Why Saitama (SAITAMA) crypto fell? Is it worth exploring?

Highlights:

• Saitama (SAITAMA) is a community-driven platform intending to develop solutions for educating the next generation of investors about cryptos.
• The project was launched in May 2021. 
•  It currently has 368,150 holders, with the top 100 having 71.3% of the total supply. 

The global crypto market plunged 3.92% to US$1.23 trillion on Tuesday morning, dragged down by losses in major cryptocurrencies. Bitcoin (BTC) was down 4.77% to US$29,827.94, Ethereum (ETH) plummeted 5.39% to US$1,777.16, and BNB (BNB) fell 7.47% to US$280.93.

Some observers attributed one of the reasons for the market decline to a new energy bill proposed by New York State legislators.

The bill, yet to be signed into law by Governor Kathy Hochul, seeks to impose a two-year moratorium on fossil fuel-based power plants providing energy to crypto miners. 

The US became one of the largest crypto mining hubs after China’s crackdown on crypto mining activities last year.

Most cryptocurrencies fell on Tuesday, including Saitama (SAITAMA), a community-driven platform aiming to educate the new generation of investors. 

It is ranked 2872nd by Coinmarketcap based on market capitalization. The Saitama token dropped 15.84% to US$0.000000005026 at 11:36 am ET on Tuesday.

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What Is Saitama (SAITAMA)?

Saitama intends to develop solutions to educate the next generation of investors about cryptos. It claims its vision is to provide users with content about finance. 

The project aims to build an ecosystem of digital assets with opportunities to earn money. The ecosystem would be a multi-channel content platform comprising a smart wallet, an NFT platform, and a marketplace, among others. 

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The project was launched in May 2021. It is headed by Steve@RocketCrypto, a crypto YouTuber with over 65,000 subscribers. The project's social media presence is not much, but it is traded on several crypto exchanges, including Gate.io, OKX, MEXC, Latoken, DigiFinex, Hotbit, etc.

It currently has 368,150 token holders, with the top 100 holding 71.3% of the total supply. The token is supported by Trust Wallet and MetaMask. However, the token lost around 90% YTD.

Also Read: Why is Trust Wallet token (TWT) rising?

Data Source: coinmarketcap.com

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SAITAMA crypto:

SAITAMA token’s self-reported circulating supply is 43,837,562.58 billion, and the total supply is 44,611,512.20 billion. The maximum supply of the token could be 100,000,000 billion.

It has a market capitalization of US$21.27 million.

Also Read: Why did Etho Protocol (ETHO) volume surge 3000% today?

Bottom line:

The Crypto space is not regulated and prone to scams and frauds. Hence, investors should exercise caution before investing in crypto projects. 

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