Cryptoverse has found another meme token name in town, by the name of Kermit. Dubbed after the famous Muppet character, Kermit (KERMIT) is yet another token built on the Ethereum blockchain and has gained tremendous popularity among the crypto community and meme fanatics within a very short span. Adventured as the digital currency supporting community involvement and utilizing the recognition of the protagonist of the same name, Kermit is only entering the vast world of decentralized finance.
Currently, Kermit is at $0.000270 and the 24h volume is approximately $313. It also important to note that while the market capitalization of this token has not been definitively verified at the time of this writing it has at least carved out a place for itself within the larger cryptocurrency market even if it is in a lower tier. Kermit’s total token number is fixed at one billion tokens, though there are reports that all tokens have been launched into circulation.
Another major point that differentiates Kermit meme tokens from the rest is how it launched and is being distributed. It was seeded through a stealth launch, avoiding the presale method that many new tokens use, which specify in advance the amount of a token created. The purpose of this strategy was to ensure that a level playing ground was established in regard to investors. In addition, investors based on the strategies of the developers working on this project can invest with confidence without worry of a rug pull or any developer manipulation; this is due to the fact that the developers burned the liquidity pool tokens and renounced the contract.
Still, Kermit is yet to break into the crypto markets fully since it does not boast many exchange listings. At the moment, it is mainly bought and sold on decentralized exchanges such as Uniswap V2 and it has a pairing with Wrapped Ethereum (WETH). This could be the reason why it has rather a low trading volume at the moment but there is a possibility for it to increase as more exchanges may add the token to their platforms in the future.
Behind the project of Kermit is likely to be profiting on the undying love and awareness people have for Kermit the Frog, a character that has been around for many years. This strategy is similar to previous meme tokens that gained popularity using popular characters or memes. However, it’s still crucial to mention the official title may not refer to the actual Muppet character, and therefore patients & investors may run into copyright issues with the official title.
Like many meme tokens, the Kermit project focuses heavily on its utility and community. Kermit the frog website through which important information regarding the token and the community can be found is located at www.kermitthefrog.org. However, what seems to be missing at this stage is comprehensive specification of the roadmap, the team, or even long term goals of the project.
The (Kermit price) since the inception of this cryptocurrency hence the volatility is typical with low-cap altcoins. However, its revenues have tumbled by over fifty percent in short periods as it has grown by much larger percentages. This price action shows the inherent risk of investing in newly launched meme tokens.
If clients want to invest in Kermit, they should know about risks peculiar to such investments. It probably should, since the meme token space is admittedly fairly speculative and a lot of these tokens don’t stick around for the long haul. Furthermore, the absence of a specific application of Kermit in other spheres apart from social activity and possible admiration may also pose a threat to the programme in the long run.
However, these are some of the challenges that Kermit has faced and despite all these it has managed to find a place or followers in the crypto world. Similar to other meme tokens, its fate will lie in its or continued growth and the creation of use cases or partnerships moving forward.
Similarly, the appearance of Kermit also conforms to the new trend in the market of meme-based cryptocurrencies. Since Dogecoin and Shiba Inu mania, many copycat projects — some were less successful — have appeared. This aspect seems to be Kermit’s key selling proposition; however, calling Kermit a frog does make little sense and, even though being associated with a well-known character might help, this value does not seem to add much to Kermit.
And as the crypto market forms and new myths appear, tokens like Kermit, or other thousands of tokens out there, are interesting examples of online culture, economics, and technology overlap. Thus, whether positively or negatively, or in terms of long-term evolutionary effects on the overall ecosystem, there are no doubts about the share of initiative and variability to the seeming stagnation of the asset space.
Thus, Kermit can be concluded as the newest participant of the increasingly popular meme tokens’ market. The success of such evacuation depends on the several things including the support of the community, the market trends and the possibilities of the future. As it should be with any cryptocurrency investment, especially the meme coins, would-be investors should proceed with caution and only invest in what they understand and, in any case, only money they are willing to lose. The history of Kermit and crypto associations is yet in its infancy and everybody waited what variety of crypto currency it will become in future – just a funny meme or a significant participant of the digital currency market.
