Samoyedcoin (SAMO): What is it?
Samoyedcoin is a meme token that modifies the traditional “dog coin” formula in a few key ways. It employs the Samoyed, one of the 14 historic dog breeds most comparable to wolves, as its mascot, unlike most companies who use the Shiba Inu breed.
On the Solana blockchain, it’s also the first meme token to be released. Its primary objective is to represent Solana and act as a gateway for new users to the network.
Although Samoyedcoin is still far behind the two most popular meme coins, Dogecoin and Shiba Inu, it did have some progress in 2021. Prospective investors should consider whether it will be able to penetrate the market’s peak.
Why is Samoyedcoin different?
The fact that Samoyedcoin is issued on Solana, one of the most powerful smart contract blockchains, sets it apart from other meme tokens. Its technique of confirming transactions is distinctive because it mixes proof of stake with another approach, called proof of history.
This indicates that among meme tokens, Samoyedcoin has among of the most effective transactions. The “whitepaper” for Samoyedcoin provides the following breakdown:
- Cost of transaction: $0.0063 ( when the article was wrote)
- Speed of transaction: 0.8 seconds
- 1,837 Joules of energy are used for each transaction, or roughly one Google search.
Compared to Dogecoin and Shiba Inu, it is substantially faster, cheaper, and more energy-efficient. Dogecoin transactions typically cost between $0.10 and $0.30 and last for 60 seconds. Transaction fees for Shiba Inu generally range from $5 to $30 or more due to the fact that the platform is based on the Ethereum blockchain, which is sometimes overloaded.
A collection of non-fungible tokens called Samoyedcoin exists in addition to a cryptocurrency (NFTs). The idea is to give SAMO crypto and NFT holders exclusive privileges as Samoyedcoin develops.
Samoyedcoin: Is it a wise investment?
Samoyedcoin is a cryptocurrency that you should stay away from. The use of meme tokens is typically more akin to gambling than investing.
The issue with Samoyedcoin is that, like the majority of its rivals, it lacks any unique selling features or use cases. Its construction on Solana is the only significant distinction. That may be sufficient for it to take off, but when you purchase a meme token in the hopes that it will gain greater popularity, you are depending on luck to protect your investment.
The cryptocurrency market is dangerous as a whole, but there are many options for better-quality investments. It makes far more sense to simply invest in Solana rather than Samoyedcoin if you like it. Ethereum and Cardano are two additional smart contract blockchains that are popular options. Not least among other options are Bitcoin and cryptocurrency stocks.