What is Froggies ($FROGGIES)?
Meme cryptocurrencies saw their heyday in 2021 with the rapid increase in value of Dogecoin, SafeMoon, and Shiba Inu. As you might expect, many copycat projects emerged in an attempt to ride the coattails of this success.
However, all the copycat projects had an underlying goal of rapidly increasing in value and making everyone rich instead of focusing on community building. Froggies is a meme coin project that has a heavy focus on community building and a philanthropic goal that sets it apart from other meme coins.
This article will cover absolutely everything you need to know about the Froggies ($FROGGIE) cryptocurrency project.
What is Froggies ($FROGGIE)?
Froggies is a memecoin that has the goal of developing partnerships with environmental non-profits and other organizations. The project was launched in November 2021 on the Ethereum blockchain. It has since launched a separate token on the Binance Smart Chain (BSC) and is currently developing a bridge to connect the two separate tokens.
Froggies had a fair launch from what we have gathered – there was no pre-mine or allocation to developers. However, the developers could purchase the token at the ICO price with their own funds, so it was certainly possible for them to earn money from the project.
So, Froggies has better tokenomics than the vast majority of memecoins. It still has a buy and sell tax, which we do not like one bit. It’s a flat 10% tax on all buy and sell transactions. 5% is burned and 5% is distributed to all wallets that hold $FROGGIES for buy transactions. For sell transactions, 5% is burned and 5% is distributed to a marketing and development wallet.
This makes $FROGGIES a deflationary token.
The total supply of the token is 100,000,000,000,000,000 tokens. However, 50% of those tokens were burned at launch. Yes, the burn wallet still receives a 5% reflection from all buy orders
Our Problem With Froggies
We have a few major issues with Froggies as a project. The first one is that the project has anonymous developers.
Our general rule is to avoid projects that have anonymous developers. Now, the Froggies team did dox themselves to Nanuque, but that is no guarantee that they are not scammers. We prefer when developers simply dox themselves.
In the case of Froggies, we do not see any reason why the developers feel the need to maintain their anonymity. It’s not a particularly sensitive project (ie. Monero) and would likely benefit from having a doxxed development team.
Our other problem with Froggies is that the team does not appear to be doing anything to partner with any environmental organizations. They have two partnerships – one with an NFT launchpad called Wooloo and another one with a non-profit called Save the Frogs.
The thing is they have declared a partnership with Save the Frogs but have not actually announced anything that indicates the two have a partnership.
We find this suspicious.
It would be far better if the project immediately started with a partnership with Save the Frogs or other non-profits.
The project attempts to hide this by using a lot of big words to make things a little confusing in the whitepaper. But it’s fairly easy to see that they have no real partnership and are simply using the big words to make themselves sound more important in the whitepaper.
It just is not a good look in our opinion.
Is Froggies ($FROGGIES) a Good Investment?
We really like the idea of Froggies and feel that this project (or a project like it) could really take off in the future. However, we would not invest Froggies because they do not have a doxxed founder.
It’s simply too risky for us to invest in a meme coin founded by an anonymous founder.
Could Froggies become the big meme coin?
It’s certainly possible it could become the next big meme coin. It’s also far more likely that the anonymous developers could drain the liquidity pool once it gets big enough. They could then launch a completely new project and do the same thing.
To summarize, we like the idea of the project, but we would not invest in it due to the anonymous developers. We also don’t like that the project appears to use the non-existent non-profit partnerships as a marketing tactic.
The idea of combining a meme coin with a philanthropic cause is a very good idea in our opinion. This is certainly a viable option with the right execution. Sadly, it appears that Froggies will not execute this idea properly. As such, it’s not a project that we find a suitable investment.