A Quick Look at 3 New Cryptocurrencies Gaining Traction
Zugacoin is the first cryptocurrency to hit a record trade value of $100,000 on the global market
The current rise of new crypto coins, including their vast price rise and bull run, are among the most exciting events in the crypto industry. The first quarter of 2021 saw non-fungible tokens (NFTs) reach extraordinary heights, with as much as $10 billion recorded at the end of the third quarter. With some people doubling or getting 23x of their profits within a short period, it has added extensively to the platform’s reputation. The total number of new cryptocurrencies in 2021 stands at over 6,000 digital coins, which is a huge increase from a minimal amount in 2013.
CoinMarketCap lists over 250 top meme coins and tokens, with Dogecoin leading the park by market capitalization. Dogecoin’s market cap was at $35.6 billion when filing this report, making it the ninth-largest cryptocurrency.
Understandably, it is tempting to join the moving train as these new currencies churn out good numbers. However, having seen so many trading platforms surface with so much hype and die like they never existed, it calls for caution.
Here is a quick look at three of the new cryptocurrencies on our radar.
Wakanda Inu is a recent coin under the umbrella of meme coins inspired by social media memes or jokes. The name was coined from the famous “Black Panther” movie, with the drawing of a dog as its logo.
According to the token’s whitepaper, “Wakanda Inu is a community meme project forged from the deep and warm consciousness of humanity”. It says it is “a decentralised meme token to drive growth in the industry, decentralised finance-oriented activities across the world”.
Some have argued that the coin lacks good functionality. According to Mint, experts feel that a token should be backed by fundamentals, known utilities or use cases rather than communities. For example, many protocols have been developed on the Ethereum network since it has the technology to support NFTs and DeFi, among other things.
Meme tokens became mainstream due to a trend and increase in value as more people purchase and hold them.
“Meme coins are basically community tokens”, explains Sidharth Sogani, the founder and CEO of Crebaco Global, blockchain-focused research, grading, and intelligence company.
“These are pump-and-dump currencies with no practical application”, he adds.
Professor Archbishop Sam Zuga, also known as Jehovah’s Field Marshall, founded Zugacoin, Africa’s most talked-about crypto. In August 2021, the coin became the first cryptocurrency to hit a record trade value of $100,000 on the global market after forging a partnership with Remittano.
According to CoinMarketCap, Zugacoin price is currently at USD 11,764.07 with a 24-hour trading volume of USD 151,126. Zugacoin is an idea that aspires to revive Africa’s ailing economy by becoming the continent’s first coin in equity and investment capital rather than China.
The cleric-founder believes that the poverty in Nigeria and Africa is artificial and that God has given him the ability to free the inhabitants from its shackles, “if possible, eradicate it, if the poor people are willing and obedient to the process.”
Zuga advised Africans to use Zugacoin for their financial freedom, noting that it is also available on Binance’s SZCB network and has been listed on ten different exchanges, including VinDAX and Pancakeswap.
Squid Game Token
Inspired by Netflix’s hit series Squid Game, the SQUID Token was timely as it took off instantaneously, riding on the global buzz of the TV show.
According to its white paper, the coin started its presale on Oct. 20 and sold out in 1 second. A few days later, the Squid Game coin went up by 2,400% in 24 hours. Everyone wanted a piece of the action until the developers changed the green lights to red and decided it was time to cash out.
Many holders regarded themselves as theoretical billionaires when the coin soared from less than a dollar to $600 per coin. However, the truth was that they had just taken part in a massive two-week-long con.
The coin’s holders could not sell it, leaving them with no option to cash out their gains if the token’s value declined. Even though the warning signs were obvious, it was too late to intervene.
The inventors sold their holdings, lowering the token’s value, which had risen to almost $2,860 per token in less than two weeks, to nearly nothing. According to BscScan, the ‘rug pull’ scam’s perpetrators made away with at least $3.9 million.
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