Following the recent surge in meme coins, a tweep took a deep dive into investigating sample of few of the popular meme coins and his discovery with necessary links to back his theory might be worrisome enough for investors in these coins.
In his words:
With all the DOGE clones and other hype coins appearing, as a developer of 20 years’ solid experience, I decided to investigate what’s really going on, and find out if there’s something that’s truly decentralised (spoiler: the tokens listed above are not).
- SAFEMOON – BEP20 token on BSC with centralised burn process per the whitepaper: https://t.co/R8MoivflPf
Also, SC owner can exclude accounts from the fee reflection process.
Code here: https://t.co/okfoBZTVkT
SAFEMOON is not safe. Totally ruggable if the team decide.
- HOKK – Simplified ERC20 clone of SAFEMOON. Keeps reflection, but ditches automatic LP and manual burn promise. The SC surreptitiously (renamed functions to hide the intent) keeps the ability to exclude accounts from fee reflection.
Code here: https://t.co/6wIvM1SMqZ
- SHIB – Standard ERC20 smart contract created via tokenmint USP – txfers to Vitali Buterin. Nothing automated or special about this token’s SC at all. Pure sentiment- and hype-based coin. ‘Hype’ is only one letter away from ‘hope’.
Code here: https://t.co/t7SwqBM7lq
- SNOOD – Upcoming token in active dev built from the ground up using latest OpenZeppelin Contracts compiled with latest Solidity. Totally decentralised with fully Blockchain Automated Reward Kickbacks (BARK) technology. No team dependency though team is anonymous.
#SAFEMOON $HOKK $SHIB— ɴeᴏ (@Neo42) May 14, 2021
With all the $DOGE clones and other hype coins appearing, as a dev of 20 years' solid experience, I decided to investigate what's really going on, and find out if there's something that's truly #decentralised (spoiler: the tokens listed above are not).