Drip Network (DRIP) crypto: Is it a scam?

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Drip Network (DRIP) crypto: Is it a scam?

 Drip Network (DRIP) crypto: Is it a scam?
Image source: © Phamawat | Megapixl

Highlights

  • The DRIP token is a Binance Smart blockchain (BSC) blockchain-driven protocol that boasts to be the first truly deflationary daily return-on-investment.
  • As a truly decentralised blockchain network, it is one of the unique applications of the DeFi segment.
  • According to CoinMarketCap, the DRIP is trading at US$123.06 with a 24-hour trading volume of US$1,351,027.

With bearish trends ruling the market and all leading cryptos, like Bitcoin, Ethereum, Solana, etc., are in its clutches, it’s hard to imagine a bull run for any token anytime soon. But ask the followers of Drip Network (DRIP) and they would narrate you a different story.

The DRIP token happens to be a Binance Smart blockchain (BSC) blockchain-driven protocol and boasts to be the first truly deflationary daily return-on-investment. As a truly decentralised blockchain network, it is one of the unique applications in the DeFi segment.

The DRIP Network is primarily made of three main contracts. The DRIP token charges a 10% tax on all transactions and this tax goes into the faucet pool of the token, which aims to generate daily ROIs and referral bonuses.

The DRIP token was rallying almost 20% with a volume gain of close to 25%. While the reason for the rally is still unclear, it’s believed that it is because of the news of the Animal Farm

Is it a scam?

According to the white paper of the project, the users can profit from rewards that can go as high as 365% of the principal amount. One of the USPs is that it provides returns that are based on the taxations on transactions rather than inflation. This ensures Drip Network’s stability of returns.

Well though the whitepaper claims astronomical returns, its website does not have enough information. Besides, the facts and figures tabs on the website have no information. Although it’s not technically difficult for a token to have a decent market performance suggesting it can go as high as 365%, seems to be a little exaggeration at present.

How is DRIP faring?

Launched in 2021, DRIP token is ranked 3142, as per its market share on CoinMarketCap. According to CoinMarketCap, the DRIP is trading at US$123.06 with a 24-hour trading volume of US$1,351,027. The token, at the time of drafting, was rallying by 19.35% in the last one day. Drip boasts of a fully diluted market cap of US$ $12,317,208,732 and 99,999,999 DRIP coins in circulation.

Conclusion

There are many unanswered questions regarding the DRIP crypto’s tokenomics and workings that an investor needs to know. Market investors need to move ahead carefully before trusting these tokens, which lack basic information and are pointing towards a scam. 

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