Why I Believe ChainGPT is a SCAM

I was looking at the prices of various cryptocurrencies, as I am sure everybody on this subreddit does. I decided to look at "Top Crypto Gainers And Crypto Losers Today" and I saw this coin "ChainGPT".

At first I thought it was funny that somebody made a coin named after ChatGPT then I looked at the 24H Volume and saw $10,880,178. The coin has increased nearly 35% in the last day with the price going from $0.095 - $0.16 in the past day alone.

Immediately I thought it was a shit coin and most likely just flat out useless. So I decided to find all the reasons why it could be a scam. Here is what I found:

1. The top 100 holders also hold 99.66% of the entire supply which is never a good thing.

​

https://preview.redd.it/xmnstxz85iwa1.png?380&format=png&auto=webp&s=b337dcbb7e985a95c2f7b4d4565076c0fbcc9cbd

1. The utilty outlined by the devs is:

With the implementation of cutting-edge AI algorithms, easy-to-use application programming interfaces, and advanced high performance computing capabilities, ChainGPT provides a wide range of solutions for those looking to optimize their success within the crypto and blockchain space.

So I decided to go to their website to see all this in action...

https://preview.redd.it/g61ugpbp9iwa1.png?1330&format=png&auto=webp&s=aae5d5ffb6bf94c880cb7a73a620db4beb156cfd

The have 3 models that you have access to and the only one I found unique was the AI Solidity Smart Contract Generator. This AI Model is interesting nonetheless but is it really worth $13,325,000.

1. They are looking to bridge the gap between people new to the blockchain and developing on the blockchain and the idea is cool but I doubt that the near 7,000 holders are looking to develop applications on the blockchain. Personally, I feel as if they are looking to capitalize on the opportunity they see in people wanting to invest in the AI hype.
   

These are the reasons why I personally don't believe in this project, not saying that it won't succeed. To give them some credit it is an interesting concept to have AI generate contracts, I was also reading their road map and it seems they also want to create an AI model that generates NFTs which is intriguing.

I don't want my analysis to come across as to harsh considering the project was launched less than 20 days ago but I thought I would share my thoughts. Knowing my luck ChainGPT hits a $1 in the next few days...