CertiK audit raises concerns about new meme token’s centralised control
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A trend is emerging among new meme tokens to jump on the growing hype around NFTs and metaverses but then never deliver.
It is unclear whether Cheems Inu is part of that trend. However, an audit by CertiK revealed concerning elements, including that the owner has centralised control and can control 23 functions such as excluding wallets from the network tax.
There have already been allegations claiming the Cheems Inu founder is abusing their power to manipulate Cheems Inu’s (CINU) trading volume. Whether they are or not, CINU price predictions have shown the token might not have what it takes to go viral.
What is Cheems Inu (CINU)?
On the surface, Cheems Inu looks like any meme token. It has a quirky looking Shiba Inu dog as its logo and has already built a devoted community. Yet Cheems Inu promises to be much more and has announced very ambitious plans.
Cheems Inu started off by marketing itself as the go-to platform for information about meme tokens.
Its site MEMETOOLS is supposed to have everything meme token-related, whether that is meme token listings, charts or educational material. The launch date of MEMETOOLs is even more vague, with it expected to go live sometime this quarter.
CINU, the token, was apparently designed to power this platform. Meme tokens could pay for advertisements on MEMETOOLS, promoting the token and gaining exposure to the platform’s userbase.
A swap function was announced to be released later in 2022 as well. Aside from its name CHEEMSWAP, no other details were given about it.
Plans to create own metaverse
The layer one Ethereum protocol Zilliqa announced plans in 2021 to create its own metaverse called Metapolis. This was described by the protocol as a “highly immersive, customisable extended reality (XR) metaverse platform”. This virtual reality would be set out as a self-sustaining city, with real estate, games, e-stores and much more.
According to a Cheems Inu press statement, the cryptocurrency has teamed up with other projects to create Metapolis. Holders of the meme token will control the “downtown” area of Zilliqa’s metaverse.
Through buying a non-fungible token (NFT), Cheems Inu says, investors will get a plot of “real estate” in the metaverse that can be used to set up a business and earn passive income.
However, aside from the press release there is no mention online about a partnership between Cheems Inu and Metapolis.
Tech audit finds ‘major issues’
For any new cryptocurrency there is a risk that it is a scam, especially with BEP-20 tokens like Cheems Inu, as anyone can create them. CertiK, a crypto security company, completed an audit on the token and found “major” issues.
CertiK discovered a large portion of the tokens were sent to a wallet when the smart contract was deployed. It said this is a centralised risk as the wallet holder can distribute tokens without any community approval.
The security company found an even bigger problem at hand. The founder of Cheems Inu can set 23 different functions whenever they wish, such as setting tax limitations or excluding wallets from taxes or even disabling trading.
CertiK said: “We strongly recommend centralised privileges or roles in the protocol to be improved via a decentralised mechanism or via smart-contract-based accounts with enhanced security practices.”
Setting up multi-signature wallet
In response, Cheems Inu said it is setting up a multi-signature wallet, one that requires two keys. However, this is not effective in reducing centralisation, as multiple malicious users could conspire or the same owner could have two keys.
A website called ischeemsinuascam.com poses the question “Is Cheems Inu a scam or legit?” and says some of the cryptocurrency’s vulnerabilities would allow “wash trading”, using centralised control to exclude a wallet from tax and building fake trading volume. It found an example on BSCscan where a wallet bought and sold Cheems Inu within the space of one Binance Smart Chain block.
The site also suggests the founder of Cheems Inu could be the same person who launched Mini Kishu, another cryptocurrency with a promised NFT platform. The accompanying game was set to be released in the fourth quarter of 2021 but it never delivered.
Even if CINU turns out to be a legitimate project, the Cheems Inu price predictions do not expect any significant breakouts in the long term.
CINU price prediction
The problem Cheems Inu faces is that its incredibly tiny price tag makes it hard to track the price history and future. It was launched on 26 November at such a low price that both CoinGecko and CoinMarketCap reported it at $0.
At the time of writing, on 10 March 2022, CoinMarketCap has reported it trading at $0.000000000000006, up roughly 4% in the past 24 hours. This surge followed Cheems Inu announcing an Ethereum bridge is in the works, which it plans on launching in the second quarter of 2022.
But the consensus from forecasts does not expect this rally to continue. Gov.Capital’s Cheems Inu price prediction for 2022 expects it to drop to $0 by the end of March. It is thought to stay at that price for the next year.
CryptoPredictions forecasts the cryptocurrency to grow this year. It estimates the coin will reach an average price of $0.00000000000001 by the end of the year and the Cheems Inu price prediction for 2025 forecasts it will climb to $0.000000000000018.
DigitalCoin and PricePrediction have Cheems Inu coin price predictions but both have listed it to stay at $0 for the coming years. The latter even has a Cheems Inu price prediction for 2030, but still has not listed it to reach a significant price.
Final thoughts
A lot of red flags have been raised by CertiK, with the anonymous owner of the coin revealed to have a lot of control over the cryptocurrency’s smart contract. But even if the meme token has the best intentions, experts do not think it will get far. The consensus from price predictions is for it to remain at an insignificant price.
FAQs
How many Cheems Inu coins are there?
According to BSCscan, Cheems Inu has a total supply of 5,500,000,000,000,000,000,000 CINU.
Is Cheems Inu a good investment?
It might be. The CINU token has recently started rallying after announcing an Ethereum bridge is in the works. But, there are allegations that this is a scam. Remember, you should always do your own research before investing.
Will Cheems Inu go up?
It could do. Some price predictions expect the cryptocurrency to climb gradually over the coming years. But others expect it to remain at an insignificant price. However, cryptocurrencies are highly volatile so you should never invest more than you can afford to lose.
Should I invest in Cheems Inu?
It depends. Cheems Inu has ambitious plans to release a meme token social media platform along with a dedicated space in Zilliqa’s metaverse. But CertiK found major issues in Cheems Inu’s smart contract, revealing it has centralised control of a large portion of the CINU supply and key functions such as excluding wallets from tax. Remember, you should always do your own research before investing.
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