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Memecoins have become increasingly popular in the past year. Tokens like Shiba Inu (SHIB) have risen over 100,000,000% and have made many investors rich. Many are hoping to find the next coin to have exponential gains, regardless of the token’s utility. One of these tokens that recently gained traction is Saitama Inu. Many wonder if SAITAMA can continue to trend upwards. Specifically, many wonder if the token can beat the odds and reach $0.01.
What is Saitama Inu?
Saitama Inu is an ERC-20 token. This means it uses the Ethereum blockchain and uses smart contracts to power the token. ERC-20 is a standard that many memecoins use as it is fairly easy for developers to create new coins.
The coin claims to be a store of value and uses a unique burning system in order to retain this value. 2% of all transactions are burned, meaning they are permanently taken out of circulation. This limits the supply and allows each token to be worth more. 4% of all transactions are also redistributed to holders.
The project also hopes to deploy an “anti-whale” feature. This would prevent large holders from influencing the price by buying or selling large amounts of the token. However, this feature is not yet available and is largely unclear.
The project also hopes to add multiple DeFi features to support the value of the token. One of these features is the SaitaMask wallet. The developers hope the wallet will be a safer way to store SAITAMA, as well as making it easier to buy and sell the token. They are also hoping to create an NFT marketplace where users can buy and sell NFTs. However, both of these projects still have a long way to come and may not be released for some time, if ever.
Saitama Inu Market Capitalization
Saitama Inu currently has a market cap of just over $4 billion, with a supply of 44,611,512,201,223,700 tokens. It is currently trading at $0.00000009224 per token. It is up 637% in the last month and was up 1,600,000% at its all time high in late September.
Can Saitama Inu Hit $0.01?
Many SAITAMA holders are hoping for a price increase. One of the major price targets for the token is $0.01. However, a price this high is extremely unlikely. At the current supply, a price of $0.01 would make the market cap $446,115,122,012,237. This is approximately 165 times the size of the entire crypto market. A price this high would most likely crash the economy and cause irreparable damage.
Even though 2% of all transactions are burned, this is extremely miniscule when compared to the market cap. The average volume is around $50 million. 2% of this is burned, or approximately $1 million per day. Compared to the increasing market cap of over $4 billion, this is almost nothing. Burning tokens does help hold the value, but not nearly enough for the price to reach $0.01.
How to Buy Saitama Inu
Saitama Inu is a very new project, so it is not listed on any centralized exchanges. Because of this, you will need to obtain the token through a decentralized exchange (DEX) such as Uniswap.
The first step in purchasing SAITAMA is to open an account on a crypto brokerage. This typically requires an email and password and basic personal information. Some great options are eToro, Coinbase, Voyager and Gemini. On the centralized exchange, navigate to Ethereum (ETH) and purchase the desired amount. Then send it to a wallet that is linked to Uniswap.
Once you have ETH on a wallet linked to Uniswap, you can navigate to the ETH/SAITAMA pair and execute the trade. From there. Your SAITAMA will be stored in your wallet. You may need to set the slippage to 10-15% in order to cover the fees associated with the transaction.
If you are looking for more detailed instructions on how to purchase the token, consider taking a look at our guide on How to Buy SAITAMA Inu.
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Are Memecoins a Bubble?
Many opponents of memecoins say that they are bubbles and prices will eventually fall. They cite the lack of uses to back up the value. Many memecoins are simply poor stores of value with no other projects or uses. They say that this lack of projects cannot justify billion dollar market caps. They believe that the bubble will eventually burst and investors will be left with nothing.
Conversely, supporters of memecoins can form strong communities that can help raise the price. This was shown with Floki Inu (FLOKI), whose price rose drastically due to an active twitter community. These communities can have huge impacts on the prices of memecoins.
Some projects are also hoping to create projects to back up the value. Shiba Inu has a DEX called ShibaSwap and Saitama Inu is hoping to build an NFT marketplace. These projects may attract more users and investors.
What are Memecoins?
Memecoins are token projects based on internet memes or satire. Arguably, the first memecoin was Dogecoin (DOGE), which is based on a dog meme. The use of these popular images and memes can be used to attract investors and boost the price.
Some memecoins have risen dramatically in the past year, while others have lost all value. They are often extremely volatile and very risky investments. If you plan on investing in memecoins, make sure you are aware of the risks.
What’s a Realistic Price Target For Saitama Inu?
Saitama Inu hopes to set itself apart from other memecoins by creating projects to retain the value of the token, ranging from a wallet to an NFT marketplace. If these projects are deployed successfully, they may positively impact the price. The burning mechanism can also help raise the price as it increases the value of each token. However, these positive aspects of the coin are reliant upon the release of projects and volume. If 1 or both of these does not work in favor of the Saitama Inu, then the value may depreciate. Conversely, if there is high volume and the projects are successfully released, a price of $0.00000014, or around a 50% increase, may not be out of the question.
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