What is PooCoin? How to use the PooCoin App? Should you buy PooCoin Token in 2024?

12 Minutes
Updated May 28, 2024 07:54
Dr. Nguyen Hoang Phu

PooCoin is a cryptocurrency platform that operates on the BNB Chain, allowing users to search for information about price charts and buy and sell various "meme coins".


Although PooCoin was just launched in March 2021, the meme cryptocurrency has gained attention due to its very humorous icon. It was heavily searched after a massive price surge in May 2021. At the time of writing, PooCoin is currently ranked 6750th in the cryptocurrency market and has a price of around $0.408.


The question arises - what is attractive about PooCoin Token? What functionalities can cryptocurrency enthusiasts perform through the PooCoin App? Should you invest in PooCoin?


In this article, we will clarify the relevant information and provide practical advice for you.


⚠️Warning: Although PooCoin has a very low price and is highly accessible, it is still a relatively new cryptocurrency. Moreover, it faces major obstacles in the market as its trading volume and prices are unstable. Information about PooCoin is also still scarce. Therefore, before investing, you should carefully consider and research it thoroughly.


1. What is PooCoin? Advantages and disadvantages of PooCoin

PooCoin is a platform built on the BNB Chain and was introduced to the cryptocurrency community in March 2021.


This cryptocurrency takes its ideas from Dogecoin and is dubbed the next-generation Dogecoin. This platform was created in an effort to mock and rebut the term "shitcoin". That's why the platform allows users to track price movements, chart, buy and sell all kinds of meme coins and low-cap coins, which many investors see as "low-tier coins".


Furthermore, according to information from this platform, Poocoin was created to improve the limitations of the current DEXs, mainly targeting competitors like Uniswap and PancakeSwap. Accordingly, they claim that the interfaces of these DEXs currently have significant latency compared to real-time.


Even when other platforms have not yet updated or supported the chart, Poocoin can quickly update the price charts of large, small or newly emerged coins on the market based on complete data from the Tradingview platform. From there, investors can monitor prices, trading volumes, and the number of holder wallets to decide to buy or sell.


Since its launch, this cryptocurrency has caused a frenzy in the cryptocurrency community due to the crazy idea with a brand inspiration from "poo" - Poo - just as its name implies. This is also a "joke" idea often seen in meme coins or other "dog-themed" coins like Monacoin, Dogelon Mars, Shiba Inu, Banano coin, etc.


It is known that in the beginning, the Poocoin platform only allowed investors to view information about tokens on the BNB Chain blockchain. However, as of now, Poocoin has expanded to other platforms such as Ethereum and Polygon (Matic).


Information about the PooCoin exchange:


  • Website: https://poocoin.app/

  • Founder: Anonymous

  • Blockchain: BNB Chain

  • Token Standard: BEP20

  • Contract: 0xb27adaffb9fea1801459a1a81b17218288c097cc

  • Total max supply: 10,000,000

  • Transaction fee: 8%

  • PooCoin Token Trading Platforms: Binance, Bittrex, KuCoin, Huobi, Gate.io, FTX, EXMO

  • Wallet: Binance Chain Wallet, MetaMask, TrustWallet, WalletConnect


Advantages and disadvantages of the PooCoin platform:


Advantages:


  • Provides a platform that allows comprehensive monitoring of transaction data with quick updates on low-cap coins and meme coins.


  • Can use PooCoin to search for information on all new meme coins and check their credibility.


  • Allows access to more detailed information such as wallet tracking, display of transaction history, view of trending tokens... when holding a PooCoin / BNB balance from 100 - 2,000 USD.


  • Simple, easy-to-use platform, easy to find information.


Disadvantages:


  • As a new platform, the price volatility of the PooCoin Token is unstable, posing many risks for investors. 


  • No multilingual version, needs to use English when searching and trading.


2. What is the PooCoin Token? The price movement of the PooCoin coin

The PooCoin Token is the native token of the PooCoin platform. With the PooCoin Token, you can use it to manage the PooCoin ecosystem, participate in Poocoin's Launchpad activities, enjoy transaction fees from PooCoin, or use it to stake PooCoin to receive free tokens in the future.


The PooCoin Token has a total supply of 10,000,000. Meanwhile, the transaction fee is 8% for each use. Half of the transaction fee is distributed to token holders, the remaining half is used to buy back and burn the coins.


Over time, the price of the PooCoin token has undergone many unexpected developments. You can follow the chart below:


PooCoin Token Price Chart

(PooCoin Token Price Chart - Source: Coinmarketcap)


The PooCoin Coin was first traded on April 20, 2021 at a price of $2.85 per coin. On May 12, 2021, the price of PooCoin Coin suddenly surged, reaching an all-time high of $15.08, surprising investors as the price reached 7 times the issue price.


