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What Is ApeMax and Is It a Scam? Reviews, Opinions and DYOR
11/21/2023

What Is ApeMax and Is It a Scam? Reviews, Opinions and DYOR

11/21/2023
4,3

ApeMax is a new player in the meme coin sector that has rapidly gained popularity and raised over $1.3 million dollars in a fairly short period of time. It is talked about a lot, loved or hated. While some are praising its unique boost-to-earn staking concept and others are not shy to call it another shitcoin, Cryptonica chose to look into whether ApeMax is a scam.

ApeMax Reviews and Opinions: Reddit and X

ApeMax has rapidly gained popularity in a short period of time. The new meme coin with a unique boost-to-earn staking system has sparked heated debates about its legitimacy. We turned to crypto-enthusiasts to understand whether they consider ApeMax a scam or not. 

At first, we decided to ask Cryptonica X followers to define their opinions about the project. It was interesting poll, because 9 people took part in the vote, and the results were the following:

The comments on the project's official X page are mostly filled with people who actively support the project by buying tokens on the presale. Undoubtedly, many people express their support for the project, but if you dig deeper, some really disturbing issues are revealed. Like, for example, problems with receiving tokens after their purchase:

Source & Copyright post on X

The team immediately responds to users' requests to help them understand the problem, but still it seems that they do it selectively. 

Another discouraging point was the situation around the influx of a huge number of fake project accounts, which the team had to deal with, sacrificing a precious and important aspect of trust which is communication with the community.

Source & Copyright post on X

There were those who expressed themselves succinctly and clearly:

Source & Copyright post on X

Or:

Source & Copyright post on Reddit 

Well, in that case:

Community, Website, and Social Media Accounts

Platform X Telegram Discord
Followers 2,7K 3,9K 3K
Comments 10-17 per post on average closed closed
Reposts 10-15 per post on average
Engagement low low low
Community power medium

The activity of the ApeMax project on the Web is questionable. The team interacts with the community on X, immediately responding to their requests. This cannot be said about Telegram and Discord. Both communication channels were conceived as ApeMax support chat, but the team had to close comments due to a large influx of scammers. On the one hand, the official website of the project is trustworthy: a bright interface does not interfere with navigation, the presence of a certificate confirming the passed audit, clear technical document and roadmap. However, there is no information about the project team, and information about how the project works is very scarce. Users are only invited to buy coins and start staking under the boost-to-earn concept. But what this unique concept is about is unclear. At first glance, it may seem that the phrase boost-to-earn is just to attract attention, and behind it lies a no longer new concept of staking. The veil of mystery is lifted in the technical document: we learn that boost-to-earn rewards token holders who increase the rating of their favorite organizations, project, or authors.

Founders and Investors of ApeMax

You will not find any information about the ApeMax development team on the Internet. Also, some sources claim that the project has no institutional investors. And if the second point may be explained by the desire for fair play and fair distribution of tokens in order to avoid market manipulation, the lack of any information about the project founders is a red flag. The developers of ApeMax don't seem to realize the importance of this point. After all, the experience and reputation of the founders can serve as an indicator of how much knowledge and skills the team has to successfully implement the project. The lack of such information only complicates a fair analysis of the project and discourages a potential investor, as the transparency of the project is out of the question. If the team is open and willing to provide information about their experience and goals, this may demonstrate their honesty and intention to build a long-term relationship with the community. But this is not the case here.

"What did you expect, it's meme coins. Decentralization and stuff." But even in the case of meme coins, knowledge about the team behind the project can be an important factor when deciding whether to invest. Meme coins are often associated with entertainment and joke elements, but the success of a project still depends on a strong team. And it is information about it that will push the project towards that success.

Is it fair to ask for the community's trust when the team itself isn't willing to give every reason for it?
The developers hoped to compensate for this with strong tokenomics, which we'll talk about a bit later, but on this point it's pretty clear:

ApeMax Tokenomics: Supply, Allocation, Use Case

According to the white paper, a total of 20 billion tokens will be issued, making APEMAX deflationary. This also leads to increased activity on the network. Users don't have to fear unexpected inflation that could devalue their tokens. The fixed supply also helps to ensure a fairer distribution of tokens. 

The distribution of tokens is as follows:

  • 30.8% — presale
  • 61.5% — staking
  • 6.2% — liquidity provision
  • 1.5% — for the development team.

The white paper also states that developers retain the right to regulate supply and distribution volumes through combustion or other means.

The following points of concern are on the home page of the website:

  • Ongoing presale with an unknown end date. This creates uncertainty for investors and causes wariness. 
  • The price of the presale changes every 24 hours and it keeps increasing. This also raises questions about transparency, whether it is done manually or automatically. Either way, it is a premise of possible market manipulation by the development team. 
  • Staking during presale. While many in the crypto space are in favor of this approach, and the mechanics of the project seem to make the process transparent, it is still a questionable move. Staking during the presale could also affect the price volatility of the token. Investors may face risks regarding changes in the price of the token, especially if the staking mechanism is linked to the current price of the token. When the token hits the market, its price may fall dramatically, and an investor who has sent tokens to be staked at the pre-sale may be at great risk of losing money. 

ApeMax Current Price and Price History

At the time of writing, over 7 billion ApeMax tokens have been sold for a total of $1,383,371.22 in the presale phase. As mentioned above, the price per token is increasing on a daily basis. Users who have received their tokens are waiting to get them listed on decentralized exchanges.

Source & Copyright ApeMax


There are also a few red flags regarding pricing. The first is that the project code contains a proxy contract that can change its functionality, and the second is that no one has given up ownership of the contract. Moreover, the token appeared at the very end of the meme coin season. Together, these factors will have a negative impact on ApeMax owners who received coins at the presale: most likely, after the token is released on the market, its price will not go up, but on the contrary, it will rapidly decline. 

Bottom Line: Is ApeMax a Scam or Not?

ApeMax: a meme coin or a pacifier? Hiding behind a veil of mystery, the project attracts more and more attention, but raises no less doubts. The official website may impress with its content, but the lack of information about the team and the boost-to-earn concept, which is not completely clear, make us wonder: is it worth investing in a project that seems to be secretive and not community-oriented at all?

Even if ApeMax promises stability with a fixed offer and a unique staking system, doubts arise regarding price volatility and risk for investors. Possible price changes and unpredictability after listing on the exchanges create a murky future for those who not only invested in the project in the early stages, but also staked as early as the presale stage. 
Yes, ApeMax is generating a lot of interest by bribing us with a boost-to-earn staking system, but this is followed by a number of contradictions. Investors are reminded of the importance of doing their own analysis, in the meantime:

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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