With the holidays right around the corner, it is the season for new investments and naturally, more dog coins. At press time, two top gainers on CoinMarketCap – both inspired by Elon Musk’s Floki puppy – were catching eyes. However, at this point, it appeared that the investors need to ask some serious questions before they decide to bring the puppies home.
Do some ‘pupper’ research
Two top performers on CoinMarketCap were Prince Floki V2 [PrinceFloki] and Christmas Floki X [CFlokiX], both tokens based on the Binance Smart Chain. At press time, Price Floki V2’s price was $0.0000001441 and the coin saw a rally of more than 1400% in just a day.
Meanwhile, Christmas Floki X was changing hands at $0.00000001824 and spiked around 846% during the same interval.
Prince Floki claimed to reward users with Dogecoin [DOGE] in return for holding. What’s more, the white paper discussed the token’s rebase function, which would reportedly adjust coin supplies. The white paper noted,
“…we can be on the top gainers parts of websites due to the illusion of a rise in price floor so is a brilliant marketing tool in itself.”
Time to sniff out the facts
The age of a crypto token’s official website can tell potential investors a lot about how much time and expertise was invested in the project. That said, Prince Floki’s website was created in early October.
On 3 December, however, another Floki themed coin – Universal Floki Coin [UFLOKI] – hit a price of $0.00000002923, or rallied by 205878808.75% in 24 hours. UFLOKI was also a Binance Smart Chain token.
Adopt, don’t shop
How badly could a dog coin investment go? Well, users are accusing Snowdog [SDOG], a token on the Avalanche C-Chain, of being a rug pull. Insiders reportedly took millions in funds, leaving investors shocked and confused as the meme token plunged in value from thousands of dollars to less than $100 in a matter of days.
As of press time, CoinMarketCap had not marked SDOG as a rug pull.