This year alone, hundreds of tokens have been created on Binance Smart Chain (BSC). These tokens often follow similar economics, starting with a high initial supply and have a deflationary monetary policy. HakunaMatata has one of the most aggressive deflationary policies, burning 7% of tokens per transaction. With TATA tokens becoming more scarce every day, investors are rushing to get into HakunaMatata early.
What is HakunaMatata?
HakunaMatata is a cryptocurrency that uses Binance’s Smart Chain blockchain to secure its network. The token aims to support charity alongside generating wealth for token holders. The project has ambitious goals, but it has yet to release its decentralized finance (DeFi) platform. Due to this, investments in HakunaMatata are purely speculative.
The platform aims to create a non-fungible token marketplace with licensed collectibles. Since the token is named after Disney’s “The Lion King,” the platform plans to get a licensing deal with Disney. However, this deal is yet to be confirmed, and it’s unclear whether or not this licensing deal will succeed.
Similar to other Binance Smart Chain tokens like HODL and SafeMoon, TATA tokens are deflationary. This means the token becomes more scarce with time. The platform does this by taxing investors who sell the token. Whenever a token holder sells their TATA, 7% of their tokens are burned, and 6% of their tokens are redistributed to the remaining token holders.
Of course, this creates an incentive for investors to hold their tokens. When you sell your tokens, you’ll only be able to profit off 87% of your holdings, as the other 13% is burned and redistributed.
Brief History of HakunaMatata
Launched in late May 2021, HakunaMatata is an extremely new cryptocurrency. Such new cryptocurrencies are very risky investments, but they may provide higher returns than large market cap cryptocurrencies like Bitcoin and Ethereum.
The TATA token conducted its presale on May 19, 2021. The token was trading hands for less than $0.00000001 per coin on May 25, before quickly appreciating over 300% in a matter of days. HakunaMatata has a fairly small market capitalization of about $30 million, so there may be room for the token to expand its market share.
Step 1: Open an online account.
As of writing, HakunaMatata is only available on PancakeSwap’s decentralized exchange (DEX). DEXs replace 3rd party exchanges with code on the blockchain called smart contracts. These smart contracts let you interact with DEXs directly from your crypto wallet, adding another level of security that centralized exchanges can’t offer.
PancakeSwap uses Binance Coin (BNB) as the default cryptocurrency to trade with. Due to this, you’ll need a Binance account in order to buy BNB coin. While Binance.com is only available to users outside of the U.S, you can sign up for an account on Binance.us. The U.S website requires you to verify your identity before you begin trading, which may take up to a few weeks.
In the meantime, you can sign up for another cryptocurrency exchange today. This way, you’ll be able to get into crypto while you wait for your account approval, so you can be ready to fund your account the second you’re approved. If you purchase crypto on Coinbase, eToro or Gemini, you can send your funds to Binance to fund your account.
Step 2: Buy or Download a Wallet.
In order to use PancakeSwap, you’ll need to download a software wallet that’s compatible with the decentralized exchange. The 2 best wallets to use with PancakeSwap are MetaMask and Trust Wallet, both of which offer industry leading security.
If you want to store your cryptocurrency as safely as possible, then you should consider purchasing a hardware wallet. Hardware wallets are physical devices that store your cryptocurrency offline, rendering it impossible to hack.
Best Hardware Wallet: SafePal S1
The SafePal S1 is one of the only hardware wallets currently available that supports BEP-20 tokens. BEP-20 tokens are the tokens used on the Binance Smart Chain, so you can store any of these cryptocurrencies on the SafePal S1.
Not only does SafePal support BEP-20 tokens, but it also supports over 10,000 other cryptocurrencies. More likely than not, the SafePal S1 is the only hardware wallet you’ll ever need. Plus, the wallet is less expensive than most of its competitors, costing just $40 on SafePal’s website.
Best Software Wallet: Trust Wallet
As previously stated, a software wallet is required to use PancakeSwap. Trust Wallet is easy to use, and it’s free on iOS, and Android. Once you’ve downloaded the wallet, you can send your BNB coins to your wallet’s Binance Coin address.
From here, you need to convert your BNB tokens to be compatible with Binance Smart Chain. You can do so directly from your Trust Wallet, and once you’ve done this you’ll be all set to use PancakeSwap.
Step 3: Make your purchase.
Buying tokens on PancakeSwap is relatively straightforward once you’ve set up your cryptocurrency wallet and bought BNB tokens. Simply navigate to PancakeSwap.finance, and you’ll be able to connect your crypto wallet to the platform to begin trading.
On the left-hand side bar, go to “trade” and then select “exchange.” You’ll be given options for the tokens you want to exchange, and the default currency should be BNB coin. To find HakunaMatata, just paste the tokens address in the search bar and select the token.
HakunaMatata Token Address: 0x355389292D8c963719FDaF0651f7846D6c504448
Once you’ve chosen how much BNB you want to trade for TATA, you’ll need to approve the transaction through your crypto wallet. Thanks to its proof-of-stake consensus model, Binance Smart Chain will only charge a small transaction fee to process your trade.
Tip: Use a high-speed and anonymous VPN.
Using a high speed VPN not only keeps you anonymous but also lets you set your IP address to anywhere in the world. A good VPN is necessary for quick trades, as the crypto markets can move fast. Free VPNs typically lag on high-bandwidth websites. ExpressVPN is by far the best VPN on the market, offering a secure and lightning fast internet connection.
Current Crypto Prices
Lately, the cryptocurrency markets have been extremely volatile. With news of Tesla suspending Bitcoin transactions and China cracking down on cryptocurrency regulations, the market saw a sharp decline in prices. For crypto enthusiasts, this is just another opportunity to get into more investments at a discounted price.
Is HakunaMatata a Good Investment?
From a fundamental perspective, HakunaMatata isn’t a very good investment. While it aims to do big things in the future, it has yet to achieve most of its goals. This being said, if the platform ends up securing a licensing deal with Disney, TATA tokens will radically appreciate in value.
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