If you told me one year ago a crypto project named CumRocket would be gaining serious traction and actually look to be one of the hottest projects of 2021 I don't know if I'd believe you. I thought we had gotten past the early days of crypto when any coin you bought with a slightly funny name was guaranteed to go 100x at some point. Well with the recent meteoric rise of DOGE alternative (aka meme) crypto is making it's mark once again. So what is CumRocket? Is it a legit project? Is this just another Rugpull? I plan to get into all that and more below, let me know what you think!
According to their website CumRocket ($CUMMIES) is...
...a deflationary token that will be used as a tipping, messaging, custom request and sexting currency on our NSFW content platforms. These include our brand new NSFW NFT marketplace as well as our private content subscription platform.
The deflationary aspect comes in to play in that 2.5% of every transaction is redistributed to holders of CUMMIES in proportion to the amount they hold and 2.5% is burned which is meant to make the supply more scarce. The CUMMIES token is up nearly 1,300% the last 7 days as of writing this and already has close to a $300 million market cap. Pretty crazy for a token that was launched less than a month ago.
As I mentioned in a previous post on Finding the Next Low Market Cap Gem on BSC, the team behind the project is one of the most important aspects when evaluating a project. While there are projects that succeed with brand new teams, most of the time the people behind the most successful projects in crypto (and life in general) have a track record. Would you rather have a surgeon who's done only one surgery in his life amputate your leg or the guy who's doing his 1,000th successful surgery? I think the obvious choice would be the experience, it's the same in crypto. I'd rather have the team that has proven success in crypto and the market they're trying to hit than a completely green team that won't know how to handle adversity when it inevitably strikes.
So lets get on with evaluating their team. It seems they currently have a rather small one, at least listed on their website. For the purpose of reviewing this we'll look only at their top four listed, their CEO, CFO, CTO and CMO.
Lydia (CEO) - She is 100% doxxed and from the UK, which means if this is a scam she's going down big time for fraud. She has a background in being a TikTok influencer, a Software Engineer and entrepreneur. I can tell you from what I found all this is true, just seems to not have a ton of experience in Crypto. She even claims this in the AMA she did recently, she was more interested in Stocks until recently which to me is a little concerning but seemed very capable throughout the AMA.
Chris (CFO) - Listed as a trusted advisor for Value DeFi which is a fairly new yield aggregator with around $841m TVL as of 5/5/2021. Also worked on PSI and SLD both of which have very close ties to another partner of Cummies, DEGENR. PSI operates very similarly to how Cummies works in a 1% tax that is shared among all holders on transactions. Seems like Chris is a huge part of this project, which is not only evidenced by the projects that Cummies has partnered with but also how many answers he gave on the AMA.
Antonio (CTO) - Has 15+ years of Python/Django development under his belt and was awarded the Best IoT based application on FIWARE. Also interestingly enough developed the launchpad and website for a familiar project, PSI. I couldn't find too much more on Antonio outside of the web development experience appears to be true and he appears to be pretty good at it.
Barry (CMO) - Has extensive experience in the adult industry, as both a producer and director for CatchingGoldDiggers. His main focus is on leading marketing strategies using his social media connections. Based on how Cummies has exploded on Twitter I'd say he's doing his job. I was interested to know if Cummies would be employing anybody that is an insider to the adult industry and Barry is the first one listed.
I listened to the entire AMA that was done with CumRocket on the 3rd of May (link to that HERE) and from what I can tell Chris has an extremely important role with CumRocket. There was also mention made of an audit, which has since been completed with the addition of a multisig wallet. They have some interesting ideas as well like 18+ NFTs with verified real life models as well as collectible NFTs with 18+ videos and sound - which both appear to have launched on DEGENR market. As well as mention of a CumRocket video game with Pokedex (a la Pokémon). It has all the markings of a brand new business fresh with ideas and excitement, which is a good thing, you need that early on to get through the hardships of starting a business.
Even though CumRocket is a very new project I really appreciate the deflationary nature of their tokens and their ideas. Especially since their primary use seems to be as a tipping token, there will be quite a few transactions going on which means quite a few 2.5%'s shared with their holders. I can also appreciate their full fledged dive into NFTs and the interesting way that they're doing so. From what I've read and heard from certain insiders to the adult film industry, the adult industry is completely archaic and in need of a shake up. Even if Cummies fails in a couple years I do believe the approach they've taken and some of the ground breaking ideas they've had will certainly have an impact on a reportedly stale industry.
With all the excitement I have above I do think there are some considerable risks here just like with any project. There's a ton of hype around the project which is good from a bullish standpoint but can also drive up the price to an unsustainable point. The team has quite a bit of experience, especially from the CTO and CFO, but the CEO is a little concerning to me at least when it comes to her crypto background. Maybe it's the fact that I've been involved in crypto for so long or maybe it's just that I'm pessimistic about outsiders but I don't know how well the CEO will perform considering her lack of experience in crypto. But that being said she does seem to rely heavily on her team to operate in their field of expertise so I'm not sure if that will be much of an issue. I have heard from some people that the adult industry is one of the most crypto-literate but will it catch on with bigger name stars? And does it even need to? Will this be another camming site with a Crypto focus? There's a lot of questions I have with not a lot of answers since this is all new ground.
All the concerns above didn't stop me from throwing a some money at Cummies once it hit a nice dip around $0.10. Even though I have some major concerns about it's future I still can't resist getting in on some 100x+ action. I'm always excited to see a market get shaken up. I love seeing old paradigms and industries get absolutely destroyed by new upstarts like CumRocket. So even though it's got one of the most ludicrious names for a legit crypto project I've ever seen I do think Cummeis has some actual use cases and is meant to be a true project. Now obviously I'm not a financial advisor, these are just my opinions, CumRocket could be a complete fail! I like exploring these new projects that come up as I believe learning to evaluate a projects is a skill. Whether Cummies has a true future or not remains to be seen but in my opinion it's worth checking out for yourself!
Thanks for reading, if you enjoyed don't forget to follow, like and tip. If you didn't enjoy still thanks for clicking in on this ridiculous post and let me know what you disagree with! Either way happy earnings!
Info on how to buy CumRocket here - https://www.youtube.com/embed/qFM6D36iMhA
CAKE DeFi - Get $30+ of DFI when you deposit $50 and earn 35-150% APY
BlockFi - Get up to $250 when you deposit into any one of their interest accounts. (8.6% APY for USDC)
Ledger Wallet - Get a $25 voucher and Crypto Beginner Guide when you purchase through this link.