Personal opinions on cryptocurrency vary, but no one can deny that it is here to stay. Cited as the modern ‘goldrush,’ many investors are becoming literal millionaires overnight with shrewd investments in what is still a relatively young asset field. Decentralised Finance tokens (or DeFi for short) are the popular new kid on the block, which whilst technically not cryptocurrency, bear many of the same hallmarks. People now flock in droves to invest in a variety of these new tokens, with the hopes of yielding exceptional returns, whilst supporting projects they are passionate about.
Unfortunately, DeFi is not all dollar bills and rainbows. As one investor I spoke with recently claimed, “making money in DeFi is like running through a minefield with a bag of cash. You might make it out the other side, but you’re just as likely to get blown up.” Indeed, it is estimated that roughly 73% of all new DeFi start-up projects are some form of scam. That means if you invest in four, you are statistically going to lose your money on three, unless luck is on your side.
In the immortal words of the South Park bank teller, “Aaaanndd…it’s gone.”
The trick then is to identify genuine projects among the sea of pop-ups that are only designed to part you from your money. One good indicator for legitimacy appears to be tokens that are associated with more established cultural cornerstones, as they tend to have more passionate and dedicated team members behind them.
Take SaitamaX for example.
Based on the Ethereum network (which in itself is known to be a home for far more legitimate projects than the BSC), SaitamaX hopes to bridge the gap between cryptocurrency and anime, namely the immensely popular Japanese manga series, ‘One Punch Man,’ which features the protagonist Saitama (hence the project name), who becomes increasingly dejected at his lack of worthy competition due to his immense strength. It is no mistake that the team chose such an iconic namesake, as they aim to stand out in what has become a sea of inferior projects that only seek to rob investors of their hard earned money.
“We have all been scammed multiple times,” says Lima, marketing lead for the project. “It’s disheartening and sometimes it makes you want to give up on cryptocurrency completely. But there are good new projects out there if you look hard enough, run by genuine people who just want to make a difference in this space. We have all been involved in great projects separately, and we wanted to band together to create one together that could smash its way right to the top and stand next to other huge projects. That’s why we are here, and why we aren’t going to give up until we make that a reality.” A powerful team it is too, consisting of dozens of passionate team members working on the project who hail from all over the planet, and consist of game and solidity developers, designers, marketing experts and crypto veterans with strong connections in the field.
One Punch Man is certainly a figurehead that many people can identify with and appreciate, but how exactly are the team aiming to ensure that they can punch their way through the various barriers that all new DeFi projects face in order to reach the fabled status of, ‘successful?’ Firstly the token supply is fixed, meaning no turbulent rebase or similar elastic supply. It also has a major buyback protocol (that is funded by 3% of its total 12% transaction fee), designed to negate large investor chart manipulation, (known as ‘whale-play’). The contract has also been renounced, which is a huge deal for many seeking investment, as it means that no one can manipulate the code and illegally drain money from the project (known as ‘rugging). It has been fully audited by Techrate, a major brand in the industry, has been listed on two major coin platforms — Coin Market Cap and Coin Gecko– and has also just been added the highly popular Hotbit exchange. All of these elements add up to total a project that has more than earned its status of legitimate.
Indeed, it has already proven highly popular with investors, storming out of the gate upon release less than three days ago and hitting an All-Time-High peak of $9 Million Market Cap. The future for the project certainly looks bright, too with a huge number of upcoming plans in the pipeline, including NFTs produced by celebrated artists, high-quality merchandise, and major exchange placements already being discussed. Marketing is high on the agenda too, with the team securing major partnerships with big influencers and talents on various social media platforms. “We have a lot more work ahead of us,” says Feijo with a knowing smile, “and we won’t rest until we are the top anime coin in the Ethereum space.”
SaitamaX might be a meme coin — but with an incredible team, solid plans for the future, and a strong Ethereum contract — it could well be an absolute knockout.
If you want to find out more about SaitamaX head to their website at www.Saitamax.io or join their telegram at https://t.me/saitamax_eth
This article was written by the Wordsmith. Please note that the Wordsmith is not a financial advisor and nothing written above should be taken as financial advice.
