DeFying Gravity: Ghostface Token — To Buy Or To Get Scared Of?
In our new “DeFying Gravity” series we decided to dig into the world of new and sometimes weird tokens, many of which are appearing in a cryptospace as mushrooms after the rain. Will guide you throughout the most interesting of them. And now it’s the turn of the $GhostFace token causing numerous questions of why but definitely not if it exists.
What is Ghostface?
It’s a brand new deflationary BEP-20 token built on Binance Smart Chain. It was established on the 22 nd of May and aims to let the holders accumulate BNB. And that’s the idea that differs it from the large variety of recently appeared tokens. This model was not yet implemented by any other project — the holders of the token are earning Binance Coin by doing nothing as a part of every transaction fee goes back to the holders’ wallets in the form of BNB.
According to the project’s Whitepaper, this approach is supposed to make Ghostface coin more than just a meme token. The team is aiming for it to become one of a few meme tokens with real value and utility.
Ghostface crypto is completely decentralized and community-driven with all the decisions made by the community poll. Developers can’t really influence it as they have no team tokens and had to participate in the presale in a line with other investors.
The total supply of the tokens is one quadrillion, from which 514 trillion became available for the presale. 306 trillion coins are allocated on Pancakeswap, and 14 more trillion is locked in the Liquidity pool for 5 years. The soft cap contains 1250 BNB and Hard Cap — 2500 BNB.
Every time someone buys or sells $GHOSTFACE 9% commission is withheld — 4% goes to the automatically generated liquidity on the Pancakeswap, 1% is redistributed to the holders in Ghostface and 4% goes to the holders’ wallets as BNB. So the more traded the token is, the more earnings for each Ghostface investor.
The amount of BNB that can be collected by the holder depends on how many $Ghostface tokens they have, so having 1% of the Ghostface supply allows them to accumulate 1% of the BNB reward pool. Whenever a user reaches 1 BNB 20% of $BNB will be automatically used to buy Ghostface tokens on Pancakeswap to immediately burn them, thus the supply of the coin will shorten and Ghostface token price will increase.
At the moment of publishing, according to the Ghostface poocoin chart the token was traded for $0.0000000464912 with the market cap (including locked and excluding burned) overreaching $45 million in a little bit more than a week after the launch.
The token was audited by Block on the 22 nd of May and a full audit report is available on the official website proving that the project doesn’t have any security issues in the first place. The transparency definitely gives the project more credit from the community and potential holders, in fact, Ghostface Reddit brunch shortly got many encouraging replies and the number of holders reached 15k in just 18 hours.
The team went even further on supporting the project and arranged a car giveaway in its Telegram chat, where developers are keeping things hot by answering the question invoice.
Where will the Ghostface fly?
Ghostface road map has a lot going on, though without specifying the exact dates for each of the stops. The Q2 of 2021 is considered to be almost complete with weekly AMA, contract deployment, and presale on DXsale completion. Right now the team works on partnering with the listing websites such as CoinMarketCap and CoinGecko. Considering the speed of development the project was showing so far, we can expect it to get Q2 done in the near future.
Though, the biggest plans are ahead. The most interesting stops on this way:
- GhostSnipe — an integrated online platform that will warn users about potential rug-pulls and bot-ridden presales;
- NFT competitions with other meme tokens;
- Creation of the limited Ghostface NFTs supply;
- GhostShop for selling Ghostface merchandises together with other users merchandises;
- NFT platform for minting customized NFTs;
- Speedbuy website extension for the users to buy Ghostface directly from the website without switching to PancakeSwap, no Ghostface address will be needed — the platform will set the setting to buy automatically;
- GhostHunt platform — to find new upcoming crypto projects and tokens with related useful information.
The plans may seem too promising and thus suspicious; at the same time, it can also prove that the project team is getting ready for the long run. Which of the concerns is true we can only see with the time, though the latest Ghostface chart shows that this meme token has been taken quite seriously from the very beginning.
The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.
Originally published at https://coinjoy.io.