With what seems like a never-ending pre-sale event, community members are now worried that Matmo ($MATMO) might be another honeypot project. A honeypot is a crypto project that raises funds by selling its token to investors without listing the bought token for trading. The end of such a situation is that investors end up getting rugpulled.
Matmo ($MAMO) was introduced in December 2023 on the Ethereum (ERC-20) and Binance SmartChain (BEP-20) blockchains. The project founders introduced two ways people could acquire the $MAMO tokens. The first way was purchasing the tokens during the presale rounds while the second is by getting rewarded with $MAMO tokens for participating in community activities. Either way one chooses, the tokens could be withdrawn and kept in decentralized wallets like Trust Wallet or Metamask.
According to WHOIS.COM, the domain name matmo.cc was bought on the 12th of November 2023, about a month before the launch of the Matmo token. While the domain name purchase was facilitated through NameCheap, the personal and contact details of the owner were redacted for privacy concerns. This means we cannot know who exactly purchased the domain name.
Till today, the team behind the $MAMO project are anonymous. Despite a photo card on the official Matmo website showing the names and roles of persons, the community believes they are fake and randomly generated. Members of the community have been asking for a live Ask-Me-Anything (AMA) session with the team but to no avail. Instead, the team sends in scripted AMA notes to the community which does not sit well with most of the members.
In March 2024, OKX DEX wallet and CoinMarketCap highlighted that $MAMO was a honeypot. It seems the $MAMO team has already tried to resolve the issue as the OKX DEX wallet now labels $MAMO as a high-risk token instead while CoinMarketCap has removed the honeypot ticker.
Another burden of concern for the community is that the docs and tokenomics do not add up. With a 410,000,000,000 maximum supply of tokens on each network, the Etherscan shows only one transaction effected on the contract address between December 2023 and June 2024. The Matmo team has not notified the public on whether or not the ERC-20 network is being delisted.
The use of words such as Matmo Chain in the token’s documentation depicts $MAMO as a coin and not a token. The Matmo documentation talks about Matmo as a coin while it is a token on the BNB and Ethereum chain. The docs also mention an API and other facilities that present Matmo as an ecosystem on its own. This in fact would prove that the docs were generated without a thorough review or copied from another source.
Most of the successful crypto projects have had their X handles and Telegram bots verified but the Matmo team remains adamant about verifying its handles.
As it stands, all hands are on deck until June 30th, 2024 when holders of the $MAMO token will know their fate. Despite the announcement by the $MATMO team to list on Binance, Coinbase and OKX, none of the exchanges have announced their partnership with the Matmo team.