POPULAR dog meme cryptocurrencies have enjoyed gains in the past month – but you may not have heard of Saitama Inu.
In the past 24 hours, Saitama has plunged more than 30% to $0.00000009837 according to CoinMaketCap.
The cryptocurrency has been on quite the rally lately – exploding by as much as 1,000% from the start of October.
But most importantly, make sure you keep in mind some risks when it comes to Saitama.
For one, it was only launched this year. Newer cryptocurrencies are riskier than those that have been around for longer, such as Bitcoin, and could make you more vulnerable to scams.
Also, you could lose a lot of money quickly if you’re not careful. This is because cryptocurrency prices can go down as well as up very quickly.
And know that the crypto space can be filled with complexity, so you need to understand what you’re investing in.
What is Saitama Inu?
Saitama Inu has been said to have gotten its name after a “ghost dog” roamed amongst the Saitama Prefecture in Japan.
The logo of Saitama Inu appears to feature a wolf surrounding a human face.
“Tokens like Shiba Inu, Dogecoin and newest gainer Saitama are all a part of the evolution of digital finance in their own unique way,” Chris Kline, chief operating officer and co-founder of Bitcoin IRA, told The Sun.
Like Shiba, Saitama operates as an ERC-20 token – meaning it runs on Ethereum’s blockchain.
There’s no known founder of Saitama and many other coin founders are anonymous.
Saitama describes itself as a “community owned startup business that is run by our pool of holders.”
In total, Saitama claims to have a team of 40.
Currently, Saitama claims it is in “Stage 3,” and says it has 80,000 holders and is “gearing” up to list on major exchanges.
Stage 4 and Stage 5 for Saitama are next which includes a marketplace, decentralized finance (DeFi) wallet, and listing on more exchanges.
There have been rumors in the media about Saitama getting listed on Coinbase soon.
“Those familiar with the Uniswap platform can gain access prior to any Coinbase listing of Saitama,” said Mr Kline.
The recent plunge came after it was announced that plans to launch its SaitaMask crypto wallet were delayed, Benzinga reports.
Saitama Inu price predictions
Given the recent favorable trends, some are wondering where the price of Saitama will wind up by the end of the year.
And this could depend on who you ask.
Some say that Saitama is yet another example of a “pump and dump” scheme.
Pumping and dumping is a scheme that aims to drive up the price of a security, while spreading false or misleading information.
“At some point the hysteria will settle down and those who got in early
will start taking profits,” Adam Smith of The Crypto Adviser said.
Adam Garcia, founder of investment information website The Stock Dork, noted that “every frenzy is sure to be followed by a nose-dive”.
This is similar in a sense to what we’ve seen with Dogecoin and Shiba earlier this year and other meme coins and stocks.
Mr Garcia added: “The frenzy is almost certain to last for another month or five.”
“But the point is: like with any other coin, you should only invest the amount you’re ready to lose.”
Digitalcoin sees the price reaching $0.0000001537 in 2021 and then climbing to $0.0000001764 next year.
In 30 days, Coin arbitrage bot sees the price surging by 70% to $0.00000017.
However, the cryptocurrency website forecasts Saitama will stay flat by the end of 2022.
But as with any investment, returns are never guaranteed and you should only ever put in money that you can afford to lose.
A recent new crypto coin launch based on the hit Netflix show Squid Game turned out to be a scam.
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