Crypto enthusiasts are still purchasing Mog Coin (MOG) tokens despite news spreading that the meme coin could be a scam. Buyers are purchasing more tokens, with the meme coin rising 51% in the last 24 hours, according to current CoinMarketCap data.
The crypto community is likely still flocking to MOG because several new meme coins have the potential for heavy returns, as seen with recent examples like Pepe (PEPE), Dogwifhat (WIF), and Floki (FLOKI). However, investors in digital assets, especially known unstable assets, must take extra caution.
ChatGPT’s MOG Analysis
According to a security audit conducted by ChatGPT, there are several reasons to worry about investing in MOG tokens. Firstly, the coin’s code uses the “Ownable” function. This means that the smart contract owner can easily block or transfer ownership of the coins without any notice to holders.
ChatGPT’s audit also notes that the code uses the “startTrading” function, allowing the owner to enable or disable trading. The function means that the owner can suspend user access to trades.
Another potential security flaw is that the smart contract owner can set token fees and increase these charges up to 50%. In addition, the owner may decide to exclude one or more addresses from the responsibility of transaction fees. Furthermore, specific addresses may be exempted from transaction limits that may apply to others.
In addition to highlighting that this allowance provides the owner “a lot of flexibility, which can be abused,” ChatGPT notes that the owner can exploit this access for undue “preferential treatment or for malicious purposes.”
Furthermore, the security audit shows that the contract deployer can withdraw MOG’s liquidity and swap the tokens for Ethereum (ETH). The analysis concludes that MOG is a heavily centralized token and that the owner has a little too much control of the smart contract. If the owner can withdraw liquidity, swap assets to ETH, and suspend trading, investors may have to exercise plenty of caution.
Despite the security flaws highlighted, MOG is the twelfth largest meme coin in the crypto market, according to CoinMarketCap data. The asset has risen more than 65% in the last seven days and has a current market cap of more than $350.53 million.
Meme Coins in the Crypto Market
Although meme coins are known for a general lack of utility, they can become very popular. For instance, Dogecoin (DOGE) is the world’s eighth-largest cryptocurrency, with a market cap of $24.2 billion. Shiba Inu (INU) is in the 12th position, with a $15 billion market cap. The growth of these meme coins and listings on centralized and decentralized exchanges can provide utility such as quick transactions, cross-border payments, and usage as the primary currency on online gambling platforms. Unfortunately, there is still a lot of attention paid to meme coins, as well as questions about their trustworthiness. Earlier in the month, ChatGPT conducted an audit of the Tomwifhat (TWIF) meme coin on the BNB Smart Chain (BSC). According to ChatGPT, the TWIF smart contract owner used “onlyOwner,” “renounceOwnership,” “claimStuckTokens,” and “transferOwnership,” functions in the code. This means that TWIF is also heavily centralized, allowing the owner to redirect or freeze tokens. However, another TWIF audit conducted by Coinsult shows that, unlike MOG, the owner cannot set fees or blacklist specific addresses.
