolutely ridiculous. The businesses are not related in the slightest and require a vastly different skill set to operate.
Could you imagine Sky Mavis announcing that they are launching a chili sauce alongside their play to earn game Axie Infinity?
This chili sauce funding idea of Chinu shows that the development team has absolutely no idea what they are doing. They are simply saying things that will get them some attention and sound good to clueless investors.
For those that don’t know, a project like this launching a chili sauce would be done through a licensing deal. The brand would license out their name to someone that would run the chili sauce business. Cryptocurrency project developers launching their own chili sauce business to fund their memecoin is utterly ridiculous.
The other problem we have with Chinu are the absurd tokenomics. A 12% transaction tax is far too high.
We strongly oppose any cryptocurrency that has a transaction tax. Shiba Inu and Dogecoin, the two most well-known memecoins, do not have a transaction tax.
A transaction tax simply looks like a way for the development team to funnel tokens to themselves. Speaking of that, the price chart for CHINU has been red for the vast majority of the token’s history.
Our final problem with Chinu is a minor one, but still worth mentioning.
The website is terrible. It hurts our eyes to read the website due to the blurry text and poor color choice.
Is Chinu a Good Investment?
Chinu is probably not a good investment. The token currently has a 24 hour trading of ~$700, which is complete trash. The price has also remained stagnant at $0.0008 for the past month.
The token has had some weird spikes in price and trading volume since its launch, but the overall trend has been negative.
Combine this with the fact that the developers appear clueless and we would rate this as a very low quality token.
Where to Buy Chinu?
You can buy Chinu on Uniswap (V2). That’s actually the only place you can buy CHINU at the moment and the trading volume is only $700 over the past 24 hours.
This is one of the most ridiculous dog coin projects we have seen in the cryptocurrency industry. The developers want to launch a chili sauce to help fund the project.
That really tells you all you need to know about this project.
The conflicting information on the website about the tokenomics, the large vested pre-sale allocation, and the lack of focus on the community make this project very dubious.
Basically, our opinion is that the developers are completely clueless about running a crypto project. They did a good job with the initial marketing push to attract investors, but the chances of them delivering on the many points promised in the whitepaper are next to zero.