What Is PooCoin and What Are Its Advantages?

PooCoin is a crypto platform that runs on BNB Chain and lets users check token price charts and follow data on meme coins and low market cap cryptocurrencies. The platform launched in March 2021 and drew a lot of attention after its price surge in May of that year.

What makes PooCoin appealing to crypto enthusiasts? What can you do with the PooCoin app, and is buying its token a sound decision? Below, we review the platform's features, the token's price history and the risks involved.

Warning: PooCoin's low price does not mean it is low-risk. The token is relatively new, its price and trading volume fluctuate, and public information about the project is limited. So before making any investment decision, you should research it and weigh the possible risks.

What Is PooCoin? Its Uses, Pros and Cons

PooCoin is a platform launched on BNB Chain in March 2021. Its idea was inspired by Dogecoin, and it is sometimes referred to as the «next-generation Dogecoin». The project was built as a humorous take on the term «shitcoin», a term used to describe cryptocurrencies that some investors see as having little value or credibility.

PooCoin lets you view price swings, charts and trading data for meme coins and low market cap (Low-cap) tokens. This data can help users assess such assets, although displaying information alone does not guarantee a token's credibility. According to the platform's own description, PooCoin was created to address some limitations of decentralized exchanges (DEXs) such as Uniswap and PancakeSwap . One of the criticisms raised is that data and charts on some platforms update with a delay.

Using data from TradingView, PooCoin updates price charts for large, small and newly launched tokens. Users can monitor a token's price, trading volume and number of holder wallets, and use this information to assess market conditions.

PooCoin initially displayed data only for tokens on BNB Chain, but its support later expanded to networks such as Ethereum and Polygon (Matic).

Key Specifications of the PooCoin Platform and Token

Main Pros and Cons of PooCoin

PooCoin pros include:

• Extensive tracking of transaction data and faster updates on meme coins and low market cap tokens.
• The ability to search for newly launched meme coins and review some related data.
• Holding a PooCoin/BNB balance worth $100 to $2,000 unlocks more detailed features such as wallet tracking, transaction history and trending token analysis.
• A simple user interface that makes it easy to find the information you need.

PooCoin cons include:

 

• The PooCoin token's price is highly volatile, which can pose significant risk to investors.
• There is no multilingual version, so searching and trading must be done in English.

What Is the PooCoin Token and How Has Its Price Moved?

The PooCoin Token is the platform's native token. According to the source, it can be used to interact with the PooCoin ecosystem, take part in Launchpad activities, benefit from the transaction fee mechanism, and stake with the aim of receiving free tokens in the future.

The token's maximum supply is 10 million units, and its fee per transaction is stated as 8 percent. Half of this fee is distributed among token holders and the other half is used to buy back and burn tokens.

PooCoin's price has seen sharp swings since launch. The token traded at $2.85 on 20 April 2021 and hit an all-time high of $38.02 on 23 December 2021, more than 13 times its first trading price. However, the price rise was not matched by stable liquidity. At launch, PooCoin's 24-hour liquidity was over $1.9 million, but it later declined. For example, when the token's price had risen above $11, its liquidity was reported at only about $177,000.

This gap shows that price growth does not necessarily mean sufficient liquidity. In 2023, PooCoin's price trended downward, falling to around $0.16. A recovery began in late October, and at the time the source was written, the price was around $0.408, roughly 83 percent below its initial listing price.

Was Buying the PooCoin Token a Good Investment in 2024?

The humorous idea behind PooCoin has led some people to avoid investing in it and similar cryptocurrencies. Still, the token's price has also had periods of rapid growth, which may raise the question of whether its low price counts as a buying opportunity.

A key principle of investing is to invest only in assets you know well and whose mechanics you understand. However, clear and reliable information about PooCoin and its token is limited. Although the project launched in March 2021, it is hard to find complete information about it, which makes assessing the project's credibility complicated. So the risk of investing in the PooCoin token remains very high. This assessment is the view of the source's author, and it is advisable to also consider the opinions of other crypto market experts.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, told The Sun: «There are now thousands of digital currencies and tokens with very strange names in circulation. PooCoin is the latest example of this trend, and traders would be wise not to get into assets they don't fully understand.»

Laith Khalaf, financial analyst at AJ Bell, also warned: «This token seems to be backed by people who simply want to have some fun in the market, so anyone buying it should be prepared to lose their money. Given the extreme volatility of cryptocurrencies and their sheer number, the gains from buying PooCoin may be negligible.»

In general, new tokens face a high risk of failure. The source suggests that people considering long-term investment in the crypto market also look at larger cryptocurrencies such as Bitcoin, Ethereum, Litecoin, XRP and BCH. It also mentions leverage as a way to reduce initial capital and increase potential profit; however, leverage can also amplify losses and does not by itself remove investment risk.

