We took some time to nail this project due to it being old, and we had to check all initial transfers up to this date.
Even why it seems that the team have renounced ownership of the smart contract, there are still hidden activity that ever investor has to see first before aping in such a project.
Let's scan their smart contract. Reference
[1] - 2021-11-01 11:36:06 AM : Contract is being scanned
[2] - 2021-11-01 11:36:06 AM : Searching for token network identifier
[3] - 2021-11-01 11:36:06 AM : Found network on bsc chain
[4] - 2021-11-01 11:36:06 AM : Contract has been scanned
[5] - 2021-11-01 11:36:06 AM : Start evaluating the transactions : comparison of from/to/sender/recipient to non-zero --> 0 points ( not initiated )
[6] - 2021-11-01 11:36:06 AM : Start evaluating the token swap router : comparison swap interfaces and versions --> 0 points ( not initiated )
[7] - 2021-11-01 11:36:06 AM : Start evaluating the token ownership : comparison ownership renounce and transfer factors -> 68 points
[8] - 2021-11-01 11:36:06 AM : Start evaluating the token mint function:Comparison of supply burn and token distribution -> 54 points
[9] - 2021-11-01 11:36:06 AM : Start evaluating Liquidity Pool Data using DEX platform
[10] - 2021-11-01 11:36:07 AM : ---- Start to evaluate ownership transfer event data ---
[11] - 2021-11-01 11:36:13 AM : Ownership has been renounced owner address is : 0x0000000000000000000000000000000000000000
[12] - 2021-11-01 11:36:13 AM : Ownership has been renounced at : 2021-05-23
[13] - 2021-11-01 11:36:13 AM : Ownership has been renounced trx hash : 0x5e878f7e70e07d477d99ec6d9203cbef403250f8602e9fe88158a86199d5ee5b
[14] - 2021-11-01 11:36:13 AM : ---- End to evaluate ownership transfer event data ---
[15] - 2021-11-01 11:36:07 AM : --- Scanning for DEX platforms / Performing LP lock / unlock check ----
[16] - 2021-11-01 11:36:07 AM : We have found a one LP main account seems and LP implementation is safe
[17] - 2021-11-01 11:36:07 AM : DEX platform name : Pancake v2
[18] - 2021-11-01 11:36:07 AM : Total numbers of LP makers : 73
[19] - 2021-11-01 11:36:07 AM : Total LP amount : 212,256,288,264 CORGI
[20] - 2021-11-01 11:36:07 AM : LP account address : 0x205fe8f500bb06641a38b6693f09f5bc878962a3
[21] - 2021-11-01 11:36:07 AM : --- DEX Platform scanning has been completed ----
[22] - 2021-11-01 11:36:07 AM : --- Scanning for DEX platforms for liquidity holdings by address process started----
**[23] - 2021-11-01 11:36:07 AM : LP check failed, current locked/burn liquidity percentage is lesser than 40% -> 4 points**
[24] - 2021-11-01 11:36:07 AM : Total burned or locked percentage : 4.3503 %
[25] - 2021-11-01 11:36:07 AM : Burned or locked : PancakeSwap V2: CORGI 6 - 4.3503%
[26] - 2021-11-01 11:36:07 AM : Started to read top liquidity holding wallet addresses
[27] - 2021-11-01 11:36:07 AM : Wallet address : 0x45ba8d46798b1c091f1c305dc0d0b3da2464a565 - 5.6090%
[28] - 2021-11-01 11:36:07 AM : Wallet address : 0x781a6b922c8daf7075741ccb65310836771b4a30 - 4.5450%
[29] - 2021-11-01 11:36:07 AM : Wallet address : 0x4a96feb2a83fbf3145fc64ffccca2110ab3a87bc - 4.2421%
[30] - 2021-11-01 11:36:07 AM : Wallet address : 0x401982cbe24f6eeeab77c463d5be0fc4c986be1b - 3.9959%
[31] - 2021-11-01 11:36:07 AM : Wallet address : 0x13ea4c79eead7001ea105d8c4b2e82e5a44bbf81 - 1.9795%
[32] - 2021-11-01 11:36:07 AM : Total liquidity holdings : 95.6497%
[33] - 2021-11-01 11:36:07 AM : Top 10 liquidity holders are holding a bigger portion of liquidity (95.6497%) LP checked failed -> 20 points
[34] - 2021-11-01 11:36:07 AM : --- Scanning for DEX platforms for liquidity holdings by address process finished----
[35] - 2021-11-01 11:36:13 AM : ---- Start evaluating router address change condition for the owner. ---
[36] - 2021-11-01 11:36:13 AM : The system cannot find any dex router functions in the contract
[37] - 2021-11-01 11:36:13 AM : Finish scanning the router address condition
[38] - 2021-11-01 11:36:13 AM : ---- Start evaluating setting high fee function for the owner. ---
[39] - 2021-11-01 11:36:13 AM : The system cannot find any high fee setting functions in the contract
[40] - 2021-11-01 11:36:13 AM : ---- Finish scanning the high fee setting function. ---
❌ 24 points. The contract doesn't have main security functions implemented, and this is likely a rug pull. DYOR before investing.
LP check failed, current locked/burn liquidity percentage is lesser than 40% -> 4 points
Top 10 liquidity holders are holding a bigger portion of liquidity (95.6497%) LP checked failed -> 20 points
Since they have renounced, and burn address is the owner of the smart contract, we can say that this is false positive.
On TokenSniffer it shows that the ownership is renounced, and also on the Smart Contract. Reference
As you can see here their biggest Corgi/BNB liquidity pool is the burn wallet with 94%. They have burned their initial liquidity pool. So, it is impossible for them to pull from there. Their liquidity pool providers are holders, currently 25 of them and their current liquidity pool is quite small, only 3,6% of the market cap.
But on the other side, TokenSniffer has flagged several similar contracts like this one. Reference
Since we already have other projects with the similar contract, and have had negative feedback from investors, than lets see if this is the case with CorgiCoin.
Apparently airdrops have been sent, and a lot of them, which have increased the holders base of CorgiCoin, so basically it doesn't have the organic growth that you can see on the charts or holders numbers. This is a technique to fake the way to get faster on token listing sites. Reference Reference
Furthermore we checked for more clues on the contract page, and one comment got our attention.
This comment was made when the project had launched, and that time it was spotted that there were several wallets of the same owner that had bought quite a huge amount of tokens.
If the comment is true or not, we cant prove that, but certainly the way everything is coming up starting from the airdrops, it clearly shows that there is something weird with the whole project.
Secondly, there are 4 whales bigger than the liquidity pool. Basically all the project is in the mercy of these whales.
With all this proof, we would advise against investing in this project.
🛑 Contracto.org Verdict: Potential Whale Rug & Other Issues