Is The GamingDoge Cryptocurrency Worth Investing In?

GamingDoge was a cryptocurrency that promised to combine gaming and cryptocurrency into one spectacular project. 

Unfortunately, that plan never happened because the GamingDoge cryptocurrency project rugged. It’s a sad thing when rugs happen, but this was one of the more obvious cryptocurrency rugs out there. 

Anyway, this article will cover what happened with GamingDoge and how to spot obvious rugs like this so you don’t lose all your money. 

What Happened to GamingDoge?

GamingDoge has a story that has been seen hundreds of times in cryptocurrency. The developers launched a project with a heavy marketing campaign that promised to do something innovative. In this case, the developers chose to ride on the coattails of an already popular meme in cryptocurrency (Dogecoin) for extra social proof. 

The developers conveniently pre-mine a large sum of tokens for themselves (>30% in this case). These pre-mined tokens are then sold in small amounts during and after launch. This is done so that the price of the token does not immediately crash. The team then sells the remaining tokens in one swoop in order to maximize their exit. 

Once the team has finished selling, they will delete the website and social media accounts. 

That is basically what happened with GamingDoge. These type of scams happen so often that you can fill in the blanks with different marketing tactics to promote the coin, but the underlying concept of promoting something interesting that you have no intention of creating is the same. 

4 Ways To Spot Rugs in Cryptocurrency

Spotting these scams, called rugs in cryptocurrency, is not particularly difficult. Most people that have spent time in the world of DeFi will have a sixth sense about what projects will rug. Of course, this is not right 100% of the time. 

Some projects, however, are a little easier to finger as a rug than other projects. GamingDoge was one of those projects. 

Here are five ways to spot a rug in cryptocurrency. These are some of the most obvious ways. Scammers can change things up to make the project look more legit, but they rarely do that because that requires work. 

Scammers are generally too lazy to put in that amount of work. They likely don’t have the technological skill to create something truly innovative. 

Uneven Wallet Distribution

The biggest tip for spotting a rug pull is to look for uneven wallet distribution. This means to look for a wallet that holds a large percentage of all the total circulating supply of coins. 

If a wallet holds over 25% of the coins, then you are most likely dealing with a rug pull. Sometimes the developer will not put all the tokens into one wallet, so you have to dig around for multiple wallets holding the same amount of the token (ie. 10 wallets holding exactly 1,000,000,000 tokens each). 

Mint() Function

Developers have gotten even more sophisticated at covering their tracks, though. They can not mint the coins pre-launch and instead mint them after the coin’s launch. This can be done if there is a mint() function in the smart contract. 

The developer simply calls the mint() function to send coins to the corresponding wallet address. 

This was first seen with the Kimchi Finance rug pull. Many rugs copied that method following that rug pull.

Terrible Website

This is the first subjective item, but remember what we said about most DeFi specialists having a sixth about rug pulls?

A terribly designed website is one of the biggest signs you are dealing with a rug pull. 

In the case of GamingDoge, the website had terrible UI and UX. All the internal links just brought you to the homepage. 

That’s a sign of a rug pull and not a serious project.

Terrible Writing

Finally, terrible writing on the project is a good sign of a rug pull. We know, not everyone is a native English speaker, but a serious project will hire an editor before releasing the website. 

Terrible writing is another tip that you are dealing with a rugpull. 

Is GamingDoge Worth Investing In?

No, GamingDoge is not a project worthy of investment. 

The project appears to have rugged. The trading volume is still at $12,000 per day, but the website is down, which usually indicates a rug pull. 

Due to that, you should definitely not invest in GamingDoge. You will likely struggle to sell the token due to low liquidity. 

Closing Thoughts

That covers it for GamingDoge – it’s a scam project that has already rug pulled. It’s not worth discussing the project beyond that because all the promises the team made mean nothing.