Looking at CoinMarketCap’s new arrivals list BoleToken (BOLE) We noted that a crypto currency named coin has gained 2400 percent yesterday and 1150 percent in the last 24 hours. After examining the token more closely, we discovered that it had reached a valuation of $451 million just 24 hours after it was released on CMC. We, as KoinFinans, analyzed what BoleToken is and why BOLE is showing such crazy bullish momentum.
What is BoleToken (BOLE)?
Launched on February 7, 2022, BoleToken is a community-driven service token that seeks to establish itself as a recognized digital asset used in the hospitality industry.
Bole token holders are entitled to receive rewards, incentives and promotions in exchange for taking certain actions. The native token of the platform is called BOLE and can be used as a currency for payments made inside or outside the blockchain platform.
BOLE token is a BEP-20 digital asset based on Binance Smart Chain. According to the whitepaper, BOLE will be one of many cryptocurrencies accepted at BOLE restaurants, providing a fast and easy method of payment. Also, the BOLE token can represent loyalty points and holders can get discounts, free drinks, etc. will be rewarded with other benefits.
In addition, customers who provide feedback on their experience with the service they receive will receive BOLE tokens as a reward, which will ensure customer anonymity and encourage customers to provide feedback on their food and service.
The BOLE network currently includes 14 restaurants where users can spend their BOLE tokens and earn rewards. Overall, the BOLE token is a pretty good idea, and it’s a good sign that the team already has 14 restaurants in its network around the world.
Why is the BOLE Price Increasing?
BoleToken surged an incredible 2300 percent from its all-time low yesterday, reaching an all-time high of $0.002024. The cryptocurrency, which has lost some of its gains, is trading at $0.0009619, up 1144 percent at the time of writing.
BOLE BoleToken’s large network of restaurants and its recent listing on CoinMarketCap are important drivers for the current bullish momentum. However, the real reason why the BOLE token is showing such crazy price action may really surprise you.
Looking at the distribution of addresses holding BOLE, we discovered that the Distributor had access to 99.9712 percent of the token’s total supply.
The good news is that the address’s last activity was 22 days ago, which means the Distributor is not actively releasing tokens into the market. However, the fact that an address has access to most of the tokens is extremely worrying as it means the owner can easily crash the price in seconds.
Even though the number of tokens held by a single address is quite high, the 24-hour trading volume on BOLE is quite impressive, peaking at over $2 million.
Unless the Distributor/Deployer decides to dump coins on the market anytime soon, we can expect BOLE price to continue its bullish momentum. However, it might be a wise idea for investors to keep a close eye on the top address as it can easily affect the market.
Additionally, the current market cap of $506 million is relatively high for a service token that doesn’t include a dApp or any technical product, and needs attention.
If the platform’s team decides to burn some of their tokens, it will be a way to reassure traders and investors that this project has good long-term potential.
BoleToken (BOLE) can be purchased on PancakeSwap and VinDAX.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.