The Price of This Meme Coin Is Up 750% This Week! What Causes the Rise?

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No matter how much time passes, it seems like meme cryptocurrencies continue to dominate the crypto market and generate a lot of hype. If a project has a strong community behind it, the sky is the limit. A community-focused meme cryptocurrency that is currently trending on CoinMarketCap and has increased in value by over 749% in the past seven days. To Bobatama (BOBA) that’s exactly what happened. As KoinFinans, we took a close look at Bobatama (BOBA) and tried to discover why the price was rising.

What is Bobatama (BOBA)?

Launched in March 2022, Bobatama is a relatively new meme-based cryptocurrency inspired by the Star Wars character Boba Fett. Bobatama is an Ethereum-based smart contract protocol that includes a native token and liquidity enhancement protocol for reflection distribution. Bobatama’s native service token, BOBA, is an ERC-20 token located on the Ethereum blockchain.

A native reflection mechanism means users are encouraged to hold the token by receiving rewards in the platform’s native token, BOBA.

One of the primary services behind Bobatama is Bobamask, the first Ethereum Virtual Machine compatible multi-chain wallet with a unique Force Ghost technology currently in development.

The Bobamask wallet is inspired by the popular MetaMask wallet, one of the most popular Web3 wallets among crypto users. Bobamask’s Force Ghost technology will also enable anonymous blockchain transactions.

What is Bobamask?

One of the biggest features of bobamask The team providing information about the platform, crypto investors of the platform; claimed to aim to provide privacy that is currently lacking in the market. The platform will use Force Ghost technology, a privacy-enhancing smart contract technology, to allow anonymous transactions. According to its whitepaper, Force Ghost will serve as a way to invest privately without leaving a ghostly trail.

Bobamask is a multi-chain wallet that combines non-fungible token storage with the ability for investors to track all cross-chain investments on a single platform. Bobamask will be developed on the Ethereum Virtual Machine, a software platform for developing decentralized applications on the Ethereum network.

Bobamask will be both Mobile and Web3 compatible with the mission to be the primary wallet for one-stop shopping for all cross-chain investment needs. Also, Bobamask will integrate NFTs into their wallets, similar to what MetaMask is currently doing.

Why is the BOBA Price Rising?

The Bobatama (BOBA) token is trading at $0.00002849 at the time of writing, up over 14% in the last 24 hours and over 746% in the past 7 days. With a market capitalization of $28.5 million, BOBA token has a maximum total supply of 1 trillion.

  • The primary reason for Bobatama’s recent price increase is that it is in the trending section of CoinMarketCap, which has made the project gain attention from investors.
  • In addition, the team started to see significant purchases for the meme coin, with a whale purchasing 38 ETH ($98k) worth of tokens in a single transaction, which increased interest in the project.
  • Also, Bobatama has a growing community that is the primary driver of the token’s bullish momentum. Besides that, various YouTube publishers have also featured crypto on their platforms, which may have increased its popularity among crypto enthusiasts. However, this does not mean that the coin is reliable and does not require evaluation.
  • Finally, a community-led platform that builds an ecosystem for the next generation of investors while making crypto safe and simple for everyone. Shibnobi (SHINJA)announced that it has listed Bobatama (BOBA) on Shibnobi Dojoswap, a unique multi-chain exchange platform aimed at changing the traditional decentralized financial industry.

Conclusion

With a growing community and a great vision, Bobatama is one of the must-watch meme cryptocurrencies in March 2022. Additionally, the significant price increases over the past seven days means this project has excellent long-term potential if the team delivers on their promises regarding the Bobamask wallet and Ghost Force technology.

Looking at the distribution of holders for BOBA, we can see that the top holder is an address that contains more than 39 percent of the total supply. This is a pretty significant sign, but the outlook for BOBA in general is bullish, unless the address decides to dump the token anytime soon.

However, it should be noted that the price of BOBA has been heavily influenced by the relatively sluggish movements of Bitcoin and Ethereum lately.

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.


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