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Highlights
- Clifford Inu, a spinoff of the popular meme token, Dogecoin, briefly skyrocketed to US$265 million per token on Friday
- According to Clifford Inu’s whitepaper on the coin’s official website, it boasts that it has the best tokenimics, achieved through a true burn mechanism written into the blockchain’s code
- According to the whitepaper, the coin has a ten percent liquidity pool, which is sent directly to the “dead address” where the coin is burned. This feature means the coin is designed to be less volatile over time
A meme coin inspired by popular children’s book, Clifford The Big Red Dog, briefly skyrocketed to US$265 million per token on Friday morning.
Clifford Inu ($CLIFF), which is also another spinoff of the popular meme token, Dogecoin, became a trending token on CoinMarketCap after jumping from US$0.00001015 to US$265,402,311 in the space of five minutes. The spike lasted just a few minutes before it went free-falling back to US$0.00001088.
The token’s current price of US$00001515 still marks a 377% increase since its launch on December 16.
What is Clifford Inu?
Clifford Inu is a token on the popular Ethereum blockchain.
It says it plans to invest in blue-chip non fungible tokens (NFTs), stablecoin staking and yield farms.
It is yet another Dogecoin (DOGE) spin off, which has spawned a series of inspired memecoins, including Shiba Inu (SHIBA), Baby Doge (BabyDoge) and Baby Cheems (BCI).
According to Clifford Inu’s whitepaper on the coin’s official website, it boasts that it has the best tokenimics, achieved through a true burn mechanism written into the blockchain’s code.
It’s this mechanism, the whitepaper says, which ensures maximum growth.
According to the whitepaper, the coin has a ten percent liquidity pool, which is sent directly to the “dead address” where the coin is burned. This feature means the coin is designed to be less volatile over time.
Furthermore, $CLIFF describes itself as “anti whale”, meaning max wallets are limited to 0.5 percent of the supply at launch. Additionally, there’s a five percent increase in fees to minimise any swing trading.
Is it Safe?
Security is of vital importance when even thinking about putting money into new memecoins. It was less than a couple of months ago when the creators of infamous Squid Game token made off with around two million dollars of their investors’ money.
Clifford Inu has addressed security in its whitepaper, declaring the code has a feature programmed into it that means the liquidity pool can’t be pulled.
The Verdict
These coins must be approached with extreme caution. While it’s impossible to say whether or not $CLIFF is a legitimate token or not, be aware that there are thousands of cryptos that exist currently and amongst those, there are more than a few that have turned out to be illegitimate rug pulls.
