What’s wrong with PooCoin?
They say not to judge a book by its cover, however in this case we have a piece of poop as a logo of the project, so it's a good reason to think twice about this. In this article we will take a closer look at PooCoin and why its logo may not be chosen by chance.
Even though decentralized exchanges lack trading analysis features that centralized exchanges abound, they still attracted many traders. At first, it was hard for users to track the purchases and sales of tokens, and calculate the entry point using the charts. Therefore there was an urgency for additional platforms that track the activity on DEX and offer an experience similar to traditional exchanges. One such platform is PooCoin.
PooСoin provides trading analytics for decentralized exchanges on Binance Smart Chain, Polygon, and KuCoin Chain. Users can compare token prices across different DEXs, plot charts, track whale wallets, liquidity, and real-time transactions, and do other research that is necessary for trading.
The project has its own meme-coin, which is traded on PancakeSwap under the ticker POOCOIN.
The main tools of PooCoin
Using the chart, one can analyze data on the trading volumes, prices, and technical figures. PooCoin has integrated BSCscan block explorer so it displays all prices and transactions in real-time.
Using this tool one can also objectively assess the liquidity of a token to understand how easily it can be exchanged for another token, thus calculating the risks. There is a field next to the main chart, where users can paste a token address to see all the transactions associated with it.
This feature allows users to track the movements of 9 tokens simultaneously. Instead of opening several different tabs, users can track all their charts in one window.
This tool allows users to buy or sell tokens while they are in the chart tab so that they do not need to switch to the DEX. Assets with closed liquidity cannot be exchanged using this tool.
PooCoin premium features
Liquidity providers who deposited $100 or more into POOCOIN/BNB pool can track other users' wallets and disable ads. Users who deposited $300 or more can display their trades and activate the transaction tab. A $2000 deposit gives users the ability to view more trending DEXs and tokens on different timeframes.
POOCOIN is a BEP-20 token deployed on the Binance Smart Chain blockchain. Trading of the token on the PancakeSwap started on March 7, 2021.
The total supply of POOCOIN is limited to 10 million. 25% of the total amount is held in the wallet of the creator. Each POOCOIN transaction is subject to an 8% fee (4% reallocated, 4% burned). This is necessary to avoid inflation and to maintain the stability of the price of the token.
PooCoin has a rating of 1.7 according to the Trustpilot website with over 80% of reviews being negative. Why are users dissatisfied?
Firstly, the platform is accused of promoting scam cryptos and contracts. Users believe that the founders should be held responsible for the tokens they promote and add to the listing.
Secondly, many people complain that PooCoin spreads FUD (fear, uncertainty, and doubt) about other cryptocurrencies - SafeMoon in particular. The platform is also suspected of market manipulation.
Additionally, a large number of rug pulls (when the development team suddenly removes all liquidity, disappearing with investors' money) is causing outrage.
Usually, such a large number of negative reviews is an alarming signal, so it is better to stay away from this platform. However, it is fair to say that the crypto world is filled with scams and decentralized platforms cannot guarantee the legitimacy of all the tokens they offer. This is the eternal confrontation between security and freedom.