Risky assets are feeling the heat of multiple blows, including the Fed’s aggressive stance toward interest rate hikes and the ongoing war in Eastern Europe’s Ukraine that has disrupted the global supply chain.
Oil prices and stocks have remained subdued over the past some days, and cryptoassets have manifested the same downward trend. As of writing, the cumulative market cap of cryptoassets was nearly US$1.81 trillion as compared with close to US$1.97 trillion on April 21, 2022.
While some analysts are trying to find out why crypto is down, at least a few assets were trading in green at the time of writing.
One of these is Zoro Inu. Let’s know more about this crypto project.
What is the Zoro Inu cryptocurrency project?
According to the detailed whitepaper of the project, Zoro Inu claims to be a deflationary token. This means that the supply of the token will be lowered with time. Deflationary tokens claim they prevent the market from over-abundance of assets by reducing supply using the ‘burning’ method.
Zoro Inu states the supply will be reduced by half using the burn mechanism. It also mentions that ‘anti-whale’ contracts would be deployed for added security of all users.
Zoro Inu falls under the meme token categorization of cryptoassets, where Dogecoin and Shiba Inu are two leading participants. Their market cap as of writing was nearly US$17 billion and US$12.8 billion respectively.
Zoro Inu’s whitepaper mentions that early claimants of the token would be rewarded. This would be a result of ‘taxing’ later traders of the token and paying out fee to earlier holders. Of the number of stages mentioned on the official website, the project has only reached the first stage. The fourth and final stage mentions the creation of non-fungible tokens (NFTs) and a marketplace.
Also read: Top 3 NFTs by market cap other than BAYC and CryptoPunks
Data provided by CoinMarketCap.com
What is Zoro Inu token?
The token was listed on CoinMarketCap in March 2022, and it has largely traded in green since then. As of writing, the trading volume and price had both gained over the past 24 hours, as against assets like BTC and DOGE, which had lost value.
The price of Zoro Inu was nearly US$0.000000017, and the market cap was yet to be ascertained. Shiba Inu also has a low price per token, and that of Dogecoin is also under US$1. Zoro Inu price prediction cannot be made as it is a very new token, and any real utility has yet to be demonstrated.
Also read: How is Cronos (CRO) token linked to Crypto.com exchange?
Bottom line
Zoro Inu token is one of the new cryptocurrencies of 2022. Since its listing on CoinMarketCap in March, the token has mostly traded in the green, but enthusiasts must perform due diligence. Extreme caution can be the best road ahead because the project’s ‘deflationary’ and other attributes have yet to be tested.
Also read: 3 popular NFTs to look at as Coinbase launches social NFT marketplace
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