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Since memecoins have started to make a comeback because of the few meme cryptos bringing utility, lesser-known cryptos such as Doge Floki have begun to witness a pump.
However, the investors must be wary about them, for these tokens have taken an upwards trajectory for only a few moments before dipping to near 0 levels. In this article, we will look into what Doge Floki is and why it is going up.
What is Doge Floki?
The official Twitter of the token says that Doge Floki or DOFI is a “new cryptocurrency born to emulate dogecoin with the help of Elon Musk”. This statement seems true right off the bat since the name of this token seems to be engineered by taking two of the most talked about cryptos – Doge Coin and Floki Inu – and combining them into one.
A BEP20 token built on the Binance Smart Chain, DOFI claims to be a “rug-proof deflationary” crypto that allows investors to earn more if they hold more.
That is, the more investors sell Doge Floki token, the more coins are burnt automatically. It works to increase the crypto’s price. The official website implores the investors to hold the coins to enjoy the rewards. Here are some of the features we found about Doge Floki’s tokenomics.
- 5% reflections for holders: For every transaction, 5% of transacted tokens go to every holder.
- 4% liquidity pool: 4% of every transaction is dedicated to DOFI’s liquidity pool for Pancakeswap. The devs claim that it is to maintain a stable floor price for this crypto.
- 2% is the burn fee: The crypto burn tax is set for DOFI at 2%, with the ecosystem sending 2% of every transaction to the burn address to increase the value of the token.
- Total supply: the total supply of the crypto is 420 quadrillion
All the funds the initial liquidity provides are locked in the swap, and the ecosystem holds a 5% marketing wallet to ensure that “his capability in supporting his marketing army and advertising expenses in the upcoming months.”
In many aspects, this token would seem legitimate for a crypto novice. However, deeper inspection has revealed some red flags.
The Rug Pattern
DOFI arrived in October 2021 at a level < 0.000000001 and then fell below that in January 2022. It is similar to a rug pattern as no one seems to be talking about it at all.
The Twitter crowd is scarce
While the official Twitter account has upwards of 23k subscribers, there has been no interaction as of late. The latest tweets consist of passable posts that range from “Do Do DOOO” to “Do you want to see DOFI reaching $0.1?” The crowd response isn’t good, either. The best responses we could find were during the time of DOFI’s launch, and even those conversations are inorganic. Another social media case we found about this crypto is that we couldn’t find any legitimate comments from those trying to pump this crypto.
There is no development in sight
We couldn’t see one major development in this token that could have helped us see the reason behind this tokens’ current pump.
The token is unmonitored
Isthiscoinascam.com is a website that monitors cryptocurrencies and assesses them to see if they are real cryptos. DOFI is one of the unmonitored tokens – which can only be true for cryptos with low values and no marketing.
The token is only available on lesser-known crypto exchanges:
Those who want to buy this token are at a disadvantage as it’s available on lesser-known CEX.
The above points put up a major red flag about the future of this cryptocurrency. Therefore, our best estimate behind its price pumping is someone is trying to squeeze and push the price artificially. It could be the developers behind this token, but even their identities are unknown. While there might be some potential behind it, it is only IF the token is whatever it claims to be. But so far, there is no answer as we can’t see the token making any headway into its roadmap as specified in the official whitepaper.
And it seems that we were correct, for the value of Doge Floki has dropped by 65.33% since that last pump – adding weight to the fact that it might be scam crypto. That is why when it comes to making Doge Floki price predictions, we don’t see much future for this token.
Cases such as these remind us to put our faith in cryptos that have utility, a strong backing, and a vision. Tamadoge is one of those cryptocurrencies.
Tamadoge is a Safer and Better Option than Doge Floki
If you were looking for an alternative memecoin that had all the marketability of the Dogecoin, Doge Floki isn’t it. The token has failed to grab the general interest of the token, and we aren’t clear on the utilities.
But Tamadoge is another story. It not only has doge aesthetics but is the power source of a paly2earn platform set to redefine crypto gaming forever.
Tamadoge is a Utility-based Memecoins
Tamadoge is ahead of the best memecoins in the market because of its utility. It powers the play2earn game of the same name -Tamadoge – where players can raise Tamadoge Pets – NFTs, use them for battle and earn points with skill-based gameplay.
Tamadoge is one of the Best Crypto Presales of 2022
Tamadoge was revealed to the crypto crowd with little fanfare, But its use case was able to attract a huge crowd quickly. It led to Tamadoge completing the beta phase of the presale ahead of time, and it is now in the 6th phase of its presale.
It is a deflationary token with no transaction tax
Cryptos need to be deflationary. That factor keeps the number of tokens in check and adds stability to the crypto’s price. Tamadoge burns 5% of the supply for every transaction – while it seems similar to Doge Floki’s claims – in Tamadoge’s case, this happens to be true. Secondly, there is no tax on transactions as devs believe in Tamadoge to generate wealth for the ecosystem.
The Devs aren’t Nameless
Many find anonymity endearing in the cryptocurrency market. However, the longer we are in this ecosystem, the more important it becomes for us to know about the devs behind the token. While not all of Tamadoge’s developers are revealed, we know the names of two professionals behind this memecoin. They are Carl Dawkins – Head of Growth, and Thomas Seabrook – Lead Game developer.
CEX listing is Coming Soon
Tamadoge’s idea is to distribute 1 billion TAMA tokens – half of the token supply – in its presale before listing the token on Lbank. And so far, more than 60% of the presale cryptos have been sold. We estimate that the token will be live in LBank and probably other CEXs before this year’s end.
Conclusion
Doge Floki is one of many nameless memecoins that have emerged out of the woodwork – trying to capitalize on people’s renewed interest in memecoins. But the pump it experienced was minor, and the retrace that happened later was major. Therefore, you’d be better off looking at alternatives with more marketing and a better community behind them.
Tamadoge is one of those cryptos. It is undergoing the 6th phase of this presale, in which you can buy 40 TAMA coins for 1 USDT. The token’s meme origins make it suitable for early movers looking for future exponential gains.
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