PooCoin vs Dogecoin

Dogecoin was created as a joke on Reddit in late 2013 and has a longer history than PooCoin. Dogecoin's price also rose more than 13,000 percent from the start of 2021 to its surge in May of that year. PooCoin was inspired by the Dogecoin idea, but this similarity does not necessarily mean the same performance or value.

The table below shows the figures listed in the original source for comparing the two tokens. These figures relate to the time that source was published and do not reflect the current state of the market.

According to this comparison, despite PooCoin's higher price per unit than Dogecoin at the time of the report, PooCoin's market cap and liquidity were far lower. So price per unit alone is not a good measure of a cryptocurrency's value or market strength, and it is better to check other metrics too before making a decision.

How to buy tokens through the PooCoin app?

To trade the PooCoin token or other tokens through the PooCoin website, you first need to connect your crypto wallet to the platform. Then you can search for the token you want and continue with the trading steps.

1. Step 1: Connect your crypto wallet

1.      Go to the https://poocoin.app website and click the «Connect» button on the right side of the page.

2.      Choose your wallet from options such as Binance Chain Wallet, MetaMask, TrustWallet and WalletConnect.

3.      Confirm the connection of your wallet to the PooCoin app.

2. Choose the token to buy

4.      Enter «PooCoin» in the search bar to display this token's information page.

5.      Select the token you want to buy.

3. Execute the trade and watch the fees

On the token information page, find the «Trade» option. In this section, you can choose to route the trade to the Pancake V1 or Pancake V2 trading platform.

In this same section, the price slippage for trading on PancakeSwap is displayed. Buyers of the PooCoin token should also take into account the 8% transaction fee. Next, specify the purchase amount and the cryptocurrency you want to swap with. The PooCoin app will then redirect you to the relevant page so you can confirm the token purchase through the PancakeSwap trading page.

How to view the PooCoin price chart in the app?

To view the PooCoin token chart, go to the app's home page and enter «PooCoin» or its contract address in the search bar. The system displays information such as price history, market cap and the token chart.

After opening the chart, you can zoom in or out to see price changes over different time frames. You can also use technical analysis indicators, including moving averages, Bollinger Bands, EMA and MACD — a feature similar to TradingView's charting tools.

The buy and sell history of the PooCoin token can also be viewed below the chart.

How to track newly launched tokens on PooCoin?

One of the PooCoin app's features is the ability to find newly launched tokens in the crypto market. To view these tokens, go to https://poocoin.app/ape.

The list of new tokens is continuously updated. When reviewing each token, pay attention to information such as its name, launch time, contract address and number of holders. However, the source author's assessment is that after clicking the link of some new tokens, the additional information available is limited.

Will the PooCoin platform continue operating in the future?

It cannot be said with certainty whether PooCoin will continue operating in the long term. The platform has managed to target some of the limitations of decentralized exchanges, including delays in displaying prices and the lack of information about tokens that some users call «shitcoins».

Given the demand for finding growth opportunities among lesser-known tokens, PooCoin may remain useful to some crypto enthusiasts in the near future. However, important uncertainties about the project remain: its team members are not known, and it is unclear how serious and sustainable the project is. Some experts have also warned about buying unknown tokens. As a result, to assess PooCoin's future, the platform's performance and the information published about it should be monitored over time.

Frequently asked questions about PooCoin

What are the risks of investing in the PooCoin token?

Investing in the PooCoin token comes with risks such as market volatility, regulatory uncertainty and the possibility of security incidents. Because this token is relatively new and less well known, it may be more volatile than better-known cryptocurrencies. In addition, the decentralized finance (DeFi) space is still evolving, and regulatory changes could affect the project's continued operation and longevity.

How can the PooCoin token be stored safely?

To store the PooCoin token, use a crypto wallet compatible with the Binance Smart Chain network. Options such as Trust Wallet, MetaMask and SafePal are mentioned in the source text. To protect your assets, keep your private keys and recovery phrase (Seed Phrase) in a safe place and never share them with others.

What are the future plans for the PooCoin platform and token?

The PooCoin team has not publicly released detailed, specific plans for the future of the platform and token. The source states that the platform is expected to expand its features and support more blockchain networks to keep up with the growth of the DeFi market. However, the platform's future success and adoption will affect the long-term viability and potential of the POOCOIN token.

Price comparison chart of PooCoin (blue) and Dogecoin (orange); source: CoinMarketCap.

 

Article source: Mitrade| What is PooCoin? How to use the PooCoin App? Should you buy PooCoin Token in 2024?