Hyperdeflationary BOMB token blows Reddit away
r/cryptocurrency saw a rush of new mentions of what is considered a meme coin called BOMB after seeing it go from $0.70 USD to an ATH of $7.76 USD (11x ROI) in less than a month.
So what is BOMB? According to their website:
BOMB is a social experiment and financial case study to measure the feasibility of a deflationary currency. The rules are simple.
There were originally 1,000,000 Bomb in existence.
Each time a Bomb is transferred, 1% of the transaction is destroyed.
There will never be newly minted Bomb.
The intention is not to be used for day-to-day transactions, but rather as a decentralized hedge against traditional inflationary instruments. Through a system of immutable smart contracts and continuous destruction, BOMB is the world’s first self-destructing currency.
The BOMB token was also airdropped to the community with each person being able to claim 100 BOMB tokens since February 2019. At that time, these 100 tokens were worth $38 USD. For anyone still hodling, it is now worth $770 USD. Not too shabby for magic internet money.
BOMB is currently traded on Mercatox and DDEX with decent amount of volume considering it is just a concept coin.
Other points to note about BOMB:
- BOMB tokens are indivisible. Minimum transaction is 1 BOMB.
- Minimum BOMB burned in each transaction made is 1 BOMB due to 0 decimals and rounding up.
This also means with each interaction with a DEX like DDEX, it accelerates the burn rate, as more people use the DEX to cash out. Very interesting experiment indeed, to see how each participant would react given the value creation process. With growth and trading volumes like that, it hard not to take notice.
Below are some of the crowd's reactions:
- Did aynone get in on that Bomb Token giveaway when it first came out. How many were they giving away initially, anyone know? I remember looking at it, thinking it sounded interesting but being too lazy too bother
- If bomb passes doge in market cap, I will get the little bombarino guy tattooed on my ass.
- Whoa... A $2b Marketcap for bomb puts it at over $2k per coin. Who'da thunk I could pay off my house with a coin I got for free.
Could BOMB be the next DOGE?