Why I'm Hodling POODL
Ever since Dogecoin burst in popularity this year there has been a surge of similarly themed cryptocurrency projects. HOGE is probably the most well known of these, but there is another one that is quietly gaining traction. A resurrection of a previously defunct cryptocurrency project, POODL looks like another attempt at a meme coin on the surface. But when you dig a bit deeper, you see some interesting tokenomics at work and a small but very dedicated community surrounding it.
With the project being as young as it is, only about a month old, it’s hard to really get a good grasp on the pricing. Current pricing is 0.00000008, which is an 80% drop from its peak. However, there are a lot of things happening that make me believe it will rise again and enjoy some long term success.
Project Growth
POODL is currently an ERC-20 token, which meant that it was initially only really available on Uniswap. But the token also recently found a home on Whitebit, the first exchange listing. Coinsbit is another exchange that recently listed POODL and is set to offer a staking pool for it in the future.
The major announcement is about POODL 2.0. This will mark the launch of POODL on the Binance Smart Chain. The ERC-20 contract is still owned by the original creator, which limits what the dev team can do. This and the cost of using the Ethereum network are both motivators for this move.
Anyone who holds POODL currently will have a 1:1 airdrop into their BSC wallet. They’ve done audits previously, but are also beginning the process of auditing the POODL 2.0 contract. The choice to do this pre-launch helps people feel confident in the team and builds trust.
The next big change is the team will be filing to become a corporate entity, POODL Token Collective. Building and protecting the project’s reputation is the goal here. Keeping with the spirit of cryptocurrency, it will function as a voting system to prevent one person from overseeing everything. The current team will continue to function as they have been, so nothing with the development process with change.
The Tokenomics
First is the basic tokenomics of it. POODL has a max supply of 100 trillion tokens. It is deflationary in nature through burning tokens when transactions are made.
POODL incentivizes holders to do what they do best and hodl. Every transaction on the network has a ‘tax’ of 2% which breaks down to 1% being burned and 1% being distributed to all holders. As a result, anyone’s wallet will continue to grow without any additional work from the user. This is how the ERC-20 token currently works but some changes are coming when it switches to BSC.
Once the switch to BSC happens the tokenomics remain similar but there is another 1% tax added to transactions. This tax will allow 1% to go back into liquidity. A little more info can be found in their post here. But the reason citied for the additional tax is to discourage large dumps or swing trading.
Final Thoughts
I think the project has a lot of promise and here are some reasons why:
The team is heavily involved in the community through Reddit and Telegram.
The switch to BSC will allow for smaller investors to come aboard without having to worry about Ethereum fees.
So far they have kept their promises in regards to the road map. This helps me feel confident in their ability to continue growing the project.
Tokenomics reward those who hold tokens, while still allowing it to remain viable as a currency.
The future of this token is bright and I’m excited to see where it goes from here.
