We have written about OlympusDAO in several articles here in the IP Address Guide. But, OHMINU is a brand new token and platform that was launched at the end of October 2021. What is it all about? Is it a pump and dump scheme, or does it have real value? Who is behind the project? Are there any red flags you need to be aware of? Is it safe to invest in Olympus Inu DAO? Is it a scam? In this article, we will try to give you the information you have been looking for!
At the time we are writing this, the world has seen the coin Shib go crazy, and it has experienced an extreme price increase in the last time. We have also seen the same happen with several other coins reminding on Shib (for example, Cake Monster ($MONSTA) on Binance Chain), and the list could go on. But, we have also seen a coin like the Squid-Game token that mooned in a few days, and then it was completely dumped and went to zero immediately afterward (a real example of a pump and dump coin meant to scam and trick people).
But, projects with lots of tokens are in the wind, and thus, Shib with a total supply of 1 000 000 000 000 (1 trillion) tokens and now also OHMINU with the same number of tokens as a total supply catches great interest. After all, if you currently spend $1000 buying OHMINU tokens, you will end up receiving almost 80,000,000 tokens. That is way cooler than owning 0,0004 BTC (or something like that). But, there is a lot of danger hidden behind such numbers, and that is why it is important to look into the actual project and understand whether or not it is actually worth investing your money in this project or not.
50% of the OHMINU tokens were sent to a burning address upon launch, meaning that the actual supply is “only” 500 000 000 000 and not 1 000 000 000 000.
What is Olympus Inu DAO ($OHMINU) all about?
As you can understand from the name, the project is somehow related to OlympusDAO ($OHM). It IS NOT endorsed by OHM, but it is created by a team of people who are claiming to be big fans of the project. What is it all about? Or is this just another MEME coin with no purpose at all?
OHMINU is a fair launch, reflection coin designed to maximize its intrinsic value for its holders through an innovative transaction taxation system, created to incentivize HODLing through its monthly OHM airdrops.
These are some of the first words describing Olympus Inu DAO on their website, and it explains one of the things you will discover quickly; if you do transactions with OHMINU, you will quickly notice that tokens just disappear. Take a look at the example below.
Can you see it above? A person bought 150,000,000 tokens, but he actually received only 132,000,000 to his wallet? Why is that? It is because of the 12% taxation system that was described above in the comment. Whenever you do a transaction with the $OHMINU tokens, a 12% fee will be deducted. As explained by the team, this will inspire people to simply hold the tokens, and not do transactions too frequently.
What are the taxation fees used for?
Olympus Inu DAO will use the gathered transactions fees to purchase OHM tokens that will be placed in the treasury, while another part of this will be used to buy back OHMINU tokens, and to cover other marketing costs, etc. But, one part of this will also be used to reward token holders.
Are there any rewards for holding $OHMINU or is this just a MEME coin with no purpose?
Maybe you feel like the crypto sphere is filled with MEME coins with no real purpose. Are you afraid that the same is true about Olympus Inu DAO? Well, that isn’t true. We have already mentioned the taxation system, but there is also a reward system.
- If you hold OHMINU tokens, it is almost like staking your tokens. You will a percentage of the taxation fees that are shared with all token holders.
- You will also receive OHM rewards that are generated from the OHM tokens staked by the team as they are bought after receiving the taxation fees.
The OHMINU tokens you will receive from the taxation fees will be delivered to you through a so-called reflection contract on the Ethereum blockchain.
How will they pay out the OHM rewards?
Reward distributions will happen weekly with daily snapshots of token holders. Those daily snapshots will then be averaged out to allow for a holistic view of ones holdings. The idea is to have rewards distributed to holders via wsOHM (wrapped staked OHM). We also intend to pay out the majority of the rewards but keep some for further staking and growth. That way our treasury can keep growing for further initiatives. It will likely also be possible to claim rewards as OHMINU, whereas the wsOHM will could be converted directly to OHMINU, essentially giving the holder a bigger percentage of the next rewards distribution epoch.
One of the first questions that you might ask is how they will reward holders if the token is on the Ethereum blockchain? That is for sure a valid question, considering that all transactions are extremely expensive. But, the team has thought of this, and they have just released a Medium article in which they write the following.
Our blockchain of choice, for the process of reward distribution, will be Avalanche. Avalanches DeFi experience is game-changing… For our treasury to operate as effectively as it does, we will have to work towards diversification and expand our portfolio to include projects besides OHM… This is why we will airdrop a small amount of AVAX to OHMINU holders wallets to cover at least 2 transaction fees. Additionally, we will make an easy-to-understand guide on how to claim wsOHM airdrops.
(Source: Medium article)
What do you make of all this? Should I buy $OHMINU?
That is the question, isn’t it? Maybe you have seen pictures of a transaction saying that a person who spent $3200 at SHIB last summer currently is in the position of tokens worth more than $5.63 billion? Are you fearing that you might miss out on something similar if you don’t buy any tokens now? What do I recommend?
- Olympus Inu DAO seems to be more than just a MEME coin as it actually has a little bit of purpose, making it interesting to hold!
- We don’t know the team behind the project, but neither do we know the team behind Olympus DAO. If you consider this to be a risk, you might want to stay away.
- The project has a legit website with a real roadmap, and with real and useful information.
- It is still a MEME coin… this can go all ways!
There is a chance that this might be the next moon coin that will increase 10,000x in value in the coming year. But, it is also possible that this coin will be dead in one year from now. We have no guarantee of anything. But, I don’t suspect it to be a scam coin, at least it isn’t my first impression.
In other words, you can decide for yourself, but remember that even if you only invest $100 or something like that, you will still end up with millions of tokens in your wallet.
All sorts of $OHMINU links
What do you make of all of this? Will you invest in $OHMINU or will you look for some other MEME coin or maybe some other project you deem to be more serious and interesting? Or do you believe this is a MEME coin with an actual use-case and potential, making it one of the most exciting investments for the coming year?
I am actually way more intrigued by this investment than most other investments in my portfolio at the moment, but let me emphasize… that is not financial advice. But, I do find this an interesting project, just like OlympusDAO is one of the most interesting blockchain projects currently available.
Do you have comments? Do you have questions? I would love to hear from you, so write a comment and share your thoughts!