Altcoin investors are demonstrating that they still are not losing steam on the pupcoin front. The army of dog-themed cryptocurrencies has a new formidable ally in the shape of Saitama Inu (CCC:SAITAMA-USD). Indeed, the token is one of the fastest growing cryptos in recent weeks. And, it continues to prove the lucrative nature of this odd class of assets.
So what is Saitama Inu, and where did it come from? Well, like most other pupcoins, it spawned months ago and slowly built up steam in early fall, before coming into the fold for its massive gains recently. Here’s everything you need to know about it.
Saitama Inu Elbows Its Way Through a Packed Crowd of Pupcoins
- Saitama Inu launched on May 31 of this year. Of course, alongside plays like Kishu Inu (CCC:KISHU-USD), Alaska Inu (CCC:ALASKA-USD) and Dogelon Mars (CCC:ELON-USD), it spawned as a result of Dogecoin’s (CCC:DOGE-USD) big gains.
- The SAITAMA token is an Ethereum (CCC:ETH-USD) token, meaning transactions of it are recorded to the Ethereum blockchain ledger.
- According to the Saitama website, the goal of the project is to “make financial well-being accessible to all.” It plans to do this both through its token’s gains and by educating the next generation of investors on digital currency.
- In terms of operation, Saitama is identical to most of the rest of its pupcoin peers. It is a deflationary token, meaning it has a capped total supply, and it lowers that supply systematically through token burns.
- SAITAMA has a total supply of 100 quadrillion. Indeed, that jaw-dropping number is over 100 times greater than the total supply of the ever-popular Shiba Inu (CCC:SHIB-USD), which itself has been long criticized for its large supply.
- The network takes a 4% fee on every transaction. Half of this goes to a burn address to permanently remove those tokens from circulation. Additionally, the other half is redistributed across the wallets of all SAITAMA holders.
- The project sets itself apart largely through its ventures outside of crypto. According to the project’s white paper, developers of Saitama are pursuing an entertainment division of the network called Saitama Studios. Through this, developers are helping independent video game studios with game creation.
- The network is grabbing a lot of attention for its massive gains. Indeed, it is up over 1,300% since the beginning of October.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
