Need advice for a token before mass buying please

[Virtuose]

Hello everyone,

This is the first time I'm going to buy a Token on the BNB chain and I would like some advice before buying. In reality it is mainly to be sure that it is not a scam. An internet acquaintance recommended it to me and I'm not sure because others say it's a pump and dump token so I'm not sure what to think although it looks interesting. So if someone who knows it well could confirm to me that it is not a pump and dump that would be very nice I don't want to get dumped for my first purchase!

So the token information:

Website : https://rainbowtoken.finance
Crypto : Rainbow Token
Symbol : RAINBOW
Binance Smart Chain Contract: https://bscscan.com/token/0x673da443da2f6ae7c5c660a9f0d3dd24d1643d36
Dev wallet checker : https://poocoin.app/rugcheck/0x673da443da2f6ae7c5c660a9f0d3dd24d1643d36

People say devs resell their own tokens but devs say it's for marketing. So I don't know what to think.

Thanks for your advices!

PS: This is in no way promotion, I couldn't find anywhere else to ask and I was advised this forum for seriousness.

Seb

[WalkerIVIV]

Hello everyone,

This is the first time I'm going to buy a Token on the BNB chain and I would like some advice before buying. In reality it is mainly to be sure that it is not a scam. An internet acquaintance recommended it to me and I'm not sure because others say it's a pump and dump token so I'm not sure what to think although it looks interesting. So if someone who knows it well could confirm to me that it is not a pump and dump that would be very nice I don't want to get dumped for my first purchase!

That's a scam token aka pump and dump token. You just need to see how small liquidity that owned by this token. This can be a point why it will be related to the pump and dump token. Please https://coinmarketcap.com/currencies/rainbow-token/ see the all time chart and that will enough to be used as a proof if that's a pump and dump token.

People say devs resell their own tokens but devs say it's for marketing. So I don't know what to think.

That's a trick by the developers and don't believe them. they didn't want the liquidity go out from their token and that's why they are fooling people by saying it will be used for the marketing purpose. You have bunch of legit tokens are in big discounts right now due to the bitcoin bearish trend.

[Virtuose]

Hi Walker,

Thanks for your reply!

Are you sur ? because lot of people say its legit too...

Im afraid how many different opinions I receive, I don't know what to think ^^

[adzino]

-snip-

Are you sur ? because lot of people say its legit too...

-snip-

You mean a lot of "shillers" are shilling for that shitcoin? Ask them why they think it's legit and why they think it's a good coin. None of them will be able to give you a proper explanation or will just ignore you or call you an idiot (yes they will start insulting you if you question them).
You can clearly see on the chart that the price is getting pumped and then dumped. Of course its a scam token made for the imbeciles that will make the developers rich. Stay away from tokens like these. Most tokens that has "finance" associated with them are scam tokens.

[dimonstration]

Don’t invest on startup company that has a donation feature, most them are using that excuse to pocket the investors money without being question, They will provide TXhash but are you sure that the receiver is a legit foundation because its to setup a website for a fake foundation details.

You should read project tokenomics to fully understand there token spending. They have the right to sell tokens if that is allocated for marketing. This is harsh reality of start-up project tokenomics, they are using investors liquidity pool to convert team tokens into fiat then use it for marketing even though they accumulated already money during there IDO yet all there expenses will be coming form the trading pool. You should avoid investing on DeFi project that already on this phase because you will just get rekt.

[Accardo]

Op they are possibilities that these guys can disappear one day with people's investment. A lot of this happen on Telegram and discord groups without any Trace of them. What matters is the existence of this project. Have you checked how many years they've been in the space. And if they have their own blockchain Just don't invest into it. The reviews about this token on this thread is bad already look around for other promising tokens and invest your money.  Cryptocurrency is too risky to play around with untrustworthy project.

[Strongkored]

Hi Walker,

Thanks for your reply!

Are you sur ? because lot of people say its legit too...

Im afraid how many different opinions I receive, I don't know what to think ^^

Are you sure there are also many who say legit, where? In this forum or any other forum? If you ask in this forum then what you should consider is the advice from members of this forum not others.
If the developer does not have the funds for marketing then he will very likely sell his tokens for something else which will most likely sell all the tokens he has and make this token dumped and this is the same as scam token. If you consider this legit please invest and risk it yourself but I would prefer to risk my funds in coins that are clearly developed and are on the CMC list at least ranked 50th.

[Fundamentals Of]

You don't know what to think because there are so many conflicting information about that particular token. There are others who are saying it is a legit token but there are also others who are saying that it is a scam token. This is for me a good reason why I should not buy this token. There are a lot of accusations. Of course the developers and other invested people don't agree.

But my advice to you is don't risk your money on a token that is dubious. You will regret it. You better spend it on the top coins. They are cheap right now. Bitcoin is only at $35,000 and Ethereum at $2,400.

[Pelana vreo]

I don't see the whitepaper and Development Team on their website, by the way is https://bifrost.market/ a partner of this project? actually i also like to see some new projects but if there is no information i want then i don't invest in the project make sure you take a look at the intu project development team i also see 7% tax on their tokennomic i think its too high.

[Virtuose]

Thank you for all your answers. Indeed I just went to see the wallet checker of Poocoin and I can see on the date of the token launch they bought themselves tokens to pump the price and that as soon as the price was high they sold a lot. It is therefore a confirmed scam. Thanks for enlightening me on Rainbow token shitcoin

What frightens me when I realize it is the number of people who are still fooled. It's really sad to the point that I wonder if cryptocurrency is really a good thing. Or at least, there should be a stricter control process.

So I think I'll turn to ETH and ADA!

Thank you for the help and your time to answer a newbie! 

