Sirwin
Sirwin

What is Samoyedcoin (SAMO)?


Samoyedcoin is a meme token that makes a few changes to the standard “dog coin” formula. While most use the Shiba Inu breed as their mascot, Samoyedcoin uses the Samoyed, one of the 14 ancient dog breeds most similar to wolves.

It’s also the first meme token issued on the Solana blockchain. One of its main goals is to serve as Solana’s ambassador and to be an on-ramp to the network for new users.

Although it’s still far behind leading meme coins Dogecoin and Shiba Inu , Samoyedcoin had some success in 2021. The question for prospective investors is whether it will manage to break into the top of the market.

What makes Samoyedcoin unique?

The biggest difference between Samoyedcoin and other meme tokens is the fact that it’s issued on Solana, which is one of the most advanced smart contract blockchains. It has a unique method of verifying transactions that combines proof of stake with its own system, proof of history.

What this means for Samoyedcoin is that it has some of the most efficient transactions of any meme token. Here’s a breakdown provided by Samoyedcoin’s “whitepaper”:

  • Transaction cost: $0.0063( when the article was wrote)
  • Transaction speed: 0.8 seconds
  • Energy per transaction: 1,837 Joules, about the same as one Google search

That’s significantly faster, cheaper, and more energy-efficient than Dogecoin and Shiba Inu. Dogecoin transactions normally range from about $0.10 to $0.30 and take 60 seconds. Because Shiba Inu is built on the Ethereum blockchain — which is often congested — transaction fees are typically anywhere from $5 to $30 or more.

In addition to a cryptocurrency, there’s also a Samoyedcoin collection of non-fungible tokens (NFTs). As Samoyedcoin grows, the plan is to provide SAMO crypto and NFT holders with special benefits.

Samoyedcoin has a unique philosophy for marketing and building its community. It aims for a non-contentious culture with no shilling, meaning no aggressive self-promotion. That’s much different than many meme tokens, given that this type of cryptocurrency is known for all-out marketing campaigns designed to hype the project and pump up the price.

Where Samoyedcoin came from

The founders of Samoyedcoin haven’t released their identities and go by the pseudonyms smsl and Hot Onion. They both learned about Solana in early 2021, appreciated its technological advantages, and decided that it could use a fun meme project.

Samoyedcoin launched in April 2021, starting with an air drop of 1 million SAMO tokens to 2,000 community members. The founders are still the project’s core team members, and they’ve also added a team lead, a team co-lead, and a marketing lead.

How Samoyedcoin works

Samoyedcoin is a Solana program library (SPL) token, the term for crypto tokens issued on the Solana blockchain. It was created with a maximum supply of 14 billion SAMO tokens, but it regularly burns tokens, meaning they’re sent to an inaccessible wallet and removed from circulation.

Here’s how the token supply for Samoyedcoin is allocated:

  • 9,254,000,000 (66.1%) for burns
  • 2,016,000,000 (14.4%) for airdrops
  • 1,400,000,000 (10.0%) for marketing
  • 784,000,000 (5.6%) for gradual release
  • 540,000,000 (3.9%) for the core team

Partnerships

The most noteworthy connection for Samoyedcoin is clearly Solana since it provides the network that the meme token uses. Samoyedcoin’s goals are also tied to that blockchain network; it calls itself an ambassador for the Solana ecosystem.

Samoyedcoin has established connections with several decentralized finance (DeFi) platforms. The following decentralized crypto exchanges offer SAMO trading and staking:

  • Tulip Protocol
  • Orca
  • CropperFinance
  • Raydium

Can I make passive income with Samoyedcoin?

You can make passive income with Samoyedcoin through decentralized crypto exchanges, including Tulip, Orca, Cropper, and Raydium. There are two ways to do this:

  • Deposit your SAMO tokens into a lending pool and earn interest on them.
  • Deposit your SAMO tokens and an equal value of another cryptocurrency into a liquidity pool. For example, if a liquidity pool contains Samoyedcoin and USD Coin, you can deposit an equal amount of SAMO tokens and USDC.

With both options, you earn crypto based on the amount you’ve deposited. Keep in mind that passive income is much different with cryptocurrencies than with cash. If the value of Samoyedcoin drops, then you can lose money even after taking your passive income into account.

Unique risks

Being built on Solana has its pros and cons. On the one hand, Samoyedcoin benefits from Solana’s technology. It can offer some of the fastest and most economical transactions of any meme token.

On the other hand, Solana has developed a reputation for being unreliable when faced with unexpected transaction loads. It averaged one network outage per month during the first five months of 2022, frustrating supporters and causing the price to drop. That’s an issue for Samoyedcoin since its success is largely tied to that of Solana. It is, after all, the self-appointed ambassador for Solana.

In its defence, Solana has not yet declared itself to have progressed from its beta release to a final production version. The code fixes required by the failures have made the network more resilient. But, ultimately, we don’t know if or when the network will be able to stand the test of time under a high load.

Also worth noting is that, outside of being an on-ramp to Solana, Samoyedcoin doesn’t offer much utility. It’s like any other meme token except it’s built on Solana instead of Ethereum, BNB, or another blockchain.

Is Samoyedcoin a good investment?

Samoyedcoin is a cryptocurrency you’re better off avoiding. Meme tokens are usually more gambles than investments, and that’s the case here.

The problem with Samoyedcoin is that, just like most of its competitors, it doesn’t have any special selling points or use cases. The only real difference is that it’s built on Solana. That may be enough for it to go on a run, but when you buy a meme token in hopes it will get more popular, you’re relying on good fortune to carry your investment.

The crypto market as a whole is risky, but there are plenty of higher-quality investment opportunities out there. If you like Solana, it makes a lot more sense to simply invest in that than Samoyedcoin. Other smart contract blockchains, such as Ethereum and Cardano , are also popular choices. Last but not least, there’s always Bitcoin and cryptocurrency stocks.

How to buy Samoyedcoin

You won’t find Samoyedcoin on all the most well-known crypto exchanges, but there are some large platforms that have it available. Here are a few places where you can buy Samoyedcoin:

  • Kraken
  • Gate.io
  • OKX (not available to U.S. investors)

Another option is to trade for Samoyedcoin on a decentralized exchange. You’ll need your own blockchain wallet to do this since these exchanges don’t let you buy crypto using fiat money. The benefit of using them is that several have lending and liquidity pools where you can stake your SAMO tokens and earn interest.

Like other dog-themed cryptos, Samoyedcoin doesn’t have much to offer outside of a cute mascot. While that was enough to generate some big returns last year, it isn’t a good idea to expect a repeat performance.

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