There are many ways that people have used digital currencies. The sector is evolving and many other possibilities exist. This is what sites like Dogetrix are taking advantage of in attracting people who are eager to make profit via digital assets.
In this post, we are going to look at this site and what it does. Are you going to make money through Dogetrix? Let’s find out.
What is Dogetrix?
Well, the good thing about this project is that the entity behind it actually made a whitepaper and a litepaper. This means that you should be left in no doubt about what you’re about to get involved in if you actually went through the documents.
Unfortunately, there are many people eager to make gains in the cryptocurrency space without the requisite knowledge of what the ecosystem is all about.
According to information available on the website, Dogetrix is a staking website where participants make gains by pooling their funds in a staking pool. This means that the implication of this is that the user is expected to deposit some funds to “power up” if they actually want to make some real money.
This is so because the default mode and payment is in milli-doge, these amounts are so small that it offers no incentive to the investor who is serious about making a lot of money.
However, there are some attractive features that would make even the most skeptical observer invest some money into this scheme. This is because the site promises that the investor can earn “every second”. Who wouldn’t want to earn money regularly, even if it is dogecoins?
Other Features of Dogetrix
Other features that were designed to make this scheme attractive to investors are:
- Instant processing of withdrawals or payments
- Being hyped as the most profitable De-Fi project
- Being presented as the project with the highest annual percentage yield
- Anonymity of use of the platform since there is no need for a KYC
Nevertheless, it is important to examine this project closely to understand what may be going on behind the scene.
How Does Dogetrix Work?
Dogetrix claims to be a staking and yielding farming platform where users can earn a minimum of 1% daily. It is interesting that it also has a free plan where the users can actually earn some doges for free.
However, what we have noticed with the free version is that the account owner will never be able to make a withdrawal because they will never be able to earn up to the minimum amount that can be withdrawn.
To have the prospect of earning from the platform, the user has to power up to a higher level by making a deposit of some funds. This deposit on Dogetrix must be in dogecoin, bitcoin, litecoin, wire transfer, bank card of Perfect Money.
In other words, the platform promises the users that they would earn more money by making a deposit of higher amounts of funds. There are 25 different earning levels in Dogetrix.
So in essence, the investor that wants to earn more should make higher deposits and these deposits reflect what they could earn.
Who is Behind The Program?
What we know about the entity behind Dogetrix is from the whitepaper provided. According to the document, the owner of the site is The Dogefather Limited, which was registered with the UK-based Company House. The owners highlighted the registration of the company as if it guarantees the safety of the funds of the investors.
However, we at Cryptoinfowatch are aware that registration of a business does not really carry weight, especially if that business is involved in some shady activities. Fraudsters are known to register businesses that steal from people and become exit scams.
Nevertheless, a search of the name shows that it was incorporated on May 25, 2021 with the Company House with registration number 13418957.
The address associated with the registration is 215 Holloway Rd which when we checked showed that it is a business district even though we didn’t see any evidence that the company is actually located there.
The businesses located at this address are restaurants, a coffee shop and a fashion shop. In any case, it is still possible that Dogetrix has an office around there, even though this is doubtful.
Domain Name Search
A search of the domain at Whois shows that it was registered on May 27, 2021 by Jude Marsden. However, the address associated with the registration is 59 Dartmouth Park Road.
This is a residential area and we may assume that it is where Jude Marsden lives. Marsden is the only officer listed on the company’s registration document with Company House.
Marsden is the majority owner of the company’s shares. He is in control of 75% of the shares which you may assume amounts to a lot. However, what we saw from the documents of Dogetrix is that the company has just 30 shares with each valued at 80 British pounds sterling.
So how is Dogetrix making money if they started with a little capital?
Will You Make Money With Dogetrix?
Well, what we are looking at with Dogetrix is that this could be another ponzi scheme that is depending on the deposits that people bring to attract others. The concept of this sort of business is to create the impression that it is easy to make money through yield farming and staking.
They offer percentages that are too high and unrealistic just because they want the investors to make deposits of their funds.
The essence of having a minimum withdrawal is to make it a bit difficult for you to get hold of your deposit and any profits that you made. Nevertheless, it is possible that you could be paid if you invest with Dogetrix. That is how HYIPs work. However, you will not receive payments perpetually as they promised.
What Are The Risks Involved?
Signing up and making a deposit with Dogetrix is not a good idea since they are promising the users unrealistic returns. There is no way a ROI of 1% daily as claimed by the site is sustainable. This is actually more than 350% annually. No staking platform guarantees that in cryptocurrency space. Neither can you earn that through mining as alluded to by the site.
What is happening with Dogetrix is that it is a ponzi scheme at best. This means that the owner may pay a few early investors initially before stealing the deposits and becoming another exit scam.
There is a referral program that encourages users to bring others. You can be sure that this is the objective of the scheme: to pay older people with deposits made by new participants, then shut down the scheme when they have a lot of depositors that are expecting to be paid. Ponzi and pyramid schemes are not sustainable.
Binance And Elon Musk Connection
There is evidence that Dogetrix is a shady business, For instance, they’re using the image of Elon Musk on their website probably because Musk is a known supporter of dogecoin. You can bet that Musk wouldn’t want to be associated with a HYIP.
1000% Pump in Binance?
At the Telegram channel of Dogetrix, it is obvious that the owner is hyping the scheme with the promise of shilling their coin up to 1000%. It is obvious as well that this is a dubious act.
Pump and dump schemes are used to deceive investors so that the owners of a business would take advantage of the confidence that people have in the scheme. At the end of the scheme, the beneficiary would be the owner that leaves the investors with worthless tokens.
Here is what you will see when you check the Telegram account of Dogetrix:
Looking for +1000% return on investment?
The Dogetrix project (dogetrix.com) will make it possible thank to a crypto we’re going to pump on Binance exchange. (binance.com only)
They even used the Binance logo to create the impression that they’re partnering with Binance. If you know about Binance, you would agree with me that it is a regulated exchange that wouldn’t want to get involved in anything illegal.
Is Dogetrix A Scam?
So is Dogetrix a scam? The answer to that question should be obvious by now. If it walks like a duck and quacks like a duck, then it is a duck. You’ll lose money if you stick with Dogetrix. This is despite the fact that there are many testimonies at the moment from people claiming that they have been paid by the site. Here is one:
Dogetrix, the best investment site.
I joined in the last month and yet matured a lot of mDoge, with 1% daily interest (free to join!) and some NFR code that they give for free on social media! I suggest it. Join with us the Dogetrix!
Well… my advice is: DO NOT JOIN!
There are better sites that would help you stake your coins profitably and safely. Here is our recommendation.