PooCoin is charting and portfolio management Decentralized App (DApp) on the Binance Smart Chain. Binance Smart Chain, developed by Binance cryptocurrency exchange, is a smart contract-enabled blockchain. It supports simple, efficient, and cost-effective digital asset creation. Founded in 2021, PooCoin serves to improve on the services of existing decentralized exchanges. As a charting service, it provides a variety of convenient tools to traders on Binance Smart Chain.
The PooCoin token (POOCOIN) is a Binance Smart Chain-based token characterized by an incredibly high transaction fee of 8% incurred on every transaction. 4% of this fee is redistributed to PooCoin holders, and the other 4% is burned forever.
This circular model is designed to incentivize investors to hold on to POOCOIN in expectation of extended gains from the redistributed transaction fees. The initial supply of POOCOIN is 10 million tokens. PooCoin users cannot trade more than 100,000 tokens on a single transaction to ensure price stability and deflationary status.
Binance Smart Chain described the PooCoin platform as an advanced charting and wallet management tool. Its main feature is a multi-charting service where users can track multiple digital assets simultaneously. The platform also allows users to customize the chart plotting tools. Below is an overview of some of PooCoin useful tools:
Trading Page - PooCoin's trading page enables users to swap between different cryptocurrency tokens listed on the DApp. PooCoin acts as an intermediary in this case. The PancakeSwap(V2) performs the actual swap.
Telegram Price Bot - Users can add this helpful bot to any group on Telegram, the popular messaging app. The bot provides charts, prices, and other vital data on Binance Smart Chain tokens at no fee. Members of the Telegram group can easily and quickly request price charts and other information.
Ape (New Token) Scanner - This feature is designed to make market data analysis on the Binance Smart Chain more efficient and straightforward for users. The scanner tracks new Binance Smart Chain token launches, providing investors quick access to investment opportunities in real-time.
Tracking Features - PooCoin users can click on a transaction and track a trader's wallet. They can customize the wallet token list to display the trader's wallet instead of theirs. Users can also track wallets by entering wallet addresses on an input field. This service also displays the trades of the tracked wallets plotted on the trading chart.
What is Poocoin Dusting?
Poocoin dusting is the process where an address undergoes a deanonymization attack by jointly attaching it to an asset’s address. Such an attack occurs after a user sends a small amount of a particular asset to several addresses. Users will likely see tokens not found in their trust wallets when this happens.
Dusting attacks are an attempt to get users to visit the attacking party’s websites leading to these small tokens or assets. They will also prompt them to link their wallet in order to cash out the funds, which gives the attacking party the chance to drain their victim’s legitimate tokens from their trust wallets.
Fortunately, Poocoin dusting and other dusting attacks do not make it possible for an attacking party to access a user’s funds immediately. This is as long as users don’t link their trust wallet to the attacking party’s said website. Users can find out of their trust wallet got involved with a dust attack by checking their addresses on a reliable block explorer.
With that said, users who experience Poocoin dusting and other dusting attacks can hide the tokens not included in their trust wallet using the toilet icon beside them. However, users might have to create a new wallet and transfer all the unaffected assets safely in other circumstances.
Poocoin All-Time High and All Time Low
The Poocoin token launched for trading on March 7, 2021. Since then, the Poocoin ATH (All-Time High) reached up to $38.02, which took place on December 23, 2021. On the other hand, Poocoin ATL (All Time Low) was $0.0000009951, which occurred on March 21, 2022.
Is Poocoin a DEX?
Yes, Poocoin is a DEX. The Poocoin DEX analytics website has the largest number of visits from all DeFi analytics sites. Poocoin DEX serves as a site that tracks various token contracts as long as they are a network supported by the site.
Tracking information found in the Poocoin DEX index consisted of concurring buy or sell information, market caps, wallet holdings, trading apps, charts, and the like. Poocoin also added more features to continuously improve its analytics.
Added features include their value trackers for tracking token transactions, multi-charts, and instantaneous trading. Aside from that, Poocoin has also developed its very own bot for the Telegram messaging platform, allowing users to keep a tab on prices concurrently while on a channel of the said app.
BingX's rating for Poocoin is: B-
Poocoin Network Exchange
Poocoin Network Exchange has become a decentralized exchange by providing a graphical price interface for users' wallets. Because of the adoption of growth hacking, it provides charting functions to user wallets and online groups, and it is also the DEFI trading platform with the most traffic at present. However, DEX is not the original intention of Poocoin Network Exchange, and after the dusting attack, users just browse the charts of BNB-related currencies in their wallets and online groups. Therefore, these traffic flows did not bring much real transactions to the PooCoin network. It is also the main reason why the Poocoin price is only $0.31.
Poocoin DEX is currently upgrading more functions, hoping that users can access and use the Poocoin decentralized exchange, not just view the chart in the user's wallet and scan the transaction information of the wallet address.
PooCoin airdrops and activities
At present, the rewards of PooCoin are mainly obtained by holding and then obtaining a share of the transaction fee. As such, there is no airdrop activity yet.
Is PooCoin worth buying?
There are many technical security problems in PooCoin, so the rating is B-, thus it is not recommended to buy it. However PooCoin provides a good direction that the current mainstream decentralized exchanges are not actually decentralized. There are still many functions done on the decentralized exchange's website. The practice of PooCoin Network Exchange actually depicts the prototype of the next generation of decentralized exchanges, that is, the user's wallet has a chart function, and the wallet completes the exchange of assets with other currencies. There is no need to log in to a decentralized exchange at all, because decentralization does not have the matching function of a centralized exchange in nature.
It also means how the decentralized model of Web 3.0 does it.
Complete decentralization can also lead to a lot of security problems, such as the dusting attack mentioned above. Once an attack occurs, the user's assets will be lost and cannot be recovered. In the long run, there is not a high threshold for the function of PooCoin, so there are more and more people using similar functions in the market without issuing coins. PooCoin lacks a competitive advantage in the long run, and it is not recommended for users to hold it for a long time.
The above analysis opinions do not constitute investment advice and does not represent any official position. Please indicate bingx.com if reposting.
The repulsively named PooCoin (POOCOIN) cryptocurrency hit an all-time high of $5.17 near press time in the early hours of Wednesday. What Happened: POOCOIN traded 77.6% higher at $4.68 at press time, according to CoinGecko data.
The repulsively named PooCoin (POOCOIN) cryptocurrency hit an all-time high of $5.17 near press time in the early hours of Wednesday. What Happened: P
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