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With more than 20,000 cryptocurrencies listed on cryptocurrency tracking website CoinMarketCap, it is easy to say that no one could have heard about all of them. Some of these coins are very rarely mentioned in articles, on social media or at different trading websites. One of these coins is also the DogePepsi Coin.
Does this altcoin have proper potential or is it just another canine-inspired altcoin with a name that wants to bring together two things, Doge and Pepsi, which are seemingly impossible to connect?
What is DogePepsi Coin?
DogePepsi Coin (DPT) is a relatively unknown altcoin that has not been getting a lot of attention. And that is even true with its very unique name that combines together a popular drink, Pepsi, and one of the most popular meme coins, Dogecoin.
Yet not many popular cryptocurrency companies and websites such as Binance, Coinbase or Kraken even cover this token, making the research about DogePepsi rather difficult. But that is mostly due to the fact that the project seems to be stagnating for the past couple of months. However, the research on this cryptocurrency has led to the following findings.
DogePepsi (DPT) is planning to be a fully decentralized financial cross-chain platform. The team is expected to be working on the projects in the background now, since they promised a diverse application of experiences through DogePepsi.
These were expected to be anything from various NFT artworks to collaborations with artists that were promised to be featured in the proprietary sales. Moreover, DogePepsi is expected to host various events that should be funded from the Developer’s Vault.
Moreover, the team has specified that 2% of the monthly revenue from the Developer’s Vault will be delivered to disadvantaged children and environmental hospitals. However, it is rather difficult to find how the revenue in the Developer’s Vault is generated or what is the current value of this vault.
Unfortunately, that is not the only missing information around this project. Within this article, you will find that several other crucial pieces of information are missing or impossible to find, which unfortunately undermines the credibility of the project from the very beginning.
Yet, DogePepsi prides itself with creating the Autoboost feature. This is simply a uniquely presented function that should work like a traditional buy back. Through this, the price of DogePepsi is expected to be regulated, yet, it does not seem like this should be the key feature of the project.
One of the crucial missing pieces with DogePepsi is the team. While it is not uncommon for the cryptocurrency projects to have anonymous teams or creators, the difference is that usually, they reveal at least some piece of information about themselves or about the project as such. However, with DogePepsi there is a lack of this crucial information, which is important fundamentals for any crypto project.
Tokenomics and missing price action
We can understand this problem much better if we take a closer look at the tokenomics of this project and the DPT token as such. While the official statements are that the total supply of the token is 1,000,000,000,000,000 DPT, most of the cryptocurrency price tracking websites are not able to use this information.
This is due to the fact that it is not clear how many tokens are in the circulation or what has been the price of the token historically. For instance, Thebittimes shows the price chart that you can see in the picture below. Believe it or not, this is one of the most extensive charts of the price of DPT out there.
Coinbase for instance shows the following “price chart.” All of this only proves that the overall project is not the best at being transparent or at sharing vital information for cryptocurrency traders and investors.
The fact that all the other information such as Volume, Market Cap, price change and many others are not available due to not enough data does not help to make the case for DogePepsi either.
Nevertheless, Morioh.com stated that the tokenomics of the project is as follows. Buying fee of DogePepsi is at 12% and is divided into 6% for the buyback fund, 4% for the development/marketing and 2% is a reflection to the holders.
The selling fee is even higher at 18%, with 7% going to the buyback fund, 7% being reflection to the hodlers and 4% going to the development/marketing. Yet, there are not many other credible sources that would confirm or deny this allocation and division of transaction fees.
If anyone wanted to buy the token anyways, the possibilities should be mostly through DEX (decentralized exchanges) such as 1inch or PancakeSwap. Here is even a tutorial on how to buy this token through 1inch, yet it needs to be stated that the whole process is overly complicated and is thus not recommended.
Other red flags
In case that it was not clear until now, the DogePepsi Coin is probably not the best cryptocurrency to buy. Here are several reasons, other than the few that we have already briefly touched upon previously, that raises red flags towards this project.
1. Missing purpose or mission
While the transparency is clearly one of the biggest problems of DogePepsi Coin, a way bigger problem is its purpose. It is extremely difficult, if not impossible, to find out why this project was created, what use case it provides to any current problem in the world and how it will achieve it. The lack of purpose and clear mission statement is a huge red flag, as this means that it essentially has no meaning.
So is the activity on social media. Yes, not everyone needs to be spamming all the social networks from Telegram, through Facebook to Twitter. Yet, proper cryptocurrency projects do have a strong community that is supportive, informative and helpful. With DogePepsi Coin, this community is missing, since the social media of this project are in a rather unpleasant state. For instance, the Twitter account posts rarely any content and has only less than 5,000 followers.
3. Centralization of tokens
According to the information from Thebittimes, DogePepsi also has problems with distribution of the tokens, since 2 entities own around 50 % of the overall supply. This is always a huge warning for the cryptocurrency investors, since it means that the token is very centralized and can be easily manipulated in price, as well as governance.
4. Malfunctioning website
Last but not least, the project does not seem to have a working website as of now. While this is understandable for new and upcoming projects, DogePepsi has been around for almost a year and the fact that the crucial source of information such as a website, a whitepaper or a roadmap are all missing only shows that this project is far from being legitimate or transparent.
There are many cryptocurrencies in this space that are worth looking into. That are providing countless information on how they work, what they are solving, how they are solving it and so on. Thus, if you find a coin that does not provide this essential information and that seems to be even hiding the crucial content, it might be worth stepping away from it and rather spend time somewhere where it’s worth it.
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