I think there is a lot more to criticize this project on in terms of its merits rather than if it is shady or not. Considering the focus this reviewing platform I will only look at its trustworthiness. It seems this team is quite upfront about their intentions and that is a social experiment. They are clear that they don't aim to be a transactional currency, but rather focus on store of value. They don't promise high profits and didn't do an ico, instead giveaway all coins. Interesting concept that they try to experiment with a true deflationary currency, because 1% of coins is burned of each transaction. They seemed to have developed a passionate community around the project. However that is not yet reflected in trading volume on the only decentralized exchange (DDEX) that they are listed on.
However there are just a few minor points that I think are a bit disappointing:
- no technical whitepaper available: but they claim that other things are more important than a fancy worded whitepaper (which is an argument that could be defended)
- although they didn't ICO or fundraise, they do have allocated themselves 10% of initial supply, which means they do try to print their own money.
The last point is the only real criticism that I have towards the project in terms of shadiness. However the value proposition of this token is a whole other discussion that I think any investor should look at with a lot of scrutiny. I do not personally see any value nor purpose with this token other than a fun project and social experiment, but who knows, Dodgecoin also became quite a valuable project despite it being a joke/meme coin, partly because of the strong community behind it. But once again that is another discussion.