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Ethereum whale's uniswap token briefly hit $100K .
But there’s a catch Boa, a new Uniswap token created by the well-known pseudonymous Ether whale Bill Drummond, briefly hit $100,000.
On Aug. 25, the creator of the well-known Uniswap tokens Antiample (XAMP) and Tokens of Babel (TOB) launched Boa. The Ether whale’s projects have seen growing interest within the niche Uniswap market.
A common theme among the projects of the pseudonymous developer Bill Drummond is unique supply systems. Through unorthodox mechanisms, like rebasing, the supply of XAMP and TOB decreases through coin burns over time.
TOB, as an example, is a token that uses rebases to decrease its supply but ensures the holder has a certain percentage of the total supply. Bill explains: “Rebases of TOB affect the number of tokens in your wallet, but not your overall share in the total supply.
If you own 0.5% of the total supply, you will always own 0.5% of the total supply, regardless of the number of tokens in your wallet.” Why did Boa briefly hit $100,000? Similar to Bill’s other projects, Boa also has a special supply system that makes it a deflationary token.
Atop the coin burns, Boa also applies a 1% tax on sellers, not buyers, which disincentivizes sellers. On paper, Boa hit $100,000, but its circulating supply was below 50, and the supply goes down even further as time passes.
Hence, even at a price point of $100,000, the actual market cap of the token would remain below $5 million. Currently, according to Uniswap, the price of Boa is trading just below $51,000. That places the market capitalization of the token at around $2.5 million.