The following is not financial advice.
Welcome to back The Scoop!
This is the next post at a place where we share analysis and opinions for interesting coins, tokens and pure gems in the vast landscape of the blockchain world. There's so many coins out there, but not a lot of free information (looking at you, paid groups) and analysis on them. The Scoop aims to change that by sharing and improving the data available for a given coin.
What is DOT?
It's Crytopia's native currency used among other things, listing fees and likely more exchange perks in the future. It was swapped from it's native blockchain to the Ubiq chain recently which lots of people regarded as a solid move for DOT (and Ubiq).
Where's the wallet?
DOT tokens can be kept in your Ubiq wallet.
How many of them are they?
CMC is actually still listing the old chain's stats, but we can see there's says ~525m supply here:
Who's the team?
Cryptopia has been going through some growing pains since there's been an astounding number os new users and trading happening on the platform, see the letter from the founders here:
https://www.cryptopia.co.nz/News
So it certainly sounds like they are planning and executing on some major upgrades and likely to grow the team further.
Marketcap and Competitors?
Current marketcap is ~28m, which is very low in comparison to some others...
Binance ($BNB) -> ~2b
KuCoin ($KCS) -> ~1.7b
CryptoBridge ($BCO) -> ~171m
COSS ($COSS) -> ~100m
HEAT ($HEAT) -> ~53m
How is DOT different?
It's an exchange coin. If the exchange is successful, it will be too.
Pros
- successful exchange
- low marketcap
- undervalued in the minds of many
- growing team
- moved to better chain (Ubiq)
Cons
- lack of uses outside exchange (common to the coin's category)
- old and new competition
Where is it traded?
You know where!
https://www.cryptopia.co.nz/Exchange?market=DOT_BTC
The Final
Based on the FA, DOT looks like a medium risk with high reward potential if they continue to deliver and catch on. Picking it up under 300 sats would be bargain or around 5 - 7 cents would be an upper entry while still expecting solid, crypto-style gains.
And that's your scoop!
Awesome write up, glad to be in at 291sats and holding strong :)
Glad you enjoyed it! Good luck.
Thanks for the heads up, I watched the price of Binance exchange's BNB coin rocket over the last couple of months. If $DOT enjoys even a fraction of $BNB's success it could be a ten bagger.
That would be something... :)