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The meme-dog culture in the cryptocurrency world has been strong ever since Dogecoin surged in popularity and there have been different cryptocurrencies and projects created in this area that try to actually contribute. One of these projects is Saitama, a canine inspired token that tries to differentiate itself by creating a platform for Gen Z.
Is there something innovative or unique about Saitama or is this token just another dog-related meme coin that has nothing to offer to its users and community? That is what this article will try to explore in-depth.
According to the mission statement of this project, 93% of the Gen Z investors (born between 1997 – 2012) are confused or even frustrated when they have to deal with the financial world as well as the cryptocurrency industry. Saitama believes that this shows a strong potential for improvement, which is the main goal of this project.
Saitama aims to become a community driven platform that will develop solutions to properly educate the next generation of investors. The team behind Saitama plans to do this mainly through education on the cryptocurrency topics, but also by creation of content on money, investing, wealth creation and many other financial literacy subjects.
The plan of Saitama to achieve this does not differ vastly from any other traditional cryptocurrency projects. Saitama has developed a roadmap, which contains plans of creating a whole new ecosystem for the young investors that will include marketplace, smart wallet, NFT-based launchpad platform or multi-channel content platform.
All of these should greatly benefit the community. Speaking of the community, one of Saitama’s biggest goals is to reach as many young investors as possible. Currently, its official Twitter account has almost 400,000 followers, and is almost on 300,000 CoinMarketCap watchlists, which shows that it is doing a pretty decent job presently.
As with most of the meme coins, canine-created tokens or dog coins, the creators of this token are anonymous. The founder, who launched Saitama in May of 2021, had to step down from the project and remains unknown to this day.
Yet, after his/her departure, Steve@RocketCrypto stepped up and is one of the main leaders of the project with a smaller group of supporters. Steve himself has about 65,000 subscribers on his Youtube channel. Steve uses his channel for promotion of Saitama and posts videos about this project on his channel rather frequently. In combination with the Twitter account, these two channels are probably the biggest community building tools that Saitama currently has.
The cryptocurrency world is full of scams, unfortunately. Out of the 20,000 tokens that are currently featured at the CoinMarketCap website, the vast majority are either scams, copies, Ponzi schemes or simply forks that want to benefit from the successes of other projects.
This, however, does not mean that the investors should not believe in the crypto world. On the contrary, there are still projects that are trying to build solid platforms, create innovative solutions to current problems or connect groups of like-minded communities. And that is exactly the combination of things that Saitama is aiming to do bearing in mind their main audience – the Gen Z investors.
Amongst other things, Saitama created a SaitaMask wallet, the smart wallet that should be not only easy-to-use, but also provide enhanced security. Moreover, it should be automatically connected with the educational platform, NFT store and the marketplace, SaitaMarket, that are all part of this ecosystem.
Through SaitaMarket, different goods and services can be bought and sold. It will also include a merchandising option for the future. SaitaMarket will also support the community to create and launch projects on Saitama. Moreover, it also creates a so-called “edutainment platform.” Combination of education and entertainment should bring multi-channel content formats that should not only educate on the topics of financial literacy, but should also entertain the whole community.
Saitama has a rather simple, but extensive tokenomics. The maximum supply of this ERC-20 token reaches 100 quadrillion SAITAMA (100,000,000,000,000,000 tokens). This means that the price of the token usually looks something like this: 0.000000000053 USD. Due to this, it is extremely difficult for people not only to measure their gains or losses, but also to properly express the price of SAITAMA.
That is one of the reasons why Saitama has decided to rebrand and also change the overall tokenomics. Currently, Saitama is migrating from V1 to V2, which should bring around the change in the overall supply of the token. From the 100 quadrillion tokens, the change will cut the supply to 100 billion tokens. This means that 1 trillion tokens of V1 will give 1 million tokens of V2 Saitama, which should have around the same value. Or put simply, 1 million tokens of V1 will give users 1 token of V2 Saitama.
This shift does not cost the users anything and it should also not affect the size of their holding. All that it is supposed to do is simply make it easier to monitor the price and supply. The migration should also help with the building of a new image that Saitama is not just another canine token, but rather a new platform that has clear goals and tries to solve a real-life problem.
Getting back to tokenomics, the current circulating supply is around 43 quadrillion SAITAMA, with 4% of the overall supply being reserved for initial liquidity. To deliver a deflationary token, Saitama decided to burn 2% of every transaction. Moreover, another 2% is deducted and given to a pool of its holders, which can be thought of as a passive income. This structure should, in theory, make the whole token deflationary and thus help increase its value over a longer time period.
However, as with all tokens and cryptocurrencies that we inform about, we need to clearly state some risks and disadvantages to help you reach a well-balanced decision. And Saitama has several red flags that cannot be ignored.
One of them is the current migration that is bringing several questions that are still left unanswered. Even if the team tries to explain everything during their AMA sessions, the community seems to be dissatisfied with how the whole process is going. The migration only shows that Saitama is not only extremely centralized, but also it is far from transparent.
And that is the second huge red flag. Seeing how much Saitama wanted to put the community in the middle of everything, current sentiment of the community is far from positive. There are countless negative reviews, comments or tweets all around the space, which is detrimental to the building of the platform.
Very small market capitalisation can be another problem. Saitama has been around for about a year, but its current market cap is only about 3 million dollars, with a fully diluted market cap around 8.5 million dollars and daily volume of less than 500,000 dollars. These numbers are very small for a project that aspires to be one of the biggest platforms for Gen Z investors.
Last but not least, the current search trend and sentiment as such seems to be fading. As per the Google trends, the term “Saitama crypto” has been declining in popularity and is reaching all-time low levels. And while this can be stated about most of the cryptocurrencies, due to difficult bear market conditions, if Saitama wants to differentiate itself, public awareness is one of the ways to do it. Yet, Saitama could do much better in this.
While the interest in Saitama might not be at its peak now that does not mean that it will not get back up. The project as such certainly has some interesting goals, but it needs to deliver on them. The current migration might be one of the most important things to watch as it will show how the team handles serious challenges and improvements and can signal for a better, but also worse, future depending on how it all works out.
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