Key Takeaways:
- Golden Inu flatlines on Aug 3 after a 33% daily pump on Golden chart.
- The project got a listing on CoinMarketCap, which evidently pushed the coin higher.
- Golden Inu’s whitepaper is not persuasive, featuring several red flags.
YEREVAN (CoinChapter.com) – Golden Inu, a new nonsense token in the dog-themed meme coin litter, pumped 33% on the GOLDEN chart on Aug 2 and flatlined on Aug 3, standing at approximately $0.000000008980. The coin’s community was apparently excited about the CoinMarketCap listing over 24 hours ago.
GOLDEN Inu is a dual token deployed on the Binance Smart Chain since Feb 2023 and on the Ethereum blockchain since July 13, 2023. However, PencakeSwap DEX holds 100% of its liquidity against wrapped BNB (wBNB), with a daily trading volume of approximately $1,300.
Is Golden Inu a scam?
The project features several red flags that should alert potential traders. Firstly, the Golden Inu coin does not feature any audits. The latter typically examine a project’s whitepaper, tokenomics, etc., to determine whether it’s relatively safe to invest in.
The Audit page on the project’s website contains the contract Source code, but no information except a “coming soon” claim, with no timeline of the company name that would carry out the validation.
The complete lack of objective opinions on the Golden Inu token is another red flag. All the information and news on the project are paid promotions, including the feature on the known crypto publication CoinTelegraph, which the community boasted about on Twitter.
The project’s whitepaper is quite vague on Golden Inu’s possible advantages over competitors or the purpose of the cryptocurrency in the first place. Additionally, CoinMarketCap’s Golden chart contains a warning message urging traders to exercise caution, as “Smart contract of the following asset can be modified by the contract creator.”
All the factors mentioned above put a large WARNING sign on the project. Potential investors should proceed with caution while doing their own research and watching the price action closely.
