- Labracoin is a deflationary cryptocoin, works on the DeFi platform.
- It’s a proof of burn (POB), created on blockchain of Ethereum (ETH)
- Labra is a smart meme crypto coin and a dogecoin competitor.
Why is Labracoin a smart meme coin?
Labra is a short name inspired by the most loving and friendly dog breed ”Labrador Retriever” and Token is claimed to have mirrored the dogs spirit and also reward holders. Labra´s objective is to bring popular cryptocurrency concepts to everyone in an easy way to understand and invest.
Labra was scrapped by its original developers to cashout from the project. However, it was relaunched by a community of DeFi enthusiasts as “Labracoin” in April’ 2021. It started with 1000 holders and it went up to more than 1,00000 .
$Labra is a Defi token, which allows users to hold onto their token securely in their wallets. Labracoin is an ERC20 token which is launched on Ethereum blockchain. Restaking is its key functionality, basically each transaction has 2% fee (buying or selling) and 1% gets burned and 1% is re-distributed amongst $Labra’s investors as a reward.
This way each holder keeps increasing over time. Its burned liquidity is 70% and its circulating supply is 30%, which is truly deflationary in nature.
How can investors trade in Labra?
You cannot directly buy $Labra with fiat currency. First, you need to buy a legacy cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) on any of the exchange platforms available. Then, exchange it to $Labra.
The top exchange platforms for trading in Labra are currently CoinTiger, Uniswap (V2), Hotbit and Mintme ERC20 exchange (available soon)
Labra and Dogecoin are fighting to get a space into the crypto market
Today, Labra is ranked number 2941 amongst all the crypto tokens in the market and it is claimed to be all set to compete with the biggest and only dog meme token.
However, it’s well-known that the crypto market is volatile and it is susceptible to fluctuation. Social media has also played an influential role in market price fluctuations, even for reputable currencies like Bitcoin (BTC). This has worked well for Dogecoin if we look at the token price graph and related tweets.
Dogecoin started as a meme joke. Later on, it has become the only meme coin in the market. However Labra is created as a smart meme coin and its restake functionally makes it more unique.
Conclusion about Labracoin
The Labracoin marketing team is putting effort into increasing their visibility on social media. From an analytical perspective, if the marketing team does strong content, we might see a sizable increase in Labra prices.
Labracoin CEO asserts that their community can’t be stopped or divided any time soon. The community is strong and Labracoin should continue to see market growth, collaboration, faith and trust in Labracoin.
In the last 24 hours Labra has been presented a trading volume of $246.000. The current price is $0.00000003, it went down -12.5%.
You might also like
More from Crypto
OpenSea is the most popular NFT marketplace currently, raking in billions in volume over the last month and benefiting extensively …
Should you play Axie Infinity? In this article, we'll lay out a detailed Axie Infinity guide, and explain exactly how …
It's a difficult day for Solana as the smart contracts blockchain encountered "excessive load and memory consumption" which caused repeated …