Avoid This Huge Move-To-Earn Project At All Cost: A Lot Of Red Flags!

Move-To-Earn is the new trend in the cryptocurrency space, and in the next coming months it is expected that hundreds of other move-to-earn projects will emerged following the new hype. The new trend will probably follow the Play-To-Earn gaming trend back in mid 2021 and this could last for many more months compared to the last trend.

I have already anticipated that when a new trend is built, new fraud projects will also emerged to milk money from people. Promising great returns and shouting that they are a potentially huge cap project in the near future just to hype people to invest into them. I love reviewing potential projects but this time I invested my time to review and write projects that are potentially scams, frauds or future rugpulls. And this article is about this million dollar market cap move-to-earn project and the reasons why you need to stay away from it.

Introducing Movey.

Movey is a standard mobile technology application that integrates blockchain and cryptocurrency. Movey users can not only track their health, but they can also earn $MOVEY tokens by moving and playing games

Movey's simple, user-friendly design interface will make it easier for users to experience the power of cryptocurrencies and make positive changes in their lives for the better while promoting the investment that will strengthen the stability of the $MOVEY token.

Source: Movey website.

Nothing special, really. If it's about Play-To-Earn games, this is no different from other scam projects promising great and rewarding experience but a fraud in different design.

This project has been around for a few months and still developing their product actively since more hype about move-to-earn is still building up. The project seems like a very beautiful place since its website is almost perfectly designed and they have release an application for their move-to-earn trackings. They are also featured in some social media pages for being one of the first few move-to-earn projects in the BNBChain.

The Red Flags Of Movey.

When I want to do my own research, the first thing I always do is to read the project's website and the whitepaper if it's available. I liked Movey's website but upon reading its tokenomics in the whitepaper, it shows me signs that this project is not for the long term.

And the second thing I do is using Tokensniffer for easy understanding what's in the smart contract of the of token. I will make an article introducing Tokensniffer and how you should gain advantage using it.

First Red Flag: Current Selling Tax Is High.

When the project was launched, its selling tax was a massive 30%! Those 30% tax divide into different parts and a percentage of it goes directly to the developer's wallet. To calm its investors, it has been decreasing the selling tax which right now only has 15% selling fee or tax for every sell transaction.

The reason the developers can do this is that they have access to the source code of the contract and they can decide anytime and anywhere if they want to increase or decrease the buy and sell tax of their token - this is a huge red flag and a high chance that the token can be no longer sellable (honeypot).

Second Red Flag: Infinite Minting In The Future.

This is the biggest red flag for me when I knew that a project's token can be minted infinitely.

$Movey token has an initial supply of just around 20 million tokens but this can be changed (or already had changed) in the near future. $Movey is the utility token, which means it's the reward token also of the project. The project rewards its users with $Movey and just like other reward token, this will eventually lose its value slowly.

But that was not the case here, I've been watching all the trades in the chart and this is what I found.

If you didn't noticed it, two same wallets were selling huge amount of tokens.

You might tell me that it was just a regular trader or investor taking profits but take a look at it again. The time difference is not far from each transactions. This is probably some bot or someone's wallet continuing to sell why others are buying - this is how the project with infinite Minting of tokens can milk money from investors. You buy, and then they sell.

I've been in the telegram group of the project for 2 weeks now and I have asked a lot about their token's contract but the admin of the group was just ignoring my question. I tried mentioning them a couple of times but still there were no response from them.

I kept asking them even though I already probably know answer which will be because they need it to mint new tokens to rewards players - which could also for them to sell it for cash.

Third Red Flag: No Information About The Team.

We are not in 2009 anymore where we neglect who was Satoshi Nakamoto and why he created Bitcoin. It's 2022 and everything about the project should have transparency.

Researching Movey project feels sketchy for me since there are no any information about the people behind the project. No names, no photos, no whereabouts or even just a cartoon face in their website. I can't find it in their whitepaper too and even in their telegram group there CEO cannot be interacted with.

Conclusion.

There are still lots of red flags I saw in the project such as the low liquidity locked and the way they worked on their tokenomics but I'm just gonna leave it for now.

Like I said, these are the red flags that I personally saw in the project but that won't totally mean that the project won't have a temporary success. Everything can still be changed such as renouncing their token's smart contract to have a fixed program.

Overall, I can say that this project had a huge risk of being a rugpull or a slow one since the ownership is still not renounced and the demands from the tokens will probably be smaller if more supply will be added in the circulation.