SHIB killer Baby Doge is in the middle of a crypto storm after announcing the renouncement of their Ethereum contract. While others lauded the move, it turned out to be a different picture. According to on-chain sleuths, Baby Doge’s contract has not been renounced contrary to its earlier announcement. One such investigator accused the team of misleading individuals.
Notably, the on-chain sleuth was one of the few people to raise questions about the legitimacy of the meme coin project. “My assertion about the token being a scam may be incorrect, however, they are engaging in unethical practices that are common among 99% of crypto projects in deceiving users. In my opinion, baby doge is a scam.”
On June 11, the anonymous researcher known by the moniker wallstreetpapa revealed that the project had covertly drained the LP pool that contained a total of 100K BNB, leaving only 21K BNB. Developers also took over 80K BNB. To escape scrutiny, the team allegedly orchestrated a donation campaign where they pledged 1K-2K BNB in charity as a means to enhance their reputation.
The investigator also accused the platform of fooling Binance to list them. More than 85% of wallets are inactive and have done only 2-3 transactions which confirms that 85% of babydoge wallet is fake.
While the team at Baby Doge did not respond to the allegations, it has released several improvements and initiatives to the ecosystem. For instance, the BabyDoge team has proposed trading competitions on ThenaFi Arena. This initiative aims to boost community engagement, enhance liquidity, and offer substantial prizes, including $500, $1,000, $2,500, or $5,000 in BabyDoge tokens.
Baby Doge: Major Initiatives Announced Amidst Controversy
Another major announcement is the teaser of an upcoming Tangem hardware wallet integration. Tangem wallets would feature self-custodial, storage for Baby Doge and other cryptocurrencies. Some of the functionalities include quick access from an NFC-enabled smartphone, secure activation, wide functionality, full autonomy, and top-level security certifications.
Despite controversies, the token has secured some notable exchange listings. Baby Doge has recently been listed on Bybit Perpetuals and KCEX Perpetuals, expanding its reach and accessibility to a broader audience of traders. Last week’s maintenance on BabyDogeSwap reportedly improved its speed, setting the stage for future improvements.
