Emoji coins seem to continue to dominate the cryptocurrency market and generate a fair amount of hype. MOON is the limit when it comes to a project with a strong community. That's exactly what happened with Bobatama (BOBA), a community-oriented emoji coin that is currently popular on CoinMarketCap and has grown in value by over 749% in the last 7 days. Let's take a closer look at Bobatama and its token BOBA to see what it is and the reasons for the price increase.
What is Boba Tamar (BOBA)?
Launched in March 2022, Bobatama is a relatively new meme-based token based on the Star Wars character Boba Fett. The project launched on the ethereum network with a smart contract that combines its liquidity development protocol with a native token reflection distribution.
The native reflection mechanism means that users are incentivized to hold tokens by receiving rewards in the form of native tokens on the platform BOBA.
BOBA is Bobatama's native utility asset, an ERC-20 token that exists on the Ether blockchain. One of the main utilities behind Bobatama is Bobamask, the first ever multi-chain wallet compatible with Ethernet VMs, featuring the unique Force Ghost technology currently under development.
The Bobamask wallet name is a play on the popular MetaMask wallet, one of the most popular Web3 wallets for cryptocurrency users. Bobamask's Force Ghost will enable anonymous transactions on the blockchain.
Bobamask will be compatible with both Mobile and Web3, and its mission is to be the primary wallet for a one-stop store 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?
The main reason for Bobatama's recent price increase is its appearance in the CoinMarketCap Trends section, which has brought a lot of attention to the program.
In addition, we are starting to see large purchases of BOBA, with one whale purchasing over 38ETH ($98,000) worth of tokens in one transaction
38 ETH BOBA PurchaseIs this the 🐳 phone? #BOBATAMA #BOBATOABILLY #BOBAARMY #BOBATAMA1000x pic.twitter.com/b9NYLNYD6e
In addition, Bobatama has a growing community, which is a major driver of the token's bullish momentum.
Looking at the distribution of BOBA holders, we can see that the highest ranking holder is an address that accounts for over 39% of the supply. This is quite impressive, but unless that address decides to give up the token soon, the overall outlook for BOBA is bullish.
Keep in mind that BOBA's price has been heavily influenced by the recent relatively stagnant movements of Bitcoin and Ether.
With a growing community and an ambitious vision, Bobatama is a must see attraction for March 2022. In addition, the significant price increase over the past 7 days means the project has excellent long-term potential, provided the team delivers on Bobamask's promise of a wallet and their Ghost Force technology.
Disclosure: This is not trading or investment advice. Please be sure to do your research before purchasing any Metaverse cryptocurrency.
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