Fashionable YouTuber Logan Paul catches warmth for selling a doubtful crypto sh*tcoin often called Dink Doink.
Earlier this month, a number of influencers, together with members of FaZe Clan and Ricegum, had been accused of hyping a pump and dump token referred to as Save The Youngsters.
Paul’s efforts have triggered an additional dialogue on the function performed by social media celebrities throughout the crypto area. Extra so, how meme tokens are at odds with an business striving for credibility.
i ❤️ dink doink https://t.co/QP3SnPJDeS
— Logan Paul (@LoganPaul) July 10, 2021
What’s Dink Doink?
Dink Doink’s tagline is “cartoons, memes, and good occasions with the group.”
Its complete promoting level facilities round a South Park-inspired cartoon that includes Logan Paul, Dink Doink, and a personality referred to as Dani, who’s Paul’s assistant. The roadmap mentions music movies, a film within the works, and “strategic episodes.”
“Dink Doink goals to be the primary ever decentralized media franchise, the place token holders obtain an NFT for each episode that drops.”
DINK is a BEP20 token accessible on PancakeSwap. Thus far, the one crypto buying and selling pair accessible is DINK/BNB.
Based on Dink Doink, the max provide is 10 quadrillion tokens (quadrillion = 1,000 trillion), the market cap is $1.7 million, and there are just below ten thousand addresses in existence.
Worth evaluation is proscribed as a result of token solely launching in late June. Nonetheless, DINK skilled a large close to 40,000% improve in its run-up to an all-time excessive of $0.00000000227726 on June 28.
Since then bears have taken management, tanking the value sharply. Whereas the July 4th weekend noticed some reprieve with stabilization of promoting, final week noticed a continuation of bear exercise, dipping the value to $0.0000000001684 on the time of writing.
From peak to current, that’s a 99.3% drop in two weeks.
The undertaking demonstrates an understanding of its goal market, in rewards for “sitting in your ass and doing nothing.”
Increasing on this additional, Dink Doink transactions appeal to a ten% price. 5% will get distributed to token holders in proportion to their holdings. Whereas the remaining 5% goes to the PancakeSwap liquidity pool. There is no such thing as a data on who controls this pool.
Dink Doink can also be extremely lazy. Within the spirit of this laziness, Dink Doink constructed a token that may reward you for sitting in your ass and doing nothing. No staking, no vaults, no bullshit. Simply sit again, loosen up, and watch your $DINK bag develop greater and larger!
Dink Doink will get the Logan Paul remedy
YouTuber Coffeezilla, who has posted a number of movies on crypto scammers just lately, mentioned Dink Doink lacks any helpful goal. Whereas the identical might be mentioned of any meme crypto-token, Coffeezilla raises objections to Paul’s affect on this scenario.
Though Paul passes himself off as a random investor who stumbled upon this token, Coffeezilla accuses Paul of making Dink Doink.
“Basically, he presents himself as an however unaffiliated investor on this coin…
But it surely seems that is extremely deceptive as a result of Logan Paul is much from only a man who came upon about this coin like anybody else as a result of in a podcast with the Dink Doink CEO, he mentioned Logan Paul created the factor.”
Paul has overtly admitted that Dink Doink is, in his phrases, ridiculous and dumb. However like many earlier than have warned, folks’s free reign to create pump and dump tokens will solely incur higher regulatory scrutiny on the complete crypto area.
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