What is Firepin’s FRPN token and is it safe?

Highlights

• Cryptos are down this year, with a massive fall in the total market cap shining light on risks
• Firepin is a new participant, with claims like metaverse gaming, Web3, and even yield farming
• FRPN token is available in a pre-sale, but a new token may both rise as well as fall on listing

BTC and ETH have both appreciated substantially since their launch with respect to price. A few others like Shiba Inu, Dogecoin, and Solana have also arguably rewarded their early phase backers. Does this mean that newly launched cryptoassets are always a great opportunity?

A new Web3 participant token, Project Galaxy (GAL), launched earlier this month. It has become a top 250 asset by market cap in no time. But the price of GAL token has continually declined since launch. This shines the light on how new tokens bring with them their own risks.

Another new asset that may soon launch is Firepin crypto or FRPN token.

What is Firepin cryptocurrency?

The whitepaper of the project describes Firepin as a “community” focused cryptocurrency. This might resemble tokens like Dogecoin. What Firepin also claims to bring is a non-fungible token (NFT) trading marketplace.

Also read: What are Project Galaxy Web3 services and how has GAL token fared?

Firepin also mentions staking and yield farming, which are usually the features of DeFi protocols. The project also claims to enter the metaverse category of cryptos, besides offering games. The whitepaper is filled with most of the trending aspects of blockchain -- gaming, DAO, and Web 3.0.

FRPN token

FRPN is the native digital asset of Firepin crypto project. The whitepaper claims FRPN is powered by BNB, with multi-chain support.

Firepin project asserts that FRPN token would have “algorithmic” reserve mechanism for stability. This may however raise some eyebrows considering the recent decline in algorithmic stablecoin TerraUSD. For now, Firepin is conducting a pre-sale of its FRPN token. Reportedly, FRPN may list on exchanges by the end of this month.

Is FRPN token safe?

The pre-sale price of FRPN crypto, according to the official website, is US$0.000067. Though it is on a very lower side as compared to cryptos like BTC and ETH, Firepin has yet to establish utility. What will its metaverse offer, and how will the NFT marketplace function is not clear. Separately, the wider cryptoverse is undergoing a tough phase, with total market cap having dropped under US$1.3 trillion.

FRPN token price prediction can be speculative. No new cryptoasset comes with any guarantee of price appreciation.

Data provided by CoinMarketCap.com

Also read: What is Crypto Island and is CISLA token safe?

Bottom line

Firepin crypto is a very new project, with yet-to-be-launched FRPN token. The token is available in a pre-sale at a very low price apiece. Firepin’s metaverse and NFT claims may pique interest of some. In the medium-to-long term, the utility of Firepin DAO and other features may shape FRPN price. As of now, nothing about FRPN token can be said with certainty.

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