[Virtuose]

Hi Walker,

Thanks for your reply!

Are you sur ? because lot of people say its legit too...

Im afraid how many different opinions I receive, I don't know what to think ^^

Are you sure there are also many who say legit, where? In this forum or any other forum? If you ask in this forum then what you should consider is the advice from members of this forum not others.
If the developer does not have the funds for marketing then he will very likely sell his tokens for something else which will most likely sell all the tokens he has and make this token dumped and this is the same as scam token. If you consider this legit please invest and risk it yourself but I would prefer to risk my funds in coins that are clearly developed and are on the CMC list at least ranked 50th.

No not here, I was told it was pretty safe here ^^ but on the discord project.I think I will stay away from Binance smart chain, there seems to be a lot of scamming You saved my dollars thanks! 

[Frengki_cisco]

PS: This is in no way promotion, I couldn't find anywhere else to ask and I was advised this forum for seriousness.

I can't mention the supply number of RAINBOW tokens, my calculator also gave up he didn't want to read it.
I'll just show it here.

Max Supply: 1,000,000,000,000,000 RAINBOW
https://coinmarketcap.com/currencies/rainbow-token/

In my judgment, obviously I don't want to waste my money in tokens like this, period.

[ethereumhunter]

Thank you for all your answers. Indeed I just went to see the wallet checker of Poocoin and I can see on the date of the token launch they bought themselves tokens to pump the price and that as soon as the price was high they sold a lot. It is therefore a confirmed scam. Thanks for enlightening me on Rainbow token shitcoin

What frightens me when I realize it is the number of people who are still fooled. It's really sad to the point that I wonder if cryptocurrency is really a good thing. Or at least, there should be a stricter control process.

So I think I'll turn to ETH and ADA!

Thank you for the help and your time to answer a newbie! 

Do not forget to buy bitcoin  

Investing in new tokens has a big risk as we do not know their future. And you do not need to buy the token if you are hard to find more info about the projects. You did a good job researching the project and finally, you found that the project is not worth investing with your money. People who do not research like you will still be fooled and get a scam by the projects because they do not want to search for the details about the project.

[Virtuose]

Thank you for all your answers. Indeed I just went to see the wallet checker of Poocoin and I can see on the date of the token launch they bought themselves tokens to pump the price and that as soon as the price was high they sold a lot. It is therefore a confirmed scam. Thanks for enlightening me on Rainbow token shitcoin

What frightens me when I realize it is the number of people who are still fooled. It's really sad to the point that I wonder if cryptocurrency is really a good thing. Or at least, there should be a stricter control process.

So I think I'll turn to ETH and ADA!

Thank you for the help and your time to answer a newbie! 

Do not forget to buy bitcoin  

Investing in new tokens has a big risk as we do not know their future. And you do not need to buy the token if you are hard to find more info about the projects. You did a good job researching the project and finally, you found that the project is not worth investing with your money. People who do not research like you will still be fooled and get a scam by the projects because they do not want to search for the details about the project.

Yes Bitcoin was my first investment 3 years ago and I only had this one until now. I wanted to see some more and just explore a bit more. But my dad kept telling me to look straight ahead so I always do some research before investing, especially if it looks suspicious like the Rainbow. It's a shame because there are projects that could work well without the scam. If you have good plans I'm also a taker

[Dr.Osh]

personally i would not invest in a token like this. coins like this are very prone to rug pulls, or even scams. in fact, most of the comments are bound to be negative.
however, I prefer to choose a really legit and popular coin, such as BNB or ethereum at this time, even the price is also quite cheap. however, even for memecoin, i might prefer doge or shiba, which even still has quite a lot of doubts in it.

[VRExpress]

It looks like a scam project to me, 90% of projects coming in this days are here to make money and exit the market we need to be very careful when choosing new projects, this project has no real team members probably anonymous and the use case is lame.

[FirmWars]

Project with no single partnership with strong projects is hard to trust this days, the use case isn't as good as other DeFI projects, the team information is no where to be found, be careful what you wish for.

[Bitstar_coin]

Hi Walker,

Thanks for your reply!

Are you sur ? because lot of people say its legit too...

Im afraid how many different opinions I receive, I don't know what to think ^^

If it looks like a scam, it is probably a scam, people say all sorts of things to pump their bag, don't be left as a bag holder, if you are not comfortable with what is happening around the project better you remove your initial investment and let the rest slide.
I would say follow your gut feeling and do what your heart tells you and not what people say, in the end, it is your money that is at stake. There are several other legit project to invest on.

[EmmaGod]

From every indication, the rainbow token appears to be a scam project. This is visible with the fact that a few number of persons are holding the majority chunk of the tokens and from my perspective, this means that the value of the tokens could be dumped by the developers anytime, so holding is risky.

[Jackl87]

Hello everyone,

This is the first time I'm going to buy a Token on the BNB chain and I would like some advice before buying. In reality it is mainly to be sure that it is not a scam. An internet acquaintance recommended it to me and I'm not sure because others say it's a pump and dump token so I'm not sure what to think although it looks interesting. So if someone who knows it well could confirm to me that it is not a pump and dump that would be very nice I don't want to get dumped for my first purchase!

So the token information:

Hi and welcome to the crypto space. I have never heard of the project hat you are looking into investing before and this is not a big surprise as there a still dozens of new projects appearing each and every day and of course at least 95% are pure garbage and will be dead again in a few weeks. I just took a quick look at the website of that project and read through it and even though i have not looked to deeply into it i can definitely say, that i would never ever invest in such a project. It simply just looks like the next meme-coin (=sh*it-coin) to me. Of course it is your money and you can do with it what you want but i would not recommend to buy this token.