The price of this Meme coin went up 750% this week What caused the increase?

No matter how much time passes, meme cryptocurrencies seem to continue to dominate the cryptocurrency market and generate a lot of hype. If a project has a strong community behind it, the sky is the limit. That's exactly what happened with Bobatama (BOBA), a community-centric emoji cryptocurrency that is currently popular on CoinMarketCap and has grown in value by over 749% in the last 7 days. As KoinFinans, we took a closer look at Bobatama (BOBA) and tried to figure out the reason for the price increase.

What is Boba Tamar (BOBA)?

Launched in March 2022, Bobatama is a relatively new meme-based cryptocurrency inspired by the Star Wars character Boba Fett. Bobatama is an ethereum-based smart contract protocol that includes native tokens for reflective distribution and a liquidity enhancement protocol. Bobatama's native service token, BOBA, is an ERC-20 token located on the Ether blockchain.

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The native reflection mechanism means that users are encouraged to hold tokens by receiving rewards from the platform's native token, BOBA.

One of the main services behind Bobatama is Bobamask, the first multi-chain wallet compatible with Ethernet virtual machines and currently developing the unique Force Ghost technology.

The Bobamask wallet is inspired by the popular MetaMask wallet, one of the most popular Web3 wallets among cryptocurrency users. Bobamask's Force Ghost technology will also support anonymous blockchain transactions.

What is Boba Masque?

Providing information about one of its biggest features, Bobamask, the team provided to the platform's cryptocurrency investors; claiming to aim to provide the privacy that is currently lacking in the market. The platform will use privacy-enhancing smart contract technology, Force Ghost technology, to allow anonymous transactions. According to its whitepaper, Force Ghost will serve as a private investment method that will not leave a ghostly trail.

Bobamask is a multi-chain wallet that combines irreplaceable token storage with the ability for investors to track all their cross-chain investments on a single platform. Bobamask will be developed on the Ether Virtual Machine, a software platform for developing decentralized applications on the Ether network.

Bobamask will be compatible with both Mobile and Web3, and its mission is to be the primary wallet for one-stop shopping for all cross-chain investment needs. In addition, Bobamask will integrate NFT into their wallet, similar to what MetaMask is currently doing.

Why are BOBA prices rising?

At the time of writing, the Bobatama (BOBA) token is trading at $0.00002849, up over 14% in the last 24 hours and up over 746% in the last 7 days. The BOBA token has a market cap of $28.5 million and a maximum total supply of 1 trillion.

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  • The main reason for Bobatama’s recent price increase is that it is in the trending segment of CoinMarketCap, which has brought the program to the attention of investors.
  • In addition, the team began to see large purchases of meme tokens, with Whale purchasing 38 ETH ($98,000) worth of tokens in one transaction, which increased interest in the project.

38 ETH BOBA Purchase

Is this the 🐳 phone? #BOBATAMA #BOBATOABILLY #BOBAARMY #BOBATAMA1000x pic.twitter.com/b9NYLNYD6e
  • In addition, Bobatama has a growing community, which is the main driver of the token’s bullish momentum. In addition to this, various YouTube publishers have showcased the cryptocurrency on their platforms, which may have increased its popularity among cryptocurrency enthusiasts. However, this does not mean that the coin is reliable and does not need to be evaluated.
  • Finally, Shibnobi (SHINJA), a community-led platform that develops an ecosystem for the next generation of investors while providing secure and simple cryptocurrency for everyone, is launching Bobatama (BOBA), announcing that it has gone public.

Conclusion

With a growing community and an ambitious vision, Bobatama becomes one of the must-see meme cryptocurrencies for March 2022. In addition, the significant price increase over the past 7 days means that the project has excellent long-term potential if the team delivers on its promises regarding the Bobamask wallet and Ghost Force technology.

Looking at the distribution of BOBA's holders, we can see that the highest holder is an address containing more than 39% of the total supply. This is a very important signal, but the outlook for BOBA is generally bullish, unless the address decides to sell off the token soon.

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However, it should be noted that the recent relatively sluggish trend of Bitcoin and Ether has had a significant impact on BOBA's price.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Each investment decision is the responsibility of the individual. Finally, Koinfinans and the author of this content are not responsible for individual investment decisions.