SpookySwap is a new crypto project that is turning heads around the world. It came into existence in April 2021 and is quite a new kid on the block. However, people are enthusiastic about the new platform and are following the price of its token every day.
Is SpookySwap a good option to invest in?
Let’s find out.
What is SpookySwap?
SpookySwap is an AMM, an automated market-making (AMM) decentralized exchange. A decentralized exchange is a platform where you can trade cryptocurrency between users and the trading happens between the cryptocurrency wallets of the buyer and seller.
As a result, you don’t need an intermediary to process the transactions.
AMM is the basic mechanism that decentralized exchanges use to operate. It consists of automated trading techniques that help a decentralized platform work without intermediaries.
Additionally, Spooky allows users to exchange one cryptocurrency for another and also hosts liquidity pools or specific collections of funds to facilitate decentralized trading.
Best of all, SpookySwap also features a launchpad to welcome innovative crypto projects.
What is the BOO Token?
BOO is the native token used by SpookySwap. BOO holders can enjoy many benefits, like getting a share of the fees earned by the platform. Additionally, they can also vote to decide the future course of the project.
The total maximum supply of BOO in the market is 13,666,000; SpookySwap will gradually release the tokens over three years. Plus, the company has allocated a specific percentage of tokens to fund the development of the platform and reward the community for processing transactions.
BOO Price Analysis
BOO is currently trading at $19.24 and recorded an increase of 1.99% in the last 24 hours. Additionally, the market cap of the token is $ 85,411,900, and TVL is $5,944,149 – TVL refers to the total value locked and indicates the underlying amount of deposited funds on any network.
The price of BOO also grew by 4.2% in the last 24 hours, the trends seem to indicate an upwards rise for the SpookySwap token.
However, the weekly performance of BOO is not very encouraging. It recorded a decline of 1.6% in the past seven days and unfortunately, it’s record for the past fortnight is also poor: BOO depreciated in price by almost 16.9%.
On the other hand, when looking at an overview of BOO’s monthly performance, it gives more hope. It recorded a rise of 91.7% in the last 30 days and in August, prices also climbed to $18, and the all-time high of $30.02 was on September 7, 2021.
As a result, many people are putting their faith in BOO; it could rise in price once the platform becomes a bit more popular and we may also experience an increase in the token’s value once Spooky’s launchpad attracts new, innovative crypto projects.
SpookySwap is a fast and reliable decentralized exchange driven by its native token BOO. The token has shown an impressive performance with excellent growth over the months. However, prices can also become volatile and invite risks like any other cryptocurrency. So, it’s always worth studying the market and doing your research before investing.