Can you believe it's been over 7 months since the last issue? I can. Today, I shall tell you about a shitcoin, not THE shitcoin, but one shitcoin I like. It has nothing to do with vision or philosophy. I like it for the value proposition and that only.
The spotlight today belongs to CET, the CoinEx Token. Yup, I've decided to branch out into centralized exchange tokens since I missed the BNB boat. It's the most tragic boating accident I've had in this space.
Anyways, I will be taking most of the information straight from the exchange's website. So, get ready.
What is CET?
In short, it's CoinEx's attempt at BNB. They actually have their "smart chain" up and running recently. Although, I doubt it will gain the same traction. Here's the current stats for the token:
As you can see, they have burned over half of the total supply already. They have scheduled plenty more in the future. Like I have mentioned before, I like this token for the value proposition. CoinEx does regular buybacks with part of their profits. They also perform more burning than their Binance counterpart.
The reports are transparent. The CoinEx team in recent months declared indefinite buybacks and burning. This means, the value of the token should go up over time. The real question is how much and would it be more than any other random things you throw your money at?
The Larger Family
Do you recognize any of the items in the list above? Well, CoinEx is part of a greater entity known as ViaBTC. I hope some of you know of them. It's one of the major crypto mining companies in the world. The CEO is Haipo Yang, who is a pretty big BCH supporter.
Sometimes, I suspect the reason CoinEx isn't as large as some of the other exchanges is due to their BCH leaning. In fact, CoinEx offers many BCH pairings for trading. Some of you may be wondering how China "cracking down on mining" would affect Yang's business. The truth is, he'll be fine as long as he obeys the government and work out some deals with the CCP, on their terms, that is.
I got the hash rate stats from btc.com. For perspective, it's worth noting that ViaBTC's BTC hash rate is comparable to that of Binance. What I'm saying is, small players are not running the greater ecosystem CET is in.
At the time of this writing, CET trades at $0.071 each on CoinEx. In theory, there is a lot of room for growth. It doesn't even have to be a huge hit as Binance Coin to make your investment worthwhile. Look at other tokens such as HuoBi Token (HT) or Kucoin Token (KCS). One could do well had they invested in them early.
CoinEx currently does not offer futures or synthetics like its cousin exchanges. It does have leverage, lending, and even market making. It would not be a surprise to see CoinEx expand its services in order to stay competitive. When that does happen, expect the value of CET to go up as well.
For me, the goal is not to have this as a gainer for this cycle, but accumulation for cycle after this one.
Of course, no financial advice.