Is Crown a Scam Project?

Key Takeaways

  • Crown project has seen a sharp price drop of more than 63% on May 7th,2022. This happened after 1 wallet sold ~$187,000.
Token Price Crash
Token Price Crash

Here is the contract address: https://bscscan.com/address/0xb2566f80d781516a3d70f76f7bea388d1abb4917

Not much information is available about this project. It is not listed on any major crypto exchange, and we could not find its official website.

As we can see, on May 7th, 2022, around 1,422 tokens were traded. We can see the same screenshot from Bitquery below.

Token Trades
Token Trades

Also, most of its supply is contained in a few wallets. The top 100 holders collectively own 76.57% i.e. 765,663,828,531.52 Tokens of crown token. We can see the same screenshot from BscScan below.

Token Holders
Token Holders

If we examine some of the addresses like 0x4ff62771c43508b5fb5fbb94929d8009a36514a2 has 10% of it supply, 0x73ba8680a9b26368996574de43f7f9a0d2b31941 has 9.1808% of its supply and 0x3c1649a3659aa322280dbb8f0f0ce61a61f2d955 has 5% of its supply. So, these 3 wallets have almost 25% of its supply. So, these 3 wallets have power to do market manipulation. So, users should stay away from this token. We can see the same screenshot from BscScan below.

Token Holdings
Token Holdings

Here is the token address: https://bscscan.com/token/0xb2566f80d781516a3d70f76f7bea388d1abb4917. It has a supply of 1,000,000,000,000 tokens. Currently, 1,924 addresses are holding it.

We will recommend our readers to be careful and perform their own research before investing in it. As crypto scams are increasing nowadays, our readers should stay alert.

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Yash Kamal Chaturvedi

Btech Computer Science, Maharshi Dayanand University, Rohtak (2023)