A Memecoin?
Usually, when you imagine the entertainment industry and cryptocurrency together in one space, the words that come to mind are memes. Perhaps unsurprisingly due to the recent success of memecoins such as Dogecoin, or just the attention diverted towards projects such as Shiba Inu, it is easy to undervalue the true practical potential of crypto and blockchain in entertainment.
Pause: In comes Baitcoin.
Not only is the token developed by one of the UK's largest social media influencers, it's featured from Forbes to Yahoo.
When you combine the reach of an influencer giant, with access to his own record label, and apply it to a project that focuses on NFTs, you're looking at something much bigger than a memecoin. Sure, Baitcoin's roots lie in its founder Antz's 'imjustbait' instagram meme page, but this only makes it a token that is applicable to the meme world. Furthermore, it is better positioned than any of its memecoin counterparts.
The Positives
The tightly knit group of influencers, some on the Baitcoin team and others promoting it, including prominent YouTube star Niko Omilana, give it good reason to be marketed relentlessly. In fact the coin does not have to rely on affiliate or ambassador schemes as one member of its telegram group claim, "marketing will never be an issue".
Niko, having run for Mayor of London 2021 appeals to many young entrepreneurs in the United Kingdom eager to see something change with the present economic and political system: something DEFI and other blockchain initiatives promise to bring about.
NFTs
An NFT, easiest described to the layman as a token with an imbedded "certificate of authenticity", is testament to the power of blockchain. Bridging the gap with the entertainment industry, Baitcoin aims to use these NFTs to target ticket counterfeit in the music industry, for example. It will allow artists greater ownership over their product.
When a ticket is bought, a unique NFT can be produced on blockchain which makes the ticket impossible to counterfeit. The Bait platform will also be available for artists to showcase their art. All together, the project aims to disrupt the entertainment industry, and some of the biggest names of the latter are readily supporting it's success.
Tokenomics
Passive income: 2% of every transaction is split fairly amongst the holders of Baitcoin
Autoliquidity: 2% of every transaction is put into a liquidity pool on Pancakeswap.
Charity: 2% of every transaction is put into a charity wallet.
Personally, I was sold on charity. There's lots of great crypto projects but I want to see the wealth trickle down to those that need it the most.
The Price
Presently trading at around 20% of its ATH, what many see as a discount forced by the broad based crypto bear market through the first three quarters of 2021, the coin appears to be a bargain.
Many plan on HODLing (holding onto dear life) the token, which means readily buying the dips. This has caused the double dip pattern on the chart above.
Furthermore "it's taking out the zero!" exclaimed one telegram user- common for crypto projects that show monstrous growth and represents the scaling of price by a factor of 10 especially for tokens being sold for under a pence.
Verdict
All together, it could take out many such zeros and has price action that supports it. However patience is key for an investment like this, and more importantly to invest responsibly.
