With around $3 trillion in global market cap, the crypto space is a booming industry. From this, decentralized finance (DeFi), decentralized apps (DApps), non-fungible tokens (NFTs), and now meme coins, have emerged. Among these, meme coins are taking the general public by storm. In fact, many dubs 2021 as the year of meme cryptocurrencies. The soaring popularity of Dogecoin (DOGE) and its main rival Shiba Inu (SHIB) proves this statement true. In turn, this paved the way for other meme-inspired cryptos to rise.
That said, another meme coin called Santa Coin came to spice up the competition.
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What is Santa Coin?
Introduced in November 2021, Santa Coin ($SANTA) is the newest yield generation token that gives USD as a reward to its holders. It is a hyper-deflationary token with BUSD reflections. In its first week, Santa quickly developed a strong online presence among the trading community.
Santa Coin Features
$SANTA positions itself as a newly-risen market leader. Of its plethora of features, here are some, a holder should take note of.
Santa Coin’s contract includes a straightforward whale discouragement system. To explain further, no sale amounts higher than 0.125% of the total supply are possible at once. Originally, it was at 0.25% but after half of the tokens were burnt, Santa reduced it by 50%. This results in the reduction of big selloffs since the amount will be lower in the end.
Each time a buy and sell transaction is made, 3% is automatically added to the Buy-Back reserve. $SANTA tokens collected from the costs are converted into BNB and are securely stored and locked in the Santa Coin contract.
The said contract is coded, so the BNB in the strategic reserves cannot be withdrawn. They can only be used to buy back Santa Coins from the open market and burn them.
Moreover, the project’s contract has two BuyBack systems. The primary one, Moonshot Buyback, generates a big green candle in the chart and is deployed strategically at specific times.
In every transaction, 2% is converted into liquidity for PancakeSwap. PancakeSwap fixes the low liquidity issues of decentralized exchanges (DEXs) through a mechanism called the liquidity pool.
A liquidity pool always has a pair of tokens available for trade. Santa’s smart contract deposits 2% from every buy or sell transaction as $BNB and $SANTA Coin into a liquidity pool. Whereas, 1% from every exchange is allocated to the marketing budget. This is to fund the most aspiring projects and reward active users.
Users can earn automatic Binance pegged BUSD rewards just by holding their $SANTA Coin. 8% of each buy and sell transaction is automatically given to all token holders. The rewards will go directly to the users’ wallets or claim them manually in Santa’s DApp dashboard.
This means that the native reflection of $SANTA is in parallel with Stable Yield, producing a Compound Reflection effect and drastically increasing your holdings.
Santa Coin’s Play-to-Earn Game
In addition, Santa Coin is creating an ecosystem around an F1 racing game. According to reports, the Santa F1 racing game is currently in the works and will introduce a new model for gaming and digital ownership.
Thanks to blockchain technology, SANTA NFTs will let players anticipate a play-to-earn gaming ecosystem where their skills are rewarded with real value awards. All of the basic gameplay assets in Santa F1 can be wholly traded, owned, and sold by players. Likewise, they can also be used to play the game itself, enticing users like never before.
DApp and Swap Exchange
Having the community involved and with continuous updates, Santa’s DApp dashboard includes Swap exchange with a user-friendly interface. Additionally, it also allows users to view rewards accumulated in real-time.
Based on its website, the following data briefly explains $SANTA’s tokenomics:
- Total Supply – 1,000,000,000,000,000
- Total Burn – 529,667,036,391,687
- Team & Marketing Token – 84,000,000,000,000
- Presale Price – 1 BNB = 975,000,000,000
- Initial Market Cap – $240K
In just a few weeks after its launch, Santa Coin has already posed itself as one of the top meme coins today. Here are the following milestones that Santa Coin has achieved in just two weeks:
- Surpassed 35,000 holders
- More than $4.7 million distributed to holders
- Burned over 539 trillion, representing higher than 53% of the total supply
- Built and maintained a strong community and following across all major social media platforms
- Huge Marketing and different promos in progress
- Hit over the $80 million market cap at an all-time-high (ATH)
- Did over 300x in just a week and currently placed at 70x from the listing price
How Does Santa Coin’s Reward System Work?
One of the features that Santa Coin has is its 8% reward of all transaction tax in Binance Pegged USD. The information available on Santacoin.app shows that more than $4.6 million has been distributed to holders in just two weeks.
Factors like holders’ balance and trading volume decide how much each user gets. For example, for volume as high as $10 million, rewards will be given every 60 minutes. But for volumes as low as $1 million, rewards could take a few hours to be distributed. Rewards are sent every 60 minutes. However, as mentioned above, it depends on a user’s holdings and trading volume. Furthermore, rewards will be triggered once they are large enough to cover the gas fees.
For small holders, it can take from a couple of hours to several days for rewards to appear in their wallets. They can also manually claim unclaimed rewards, but such users shall cover the gas fees.
Holders can receive their BUSD reflections automatically and can check accumulated rewards through the Santa Coin app. To do this, they simply need to copy and paste their wallet address holding $SANTA without connecting their wallets. For any user who plans to manually claim their rewards, connecting their wallets is a must, as well as paying the gas fees.
As the crypto industry continues to grow, cryptocurrencies like meme coins will keep on emerging. Santa Coin is no exception. With its enticing features and much anticipated play-to-earn Santa F1 Racing Game, it is without a doubt one of the most talked-about cryptos right now.
As Christmas is drawing closer, $SANTA could go up as more rewards get distributed to its holders.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.