What is Chooky Inu (CHOO) Token?

What is Chooky Inu (CHOO) Token?

Created on the Ethereum blockchain, Chooky Inu (CHOO) is the native token of Chooky, a meme-driven ecosystem that aims to enhance the power of the community meme appeal and brand to act as the driving force for the token and reward NFT collection. 

The project claims that Chooky Inu has a maximum supply of 21,000,000. However, a look at its smart contract reveals that the smart contract of the token can be modified by the contract creator — for instance, it can disable selling, change fees, mint new tokens, or transfer tokens. 

As of December 20, Chooky Inu is trading around $0.1309, with a 24-hour trading volume of $405,253. The project has a fully diluted market cap of $2,764,731. 

Note: the project’s Whitepaper is not available. This is a big red flag for those who are considering investing in the project. 

What is Chooky Inu Project?

Launched in December 2022 on the Ethereum network, Chooky Inu is allegedly a hyper deflationary, NFT, and meme-driven cryptocurrency ecosystem that has never been seen before in Defi.

Chooky aims to enhance the power of the community meme appeal and brand to act as the driving force for the token. CHUNES is going to be the project’s Music NFT platform as the team plan to produce an Anime TV series with their DAO.

Different Categories of Chooky NFTs

The project’s NFTs are initially split into six different categories: Raider, Staker, Gamer, Anime, Multichain Special Edition, and Music. Here is how the team explained these different categories of NFTs:

Raider NFTs:

The initial Raider NFTs have a referral mechanism that allows you to refer and gain native token rewards (6% rewards to the referrer and 4% tax back in rewards to the referee to give them 0% buy tax). 

The Raider NFTs have a referral mechanism that allows the buyer to receive tax back on their purchase of $CHOO tokens and the referrer to receive $CHOO tokens too. 

These Raider NFTs allow you exclusive access to our referral dApp which will generate a link that you can share with your friends, if they buy the token using your link you will split the reward payouts with them. 

This is not a transactional rewards system, it is extracted and paid out from a 10% token allocation left aside in the tokenomics so payouts are not detrimental to the chart. 

Staker NFTs:

These are NFTs that can be staked in the bespoke dApp. They have access to 10% of the supply in staking rewards.

As there are only 1,000 of these NFTs minted, it will allow the project to maintain high yields of APY for the owners using the pool. A much more beneficial staking pool for those who want to hold with much more lucrative payouts than normal staking. 

Gamer NFTs:

The next selection of NFTs is about establishing our brand and expanding the project’s reach. They will be the Gamer NFTs. Now instead of waiting on development for said games to be finished as this is an excruciating wait in most cases for holders as games take a long time to develop and the team will not depend on developing their own games, their focus will be elsewhere.

But they have the connections to attain partnerships with projects who have been developing a meta verse or p2e game. The Gamer NFT owners will be able to access an interoperable skin/avatar in partner project games once they’re developed, so the meme character for these NFT holders can be played and used across multiple partner gaming projects and metaverses.

Anime NFTs:

The last selection of NFTs sold on Ethereum from the first four selections will be Anime NFTs. The project plans to produce an anime short series about crypto and meme coins specifically, doing short episodes of 5–10 minute pilot episodes so they can air across various free streaming platforms and promote accordingly. 

Their animation team has reportedly started work on the episodes and the monologue for the first seven episodes is already written. Ownership of an Anime NFT will grant you access to the project’s only Discord server, it will give you access to the episodes early, all the artwork and commercials before they’re shared, and finally, ownership of this NFT will grant you Dao governance over the direction of each episode that follows the first seven pilot episodes.

Multi-chain special edition NFTs:

For these NFT sales, the project plans to onboard influencers, celebrities, and ambassadors to endorse their own NFTs. Along with this, they plan to partner with multiple NFT marketplaces across different networks to sell these NFTs.

The plan is to sell NFTs on BSC, Polygon, and Cronos. Any EVM-compatible network will allow flexibility within the protocol for the holders of tokens to earn rewards in Eth, BNB, Polygon, and Cro. Although these NFTs will not have a specific use case the value will come from the celebrity association, the marketplace endorsement, and the artwork itself.

The NFTs, upon initial mint and resale, offer a % of rewards from the NFT royalty sharing protocol in Ethereum (7% of each sale goes to the rewards pool for $CHOO holders, please note you need to hold a minimum amount of $CHOO tokens to qualify for these rewards). 

The project has a tiered system for its token holders, the more $Choo you hold the higher the rewards payouts in Ethereum.

The NFT royalty sharing protocol for the token holders will be a constant passive earning feature for our holders that will apply to every NFT that’s sold. The supply is constantly decreasing with a big percentage of the taxes going toward.

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