Crypto markets continue to trade sideways as Bitcoin and Ethereum manage to hold support. Metaverse cryptocurrencies continue to challenge the market, with many showing significant price gains. In this article, we, as KoinFinans, examined the Bored Floki Yacht Club (BFYC), which has experienced an incredible increase by leaving the market behind, and tried to find out why its price has increased so much.
What is Bored Floki Yacht Club (BFYC)?
Launched on February 1, 2022, Bored Floki Yacht Club is a Metaverse cryptocurrency that provides holders with exclusive club membership, NFTs, play-to-win games and amazing artwork.
BFYC has a collection of 7,777 NFTs located on the Ethereum blockchain. Each unique Floki is not only visually pleasing, but also allows its owners to enter the ultra-exclusive Bored Floki Yacht Club in The Sandbox Metaverse.
Floki NFT holders are granted access to the project’s play-to-win game, where users can earn BFYC tokens simply by playing the game.
It’s worth noting that NFTs are not yet available, but users can join the official Bored Floki Yach Club telegram to join the project. to your whitelist* they can apply.
According to the team’s roadmap, the NFTs will be printed in Phase 2 of the project, which is scheduled to take place between February and March 2022.
Why Is BFYC Price Rising?
At the time of writing, the price of Bored Floki Yacht Club (BFYC) is trading at $0.00009215, up 926 percent from the last 24 hours.
According to CoinMarketCap, the 1,000 percent price surge in the cryptocurrency yesterday is due to over $2.4 million in trading volume from a relatively unknown exchange called IndoEx.
Due to the huge volume on the exchange, the price of BFYC skyrocketed to $100; This is quite alarming given that the actual cost of the currency on PancakeSwap, a reputable decentralized exchange, during the same period was $0.000007978.
It is unclear why so much volume is coming from IndoEx, it could be due to a trading error by a trader, but this is also highly unlikely. Analysts urge investors to be wary of this situation and recommend using PancakeSwap if you want to buy BFYC.
It’s also worth noting that as a red flag, there have been some reports of users being unable to sell their BFYC coins on PancakeSwap.
Should BFYC be bought?
Overall, the idea behind the Bored Floki Yacht Club is pretty solid and their NFT looks great. However, questionable volume from IndoEx and low trading volume from PancakeSwap can be seen as red flags that there may be some issues.
When it comes to contract holders, PancakeSwap (21 percent) appears to be the strongest among shareholders. PancakeSwap is followed by another contract address with 7 percent of the circulating supply. We found no red flags regarding the distribution of the token among holders, which is good news.
It would be wise to wait for BFYC to print their NFT before making any moves. If this process goes well, we can take a second look at the markets and reassess the coin’s condition. If trading volume on PancakeSwap increases and the team decides to lock the tokens into a liquidity pool like PinkSale, this project will feel like a much safer investment.
*Whitelist: A whitelist is similar to any VIP list or guest list for an event. If you are on this list, you may gain some advantages. These can sometimes mean you can buy early access, sometimes NFT at a lower price.
Being whitelisted means you have completed the pre-confirmation process/steps of your ETH address to print an NFT at a predefined date and time, as defined by the NFT project team.
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.