FirstDog price prediction: Red flags for fast riser
FirstDog has anonymous founders and no whitepaper, but its token is soaring. Is it safe?
FirstDog only launched on 11 January and is already up more than tenfold. The project’s aim is to create a trading card game where users battle each other with NFT cards. However, there are several warning signs that show this could be a risky investment, from the anonymity of its founders to a lack of clarity with an audit report.
Clearly, its bullish investors think FirstDog has legs, as it has climbed substantially in its first few days. But can the project live up to its ambitious plans?
What is FirstDog (FSD)?
Fantasy card game Splinterlands was one of the many NFT games that saw success in 2021, showing how trading cards have a place in the crypto community. FirstDog wants to draw on that success and combine it with the hype of meme tokens.
FirstDog says it is building a trading card game where players collect NFTs and battle with them across various game modes. It also aims to release a marketplace.
There is very little detail about the game, at the time of writing. There is no information about the types of cards, images of the game, or even a launch date. There is no whitepaper or roadmap on the FirstDog website that details the features of the game and the steps necessary before release.
In a guide about whitepapers, CoinMarketCap said: “Producing a whitepaper is key a step required for a crypto startup to be considered legitimate and professional, as it helps investors understand how a business is different from rivals in the space.”
The website has other factors that investors may find concerning. Currently, some of the website has poor grammar and spelling, such as “social medai.” Some of the links do not work, including the links to its audit reports.
Is FirstDog audited?
There is always a risk that a new coin is a scam. The Squid Game token last year saw investors lose thousands and the founders walking away with millions. One of FirstDog’s selling point is that it has been audited as a safe project, but the extent of the safety checks can be debated.
The token has three Telegram groups titled “FirstDog (Audited and Doxxed).” Its website said: “First Dog takes the safety of our holders very seriously”, with it being audited by Solid Proof and Dessert Finance. However, on the list of audited projects on both crypto security websites, there is no sign of FirstDog.
Rob, the co-founder of Dessert Finance, was unable to find any evidence it had audited FirstDog and told Currency.com the chances Dessert Finance had talked to the crypto project were slim to none.
Currency.com also asked the admins of a FirstDog telegram group for proof of the Dessert Finance audit, but they did not provide any information.
The coin has passed an audit, however. Tech-Audit, the blockchain consulting agency, investigated FirstDog’s smart contract, primarily focussing on cybersecurity and its framework. It found no issues with FirstDog.
What is FSD used for?
As well as the trading card, the other key part to FirstDog is its native token, FSD. Outlined briefly in its tokenomics, FSD was created to develop and grow the trading card game. Of the tokens, 4% are dedicated to game development, 4% go toward marketing, 2% are for liquidity, and the rest can be bought on PancakeSwap.
The token has a large circulating supply, but there is no clarity as to how big those numbers are. FirstDog’s website says there is a total supply of 100 billion FSD, however CoinMarketCap and BscScan list the coin having a supply of 100 trillion FSD.
Having only launched on 11 January, there seems to be some teething problems with FSD. The project has three different Telegram groups and two of them are posting support about frozen transactions, swapping, staking, and more. Whether this is even an issue or is solveable is not clear.
Issues aside, FirstDog is appearing to be a big hit. The token opened on 11 January at $0.0000000003 and had climbed more than 600% within the day. The next day proved to be another successful day, as the coin climbed another 600% in 24 hours. At the time of writing, FSD's price is $0.00000001.
Did Elon Musk endorse FSD?
Elon Musk is known to be an advocate for meme tokens, specifically DogeCoin. The claim that FirstDog, which also uses the Shiba Inu logo, is endorsed by the entrepreneur is therefore believable. But the tweet from Musk is taken out of context.
In a Twitter thread, Musk is discussing the price of Tesla’s upcoming full self-driving tech, or FSD for short. The tweet reads: “FSD price will rise as we get closer to FSD production code release.”
It is a clever move from FirstDog to take advantage of the FSD abbreviation. The tweet can be taken out of context, and no one would know. But despite claiming in FirstDog’s Telegram bio that “Elon Musk tweeted about us”, the Tesla CEO surely is more interested in the future of car technology.
FirstDog price prediction
As the meme token is a new coin, there are not many experts and websites offering a FirstDog price prediction. The consensus among those who have made a prediction, forecast a steady but slow rise for the coin.
PricePrediction does not think the token will pass $1 or even $0.01 in the next decade. Its FirstDog price prediction for 2022 is an average price of $0.00000002 with a high of $0.00000003. It predicts that the coin will climb slowly over the next ten years and its FirstDog price prediction for 2030 is a high of $0.00000056.
It is a similar FSD price prediction from DigitalCoin. It forecasts FirstDog will climb from $0.00000002 this year to $0.000000025 in 2024. Its FirstDog price prediction for 2025 is $0.00000003.
Crypto Buying Tips does not offer any specific FirstDog coin price prediction, but it does give a warning. It said: “We predict that both price and market capitalisation of this coin will be very volatile and traders should be extremely cautious while investing in FSD.”
FirstDog is a newcomer to the crypto world. It does not have the experience or market cap as more established players such as Dogecoin or Shiba Inu. It is therefore understandable that its platform is not up and running.
But there are number of factors that investors should look at before deciding to invest, which FirstDog currently has not delivered. These include the founders’ background, a comprehensive whitepaper and more details about its audits. Without this information, investors may struggle to take the project seriously.
The total supply of FirstDog coins depends on who you ask. The FirstDog website says there is a total supply of 100 billion FSD. CoinMarketCap and BscScan have recorded a total supply of 100 trillion FirstDog coins.
It depends. The price of FirstDog has rocketed over 1,000% in its first few days of trading. However, CoinMarketCap says having a whitepaper is a key step to be seen as a legitimate project, and FirstDog does not have one. Remember, you should always do your own research before investing.
It might. The consensus among the limited FirstDog price predictions is a steady rise for the meme token. On the other hand, Crypto Buying Tips warns that the project will have a volatile price and market cap. Remember, you should never invest more than you can afford to lose.
It depends. FirstDog does not have a whitepaper, which CoinMarketCap says is needed to ensure a cryptocurrency is seen as legitimate. There is also no information about the founders’ backgrounds or the audits it has reportedly undergone. Remember, there is a risk that any cryptocurrency could be a scam, especially a new one, so you should always do your own research before investing.