FEGtoken has gained investors’ attention after appreciating over 3,000% in the span of just a few months. Despite the token’s appreciation, FEGtoken has yet to deliver on most of the services it seeks to provide its users. As of writing, FEGtoken has its own exchange, FegEx, where investors can buy and sell FEGtokens. The project is still working to develop liquidity pools, cross-chain bridges and token-wrapping, but the developers will hopefully release these features in the coming months.
What is FEG Token?
FEGtoken is a project on both Binance Smart Chain (BSC) and Ethereum. However, these financial assets are independent of each other, making for a weird token dynamic. Most digital currencies choose 1 blockchain to use — you’re not able to send tokens across different blockchains.
FEGtoken is a deflationary currency, meaning that as time goes on, these digital assets become more scarce. It does this by charging a 2% fee when investors sell their tokens. Half of this fee is burned, and the other half is redistributed among the remaining token holders. Many projects on the BSC follow similar tokenomics; these tokenomics are questionable, and it eerily resembles a pyramid scheme.
Brief History of FEG Token
The team behind FEGtoken remains anonymous, which may be a red flag for some crypto investors. Without a known team behind the project, nobody will be held accountable if FEGtoken decides to cash out and stop developing its platform. Virtual currencies often operate like this, and that’s why it’s important to know about the financial institutions that you’re buying into.
The token began trading in February 2021 on Binance Smart Chain and Ethereum. Since there’s a maximum supply of 100 quadrillion tokens in circulation, the cryptocurrency was worth a minuscule amount per coin. Currently, FEGtoken is trading at $0.00000002 –– 2,900% more than what the token traded for just last month.
Since its inception, many of the tokens have already been burned. According to FEGtoken’s website, about 58 quadrillion coins have been burned on Ethereum’s network, and about 56 quadrillion tokens have been burned on Binance Smart Chain’s network. This leaves a maximum supply of about 42 quadrillion tokens on Ethereum, while there are about 44 quadrillion tokens on the BSC.
Step 1: Open an online account.
There are 2 main ways you can purchase FEG: You can either use Binance Smart Chain’s PancakeSwap or Ethereum’s Uniswap. These decentralized exchanges work in very similar ways, but the way you access the platforms differ.
If you want to use Uniswap on Ethereum’s network, be prepared to pay high transaction fees. Since Ethereum is a proof-of-work blockchain, the fees are much higher than Binance Smart Chain, as it is proof-of-stake. To buy FEG on Uniswap you need Ether tokens. You can buy Ether tokens (Ethereum’s token) on any cryptocurrency exchange that supports the asset. Some popular exchanges investors use to buy Ethereum are Coinbase, Gemini, eToro and Kraken.
If you’d like to save some money on transaction fees, then Binance Smart Chain is the way to go. To buy FEG on PancakeSwap, you’ll need BNB tokens and a software wallet that can connect to PancakeSwap. The best wallet to use for Ethereum or BSC is MetaMask. MetaMask will use Ethereum’s network by default, but you can make the crypto wallet compatible with BSC in the network settings.
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Step 2: Buy or Download a Wallet.
At the very least, you’ll need to download a software wallet to access Uniswap or PancakeSwap. There are plenty of software wallet options available, but the best wallet that’s compatible with both BSC and Ethereum is MetaMask.
If you want to store your crypto assets in the most secure way possible, you’ll need a cryptocurrency hardware wallet. Hardware wallets are physical devices that store your crypto offline, making it impossible for online hackers to steal your cryptocurrencies.
Best Hardware Wallet: Ledger Nano S
If you want to store your FEG tokens in a hardware wallet, then you’ll need to buy your FEG on Ethereum. Since the FEG tokens on Ethereum are ERC-20 tokens, you’re able to store them in any wallet that supports Ethereum. Ledger is the oldest hardware wallet brand in the industry, and the Ledger Nano S comes in at an affordable price of $51 on Amazon.
The Ledger Nano S is a multicurrency wallet, meaning it’s capable of storing a variety of cryptocurrency assets, including Bitcoin, Ether, Litecoin and XRP. More likely than not, Ledger will be the only hardware wallet you’ll ever need.
Best Software Wallet: MetaMask
MetaMask is the best software wallet choice, as it offers a Google Chrome extension that makes it easy to interact with Uniswap and PancakeSwap. The wallet is compatible with both Ethereum’s network and the BSC, but you’ll need to set up your MetaMask on BSC since it’ll be set to Ethereum by default. To do so, click the “Ethereum mainnet” tab at the top of your wallet, go to “custom RPC” and enter the following information:
Step 3: Make your purchase.
Once your wallet is connected to the proper network, you’re ready to make your purchase. Since PancakeSwap is essentially a copy of Uniswap, the platforms work in extremely similar ways. Simply search for FEGtoken, and you’ll be able to find the liquidity pool that allows you to exchange either Ether or BNB for FEGtoken.
You’ll need to approve the transaction from your wallet before the transaction is processed. If you’re using metamask, then the Chrome extension will pop up automatically asking you to approve the transaction. Once approved, your FEG tokens should arrive in your wallet within minutes.
Trade, Sell or Convert your FEG Token
The way you trade, sell or convert your FEGtoken depends on which FEG you use. There is FEG on both Binance Smart Chain and on Ethereum’s blockchain. These tokens aren’t compatible with each other, so don’t try and send your tokens across these 2 different blockchains.
If your FEGtokens are on Ethereum, then you can use Uniswap to swap your tokens for Ether tokens. Once you have Ether tokens, you can send them to an exchange connected to your bank account in order to cash out of your investment.
If your FEGtokens are on Binance Smart Chain, then you’ll need to use PancakeSwap to convert your tokens. While PancakeSwap is harder to use than Uniswap, the DEX uses Binance Smart Chain which has much lower fees than Ethereum.
Current Crypto Prices
Cryptocurrencies have been extremely volatile lately. Most of this volatility is attributed to Elon Musk’s tweets –– after his announcement that Tesla will stop accepting Bitcoin payments, the cryptocurrency market dipped more than 10%. Despite this, crypto prices have bounced back, indicating the bull market isn’t over just yet. To get an idea of where cryptocurrency prices are moving, it’s a good idea to track the price movements of high market capitalization cryptocurrencies like Bitcoin and Ethereum.
Is FEGtoken a Good Investment?
FEGtoken offers an enticing economic model — the token is deflationary with no maximum amount of FEGtokens that can be burned. However, it’s not clear what benefits FEGtoken can provide that other DeFi protocols like Uniswap, 1inch and PancakeSwap already have. And, the token’s price is purely based on speculation, so fundamentally FEGtoken is a poor investment.
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