The Case of Pig Token Finance and Why It’s Causing Ripples in the Crypto Space
The growth of the cryptocurrency and blockchain industry can only be described as phenomenal. But while it was somehow predictable that cryptocurrencies would bring a lot of disruptions, especially after Bitcoin took off at the core global financial crisis, no one anticipated cryptocurrencies with crazy names and ideas could cause much disruption as they do today.
It all started with DOGE Coin, the meme coin that has been in the news for some time, and now we have Pig Token Finance. What’s with the weird name? Well before delvinginto the origin of the name PIG token, let’s understand what it is, including its algorithm.
What is Pig Token (PIG)?
PIG is a Rug-free, Gas-free yield farming token on Binance Smart Chain (BSC). The token boasts many impressive features, including being the first token with a Black Hole design, hence exponentially cuts the total supply in circulation by huge amounts. Additionally, the token has been developed with an innovative Auto-liquidity feature, which has helped it grow its liquidity rapidly since its launch. Launched on April 22, 2021, PIG has a massive decentralization on a scale we have never experienced with any token recently. These powerful features have made PIG a powerhouse in the crypto space, less than a month since its launch.
PIG Token Algorithm
The creators of PIG allocated 50% of the supply to Black Hole at launch. The Black Hole counts as one of the wallet holders that 2% of transactions are distributed to, which has led to the token’s exponential growth of the Black Hole and the token supply burn.
Liquidity is also locked in PancakeSwap as the ownership of the contract got transferred to the burn address. To ensure a fair launch, the creators seeded 100% of the PIG supply as liquidity, which means no team members got any allocation, neither did presale took place. Additionally, 2% of all PIG transactions have been distributed to holders.
PIG token has taken the format of its counterparts such as SHIB and AKITA as far community ownership is concerned. PIG is a community-led token and is managed by volunteers. It’s even more decentralized because the entire ownership was burned and the launch was completely seeded as liquidity. Moreover, PIG has a continuously rising price flow with 3% of every transaction being locked as liquidity in the PancakeSwap PIG/BNB pool. The approach is creating an ever-increasing price floor, which is a good thing for the token holders. Lastly, the token has whale shock safety, which means no wallet holds more than 1% of the token supply and no transaction can involve more than 5 trillion tokens. This is meant to eliminate the possibility of rugs pulling a surprise on other investors.
The Origin of the Name PIG Token
When you recall the origin of the name DOGE or SHIBA, then you can always predict that the same approach was taken by the PIG creators. It’s said that the PIG token got its name from the Flying Pig Theory. The theory was coined by Xiaomi founder Lei Jun’s famous phrase, “In a strong wind, even pigs can fly.” Lei was supposedly reminding entrepreneurs that sometimes all it requires to grow wealth is to follow the prevailing trend. Therefore, when the wind is blowing, even weak entrepreneurs can achieve great things. I can’t tell exactly if this theory works in other sectors, but in the crypto world, it has been unexpectedly accurate. With the wind of DOGE coin blocking, PIG token took off too, and will probably make new crypto millionaires soon rather than later.
The Extraordinary Bull Run
Before May 8, 2021, many had not known about the existence of the PIG token, not even the veterans in the crypto space. The token silently ran on the public chain before then and would have probably gone unnoticed, until it joined DOGE as the legends of the crypto craze. Between May 8, 2021, and May 11, 2021, the price had risen by over 11,527%, becoming the most daily traded coin on BSC’s PancakeSwap. This was 18.64% of the total traded volume on BSC’s largest decentralized exchange (DEX).
Where Does the PIG Token Draw its Bullish Run From?
Irrespective of the future trend, no one can dispute the fact that PIG’s growth has been one of the most profound ones we have witnessed in recent times. Some have speculated that all the DOGE investors have trooped into PIG, as an alternative to the meme coin that drew its latest bullish run from Billionaire Tesla CEO Elon Musk’s ‘endorsement’.
However, the more logical explanation could be that as the United States and the world are looking to recover from the pandemic, most holders of fiat currencies are looking for more aggressive ways to increase their income by speculating on unconventional industries like cryptocurrency. The United States, in particular, has adopted aggressive fiscal policy by pumping more money into the economy through rescue plans such as bailouts. The global economy is also trying to recover from the pandemic, even as the development of the real economy remains stagnant, with capital markets still doing badly. In other words, many investors are choosing to invest in the digital currency market because of the coronavirus pandemic.
The trend shows that it’s not only PIG that is taking off. Other tokens such as LION, SHIB, and AKITA have all experienced exponential growth this year. Some analysts believe that the high price of mainstream cryptocurrencies such as BTC and ETH have contributed to the rise of PIG and other upcoming cryptocurrencies, which are way cheaper for crypto enthusiasts.
PIG has been listed on many exchanges since its launch. On the second day of its launch, PIG became the coin with the highest growth rate on major exchanges, yielding nearly 5000% on a single day. Within a week, PIG had achieved exceptional growth that has hardly been witnessed in the crypto space recently. PIG token will soon be listed in the WSUM DeFi, and users of the platform will be able to swap it against WSUM.