Dawn of Gods (DAGO) was a Binance Smart Chain based blockchain game that ceased operations on January 30, 2022. It appears that the developers of the game rug pulled based on the price chart of the game.
The developers had some interesting ideas for the game and tokenomics, but sadly none of them came to fruition due to the shuttering of the project.
Anyway, this article will cover everything you need to know about Dawn of Gods (DAGO) and offer some insight into how the scam worked.
What Was Dawn of Gods (DAGO)?
Dawn of Gods (DAGO) was supposed to be a play to earn blockchain game that took place in a world in which gods, goddesses, and humans had a massive war.
It’s a fairly standard world for a video game.
As is the case with many blockchain games that rug, the game was not actually released when the project launched. The project only had drawings of future gameplay and some NFT art, which does not mean much as those can be purchased on Fiverr for a small amount of money.
The one thing we found interesting about the DAGO token is that it had a gas fee refund, which does not sound very sustainable nor does it sound entirely necessary on the Binance Smart Chain due to the extremely low fees. However, it likely helped out from a marketing perspective.
What Happened to Dawn of Gods (DAGO)?
The developers announced the shuttering of the project on January 31, 2022, with the project coming offline on February 15, 2022. They covered the closing process in a Medium post.
The project launched in December 2021 and folded less than two months later.
It’s quite obvious that this project had no intentions of launching any sort of game because they closed so soon after launch.
Who Founded Dawn of Gods (DAGO)?
The founders of Dawn of Gods (DAGO) remained anonymous for the entirety of the project. Due to that, it should not come as much surprise that they ended up scamming investors out of the money.
The general rule is that blockchain games with anonymous developers and no game at the time of launch are scams.
Spotting Cryptocurrency Projects That Will Rug
Dawn of Gods (DAGO) rugged investors out of a lot of a few hundred thousand dollars. This might sound scary to those unfamiliar with cryptocurrency.
However, it’s not really that scary as spotting these rug pulls is not difficult for anyone that has any familiarity with cryptocurrency.
Some red flags that you should look for include the following:
- Project launched by anonymous developers.
- Anonymous developers are the biggest red flag that a project will rug pull. We are not saying that all projects with anonymous developers are scams, but the odds are very high.
- Blockchain game projects that do not have a game at the time of launch.
- We are not sure if these projects are meant to be scams or they simply fail, but the projects without any product at the time of launch almost always fail before developing a product. This is especially true if the developers are anonymous.
- Low quality whitepaper and/or website.
- We have not seen the whitepaper as Dawn of Gods as the website has already been taken offline. However, we can guarantee that the whitepaper was less than 20 pages and had no technical descriptions. Whitepapers for these projects tend to be nothing more than hype.
- Project is on the Binance Smart Chain.
- We hate to say it, but so many scams are on Binance Smart Chain. This has led to many familiar with cryptocurrency calling the blockchain the Binance Scam Chain. Again, you should take the other red flags more seriously than this one, but it’s definitely something to consider.
Why is DAGO’s Price Rising?
The price of DAGO spiked to $0.25 a few days after launch before collapsing to a few cents. The price steadily decreased to zero over the next few weeks and hit zero after the developers announced the closing of the project on Twitter.
Interestingly, the price has risen quite a bit over the past few days. The price is still far below zero at $0.0005, but it’s still interesting that the price rose a few hundred percent over the past few days despite the project closing almost a month ago.
We are unsure what caused this price increase. Some Twitter users are claiming that the site received an update, but we find this unlikely as the website is currently giving a 404 error.
More likely, trading bots started trading the cryptocurrency and caused a price increase or a clueless purchased some DAGO and caused a price increase. The trading volume is low enough that even a small purchase can cause a massive increase in the price.
That sums it up for a full review of Dawn of Gods. It’s a completely dead project that has seen some slight price increases over the past week, but the developers have already announced the closing of the project.
It’s not really worth knowing much about the project at the moment as an investment at this point would be an extremely unwise decision.