Is Panda Inu Coin Legit or Another Ponzi Scam?

Panda Inu was the fourth of Etherconnect’s coin launches by the beginning of August 2021.

Panda Inu is a decentralized finance meme token that was created as a community-driven Dapp token by the team behind Etherconnect. They launched it to compete against Dogecoin and ShibaInu by providing improved transaction speeds among other improvements.

In this article, we will be taking a closer look at the Panda Inu coin to establish what it is, how it works, and whether it is legit.

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Panda Inu Review

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What is Panda Inu?

The PandaInu meme token ecosystem was launched by the team at Etherconnect to compete with other meme coins within the decentralized finance space by providing better transaction speeds and cheaper transaction fees. It was developed on the Binance Smart Chain (BSC) platform and has a total supply of 275 billion tokens.

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It is a pioneering decentralized finance meme token that was built in a hyper-deflationary smart sharing system that shares rewards among token holders. The goal is to integrate the ecosystem into a unified decentralized finance blockchain protocol that makes it easier for worldwide developers and users to interact and share.

It has a Panda Wallet that makes it the first meme token that supports NFT farming. The Panda Wallet token (PWT) is an original non-governance token that was created to incentivize community members (from Etherconnect and EIFI Finance) to take part in liquidity mining. Airdrops and low transaction fees have also been used to encourage participation.

The developers claim that although it is a meme-based token that was born on the internet as a community experiment, it could become the future of the BSC Meme Ecosystem and DeFi Wallets citing its potential to become the top Dapp wallet on BSC.

This is an article on their official Medium handle asserting this:

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In promoting it, they sell it as a fully decentralized, community based cryptocurrency. They also claim that Panda wallet has low transaction fees.

Panda Inu is backed by the ECC (Etherconnect Coin) and EIFI Finance (formerly EIFY) communities.

The Panda Inu token also boasts a decentralized exchange, NFTs, and there are suggestions that it could soon allow credit card payments. The main products in its decentralized finance wallet ecosystem are PandaInu Pay, Panda Dapp Wallet, and its own Panda NFTs.

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What is a Meme Coin?

A meme coin is a cryptocurrency that has gained popularity in a short period normally because it has been promoted online by influencers and famous people.

The best example of a meme coin is Dogecoin, which was launched in 2013 as a joke.

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No one took Dogecoin seriously until Elon Musk and Mark Cuban tweeted about it to their millions of followers triggering a price surge that at one point saw its price go up by 20% in 24 hours. People started buying it in droves thus pushing its price even higher.

Due to the success of Dogecoin, and since anybody can create a cryptocurrency, it triggered a trend where developers started launching meme coins hoping that they would also enjoy the success that Dogecoin had and make a ton of money in the process. As a result, there are thousands of meme coins now.

Are meme coins different from more established cryptos like Ethereum and Bitcoin?

Yes, they are different because major cryptocurrencies like Bitcoin and Ethereum were created to solve real problems while meme coins weren’t (although there are some instances like Dogecoin being seen as a medium of exchange where a meme coin transcends its “joke” status and becomes a utility).

Major cryptocurrencies were created to eventually be universally accepted as genuine decentralized currencies. They are also designed to revolutionize entire industries.

Meme coins, when created, are usually just to make people money. Unsurprisingly, there have been tons of pump and dump schemes where people have lost money after investing in some of these digital currencies.

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How does Panda Inu work?

The PandaInu Wallet has exclusive features that allow users to track rewards and store assets safely. For example, it enables users to purchase digital currencies directly from EIFI Finance. PandaInu NFTs enable users to create and sell their own NFTs.

The PWT token powers the Panda Inu ecosystem. It rewards community members for every transaction and a 5% transaction fee is distributed to members to ensure that long-term holders are rewarded for doing so.

Is Panda Inu Coin Legit or Another Ponzi Scam? 26The meme based Pandainu token was also airdropped to ECC holders:

Yes for every 1 ECC you have in your ECC dashboard, you will get 20 FREE Pandainu Tokens

Hold More ECC Coins & Earn More FREE PANDAINU Tokens.

Panda Token launch will be backed with both ECC & EIFI communities and you can imagine the kind of awareness this project is about to have.

This was meant to create awareness and encourage people to invest.

How are Panda Inu Tokens Distributed?

There were 275 billion tokens that were to be doled out in four rounds:

  • Round 1: 200 billion with token price $0.000050.
  • Round 2: 50 billion with token price $0.000100.
  • Round 3: 25 billion with token price $0.000200.
  • Public sale: 10 billion $0.000500.

This would result in 60% of the token going up for sale, Airdrop accounting for 10% of the total, team 20%, and the remaining 10% to marketing. PandaInu was projected to have a market cap of more than $100 million.

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Is Panda Inu Legit

Panda Inu is not legit.

Although it is marketed as the safest meme token, Etherconnect’s involvement here casts doubts on its legitimacy because it was famously involved in the notoriously infamous Bitconnect collapse. Even after trying to reinvent themselves and rehabilitate their image, most people still consider them disingenuous.

Here is a tweet by the PandaInu account promoting ECC, thus proving this connection:

Is Panda Inu Coin Legit or Another Ponzi Scam? 27On top of that, detractors see the launch of the Panda Inu token as them just trying to recreate the success that they had with Bitconnect. It is the latest launch in a series of failed launches over a short period and this has led some to believe that it is just another pump and dump scheme.

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My Panda Inu Conclusion

While influencers will tell you that Panda is not just a meme token, you should not follow their advice blindly. Take a closer look at what it is before you start seriously considering it.

Detractors see the Panda Inu coin as an attempt by developers to cash in on the memecoin mania. They see it Etherconnect trying to ride the hype wave just one more time to scrap whatever money is to be made. Cynical as this sounds, it is hard to dismiss this claim because this is the fourth coin they are launching in a relatively short period.

Should you look at Panda Inu as a genuine investment?

As I mentioned earlier, MOST meme coins are launched as a way to make money. They are not created to serve a purpose and they tend to go away just as fast as they come. People investing in them are not doing so because they like their fundamentals. Therefore, you find many instances where a meme coin emerges, investors pile on thus raising the price, and then they sell it shortly after to earn a profit.

Therefore, investing in a meme token exposes you to that risk and I think you should look at Panda Inu in that same light.

Before you leave

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Is Panda Inu Coin Legit or Another Ponzi Scam? 22