On March 10, 2020, right after the pandemic started, I opened my Robinhood account for the first time. While scrolling through it, I came across a weird name and asked my roommate, what is this Dogecoin? It’s a $h!tcoin he said laughing and continued to tell me that I should buy it if I want to feel rich. I went on and decided to purchase $10 worth of dogecoin. Within a couple of weeks, my investment had turned to $15. I was far too impressed with my achievement in the crypto space that I was new to and decided to book the 50% profit I had made in just two weeks. I was the man! It gave me the confidence to trade further in crypto and also a reason to show off in front of my friends because they knew about crypto even lesser than I did with my 5$ gains. I have long traded stock markets, but crypto was a new game and though buying Dogecoin seemed like a senseless thing to do, it had made me money. Little did I know then, that if I had not sold those 5700 coins worth $10, today, they would have been worth $1200 as of this writing, even with the pretty high drop in Dogecoin’s price recently.
Kiba Inu is the latest in the army of meme tokens after the success of Doge, Shiba, Floki, Safemoon, etc. In a span of little more than a month, it has gained popularity and captured the FOMO pulse pervasive in the market today. Just like its successful predecessors, it is slowly moving in the territory of tokens that are hard to ignore. On the official website, it mentions being inspired by Kiba Inuzuka. Kiba is a Naruto anime character loyal to his comrades and will do anything to protect them. And as such, Kiba aims to build a strong, supportive, and secure community of meme token holders that wants to grow together. The token was listed on Coinmarketcap on October 28, 2021, released publicly shortly before it. The current market capitalization is not listed on Coinmarketcap. But it is estimated to be about $60 million according to their Twitter account. Let us look at the features, pros, and cons of this new member of the group.
Features:
- The strongest feature perhaps is the honeypot checker which aims to be a scam scanner for the old coins. Once you send the token address to it, it will alert the user if it is safe to proceed with the coin as a safety measure. With several scams happening, Kiba seems to put dedicated efforts to evaluate the newly released meme tokens.
- Kiba DEX with enhanced scam proof measures in place
- Launch of an incubator/launchpad for new tokens
- Kibaswap: possible medium of exchanging tokens on BSC(?) blockchain
- NFT marketplace
- GameFi integration and anime ecosystem
- Kiba FOMO will provide a list of newly listed tokens on different blockchains
- Kiba Bridge will allow the migration of Kiba tokens between Ethereum and BSC.
While it seems like a long list and the details are unclear, the team seems to be making good progress and providing regular updates about its development on their official Twitter account. Here is little more elaborate tweet from a Twitter user for anyone interested.
Pros:
- A very strong marketing campaign that includes promotions from influencers on Twitter, tick-tock, Instagram, and other platforms.
- 1% reflection token for its holders from all the transactions made.
- Good growth within a month of its release.
- Consistent updates and upgrades can be observed on their official website and Twitter account.
- The details of the team members are not known to me, but the different sources quote them to be a diligent and sincere group that has worked on the development of other meme tokens earlier.
- Selling within 24 hours of purchase is taxed at 25% as a penalty to discourage flipping for quick profits. While this has no intrinsic effect it can generally be perceived to be a sincere effort from its developers.
- Audited and Certik certified.
- Scan shows the number of token holders to be more than 20k as of date, BSC and Ethereum chains combined.
- Is working on a unique use case and so far, has no competitor in the space
- Already listed on number of popular exchanges like PancakeSwap, Uniswap, Hobbit, ZT, 0x, etc.
Cons:
- Development team information is not easily found.
- Market capital information not found on Coinmarketcap.
- Not necessarily a con, but it has 1 trillion tokens in circulation which is quite large. For comparison, SHIB had an initial quadrillion in circulation, which is about 1000 times this number.
- Very speculative and early to project the success in the long run.
Having covered the basics, just like any other meme token, it is a risky investment with the potential for high rewards. The overall scenario looks to be good, but it remains to be seen how it will turn out in the long run. The token has gained fairly in a month which is typical for tokens in this category, but it still has plenty of legroom if it turns out to be a good project. At one point, no one could have predicted the success of Dogecoin and Shiba, but today they sit in the top 15 coins in terms of the market cap overall above coins like Polygon and Algorand which in terms of their development and utility outweigh such coins. So, you never know which will be the coin that will make people millionaires. While the popularity and community behind Shiba continues to remain strong and there likely won't be another successful Shiba or Doge, it is to be seen how the new member of the team performs! Welcome to the club Kiba Inu!
This is not financial advice, and I am not a financial advisor. Do your own research!
