In the spirit of today’s theme of reviewing little-known tokens that are gradually turning heard in the meme token space. Fatoshi token is next on my list. The most interesting thing about this token is that it has been audited by Certik.
Although, the regular Certik Skynet monitoring has not been enabled. Like the Universal Pickel Token, many thoroughbred meme coin investors are seemingly aping into this project.
This very short review is to answer the questions why. Before we begin exploring the why. I’ll like to let you know that I am not a financial adviser. You are advised to do your research. With that out of the way. Let’s go!
Fatoshi token first made its appearance on Reddit sometime in August last year.
Again, many Reddit veterans hyped up the token. We find out that the whitelisting process started around that August. The token was launched a few weeks ago.
What is Fatoshi Token?
Fatoshi is a combination of different things in the crypto space. The token says it is a cross-chain NFT ecosystem, a play to earn, and a reward distribution token. Because I know, you may not understand what Cross-chain nft ecosystem means. I have decided to break that down for you.
Fatoshi cross-chain nft ecosystem. This feature will offer fatoshi investors or cryptocurrency investors an opportunity to seamlessly swap non-fungible tokens they currently have on other blockchain networks to binance smart chain.
The Fatoshi marketplace, which will function like Rarible and opensea is designed to disrupt the existing NFT system by integrating farming NFTs. Also, special perks and bitcoin rewards have been promised to Fatoshi NFT holders.
The most unique thing about Fatoshi token is the massive 10% reflection. Holders of the token are promised 10% reflection. For those who do not know. A reflection token rewards loyal holders of the token by giving a certain part of the tax to the holders.
The token supply is just $100,000,000,000. This supply is commendable. It doesn’t have the gazillion supply of some meme projects, which perpetually renders them useless in the grand scheme of things. When a transaction is initiated and executed, an automatic fee of 15% is in effect. This 15% is very high. The standard practice is 10% and below. However, this fee is split into different sources to help the project develop and most importantly gives back to investors in the project.
Here is a breakdown of how the 15% tax will benefit the investors and the project.
10% from the 15% tax is redistributed to holders of the token. We have already discussed this.
2% from the 15% tax is sent to the liquidity pool. This makes the token more liquid so that transactions can be carried out seamlessly in the Universal Pickle ecosystem. 3% is sent to the marketing wallet. This is supposed to enable the dev team to pay for advertising and promotion of the token. This is a reasonable marketing share.
I conducted a quick scan of fatoshi’s contract on token sniffer. And the result is is a moderate 65/100. The negative thing about this token is control the developer has on the token. There’s a possibility the owner can run a rug or change the terms of the contract. Other than those, the token is great. The liquidity is locked, it is building a strong and loyal community. The token appears to have a plan
The developers Behind Fatoshi Token
The developers behind this project are unknown. This to me is another negative side to Fatoshi token. Yeah, many tokens like this have undoxxed devs. However, doxxed devs give you that extra confidence and reduce the risk factor.
Fatoshi is a potential giant meme token. I do not think it is a scam. However, investing in this token comes with a significant level of risk. But, I’ll not be surprised if this token becomes one of the most successful tokens this year. Many investors are attesting to receiving bitcoin everyday as reward for holding. Lastly, investing in this token requires you trust the developers. If you decide to ape into this project, invest what you can afford to let go.
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