Fomo Token: The Basics
Here’s what you need to know about Fomo Token:
What Do We Know About Fomo Token?
First, let’s talk about the essential details:
1. Blockchain: Fomo Token is built on the Solana blockchain, known for its speed and low transaction fees.
The token’s contract address and creator address are transparent, meaning anyone can verify them through Solana’s blockchain explorer. But does that guarantee its safety? Let’s dive deeper.
Risk Analysis: How Safe is Fomo Token?
Let’s take a closer look at the security measures and potential risks surrounding Fomo Token.
1. Open Source?
✅ Yes, Fomo Token is open-source.
Open-source contracts are a good sign. They allow the community to review the code, ensuring no hidden backdoors. Transparency is crucial in the crypto space, and Fomo Token gets a thumbs up here.
2. Can Tokens Be Minted?
✅ No, minting is not possible.
This is a positive feature. The inability to mint new tokens means there won’t be sudden inflation of the supply, which can be dangerous for investors.
3. Immutable Metadata?
✅ Yes, the metadata is immutable.
Once the metadata is set, it cannot be altered. This ensures that no one can manipulate the fundamental properties of the token, making it a more secure investment.
4. Freeze Authority?
✅ Yes, freeze authority is revoked.
This is a vital security measure. It ensures that no one—especially the creators—can freeze your funds. It gives users more control over their assets, reducing the risk of malicious actions.
5. Liquidity Pool Burned?
❌ No liquidity pool is burned.
This is a red flag. In the crypto world, burning liquidity (removing it from circulation) is a way to ensure that the token cannot be easily manipulated. Fomo Token doesn’t have this safeguard, leaving room for potential issues with liquidity manipulation.
6. Top Holders?
⚠️ Top 10 holders own 0%.
While this seems like a positive sign, there are some caveats. In some cases, large holders can manipulate the market. The fact that Fomo Token doesn’t have any major holders controlling the supply seems like a good thing at first glance. But it also makes it difficult to track the stability of the token.
Liquidity Pools: The Numbers Behind Fomo Token
Fomo Token is paired with Solana (SOL) in two primary liquidity pools:
1. Raydium Pool:
- Liquidity: $205.16K
- 24-Hour Volume: $64.24M
- LP Burned: No burn
2. Meteora Pool:
- Liquidity: $57.85K
- 24-Hour Volume: $504.04K
- LP Burned: No burn
What’s Good?
- Fomo Token is paired with Solana in Raydium and Meteora, which are both well-known liquidity pools.
- Raydium has a decent amount of liquidity, with a significant trading volume of $64.24M in just 24 hours.
What’s Not So Good?
- Both pools lack liquidity burn. This leaves the liquidity open to manipulation, which is a major red flag. In the world of DeFi, burned liquidity is often seen as a safeguard. Without it, there’s more room for risk.
The Risk of Incremental and Modifiable Rates
One of the biggest concerns about Fomo Token is the ability to modify its rates. Specifically, the token has a 99% variable sell rate, meaning you may be unable to sell the token when you want to.
This is often referred to as a honeypot, where a token's sell functionality is intentionally restricted, trapping investors. The variable sell rate on Fomo Token makes it much riskier to interact with. You could be stuck holding the token with no way to sell it when needed.
Fomo Token Safety Score
Based on our analysis of Fomo Token, here’s how it ranks:
- Open Source: ✅ Secured
- Minting Capability: ✅ Secured
- Metadata Security: ✅ Secured
- Freeze Authority: ✅ Secured
- Liquidity Pool: ⚠️ No burn, higher manipulation risk
- Top Holder Risks: ⚠️ Lack of major holders makes tracking stability difficult
- Sell Rate Risk: ⚠️ 99% variable sell rate = honeypot risk
Final Score: 5.2/10
Risk Level: Medium
Only interact with this token if you are aware of the risks involved. There are potential opportunities, but you must be cautious.
Should You Invest in Fomo Token?
Fomo Token presents an interesting, albeit risky, opportunity.
Here’s what we like:
- The open-source nature and immutable metadata give it a solid foundation.
- The fact that no tokens can be minted is a good sign, ensuring no sudden inflation.
However, there are some serious risks:
- The lack of burned liquidity in both Raydium and Meteora pools leaves the token vulnerable to manipulation.
- The 99% variable sell rate is a major concern. It’s a classic honeypot setup, and this should be a red flag for any potential investor.
Our advice? Proceed with caution. If you decide to invest in Fomo Token, be fully aware of the risks, especially the inability to sell easily due to the variable sell rate. Consider it a high-risk play, and only invest what you can afford to lose.
What do you think of Fomo Token? Will you take the risk, or pass on this one? Let us know in the comments below and if you are looking for a full detailed report of this token contact us here.
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