However, in terms of liquidity, at the time of its launch, the 24-hour liquidity of PooCoin Coin reached over $1.9 million. However, the liquidity has since continuously dropped to the bottom. For example, at the time when Poocoin reached a high of over $11, the liquidity was only around $177,000.


This shows that the price growth of PooCoin has been quite unstable. In 2023, the PooCoin price has been in a continuous downtrend and reached a low of $0.16. The price only started recovering from the end of October and is currently fluctuating around $0.408, down 83% from the initial listing price.


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3. Should I buy a PooCoin token in 2024?

Born with a crazy idea, and compared to a joke, many people have decided not to invest in cryptocurrencies like PooCoin. However, in reality, the price of PooCoin Token has had periods of strong growth with parabolic momentum, which has made many people think: The price of PooCoin is low, will it be worth buying PooCoin Coin in 2024 to seek good profits?


In my opinion, the important investment principle is that you should only invest in an asset if you fully understand it. However, there is almost no clear information about PooCoin and its token.


It has been launched since March 2021 until now, but if you search for information about this currency, it is very difficult to find useful information about the platform. You are also not sure whether this is a scam project or not, so the risks associated with investing in PooCoin Token are still extremely high. This is just my opinion. You may want to follow more advice from experts in the crypto market.


Susannah Streeter - a senior market analyst and investment at Hargreaves Lansdown, once shared with The Sun: "There are currently thousands of cryptocurrencies and tokens in circulation with very strange names. PooCoin is the latest version of this trend and traders would be wise not to get involved in products they don't fully understand."


Meanwhile, Laith Khalaf, a financial analyst at AJ Bell, further warned: "I suspect this token is backed by people who just want to have fun in the market, and anyone buying them should be prepared to lose money. With the violent volatility of cryptocurrencies and the huge number of cryptocurrencies now, the profit from buying PooCoin could be very poor."


In general, new coins always have a high risk of failure. If you want to invest in the cryptocurrency market in the long run, you should only invest in the top 10 cryptocurrencies such as Bitcoin, Ethereum, Litecoin, XRP, BCH... If you are concerned about high prices and lack of capital to access investments, you can completely find trading platforms that allow leverage to minimize capital and amplify trading profits.


The Potential Value of PooCoin vs Dogecoin


Dogecoin was created as a joke on Reddit at the end of 2013, and has a long history of activity. This cryptocurrency also grew unexpectedly by over 13,000% just from the beginning of 2021 to the price surge in May 2021. Meanwhile, PooCoin also took its idea from Dogecoin, but in detailed comparison, is it really a better optimal choice?


PooCoin has a higher price than Dogecoin, but in terms of potential and core values, Dogecoin is actually demonstrating far superior performance, even though both are considered coins created as a joke. Let's take a look at the comparative table for these two coins:



PooCoin Token

Dogecoin 

Current price

0.408 USD

0.1718 USD

Coin ranking across the market

6750

8

Market capitalization

2,08 Mil.USD

24,8 Mil.USD USD

24h liquidity

875 USD

1,3 Mil. USD

Launch time

March 2021

December 2013

Total supply

10,000,000

142.670.764.300



A price comparison between Poocoin(Blue) and Dogecoin (Orange):

A price comparison between Poocoin(Blue) and Dogecoin (Orange)

Source: coinmarketcap


It can be seen that, although being compared to and considered the next generation of Dogecoin, in terms of actual performance, the PooCoin Token seems to be struggling and not receiving much market support. Therefore, before deciding to invest, you need to be cautious and carefully consider your money.


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4. How to Buy PooCoin Token on the PooCoin App

To start trading PooCoin Token or any Token on the PooCoin App website, you first need to connect your crypto wallet to the PooCoin App system, then you can start trading. The specific steps to buy PooCoin Coin on PooCoin App are as follows:


Step 1: Connect Electronic Wallet


First, click the Connect button on the right side of the website https://poocoin.app/


Then, select the type of wallet you want to connect, such as Binance Chain Wallet, MetaMask, TrustWallet, WalletConnect, etc.


Finally, confirm the connection of the wallet account with the PooCoin App system.


Step 2: Select the Coin to Buy


In the search bar, type the keyword "PooCoin" to access the detailed information page of this Coin.


Select the Coin you want to buy.


Step 3: Perform PooCoin Token Purchase Transaction


On the PooCoin detailed information page, look for the Trade button. There, you will be able to choose to connect the transaction with a Pancake V1 or Pancake V2 trading platform.


Note that in this section, there will be a slippage percentage listed when trading on PancakeSwap. Additionally, the PooCoin buyer will also have to pay an 8% transaction fee.


Next, you just need to complete the information about the purchase quantity, select the cryptocurrency you want to exchange, and the PooCoin App system will redirect the user to the destination page and confirm the PooCoin Token purchase agreement through the Pancake trading page.


5. How to view the PooCoin chart on the PooCoin App

Similarly, to view the PooCoin Token chart on the PooCoin app, you just need to go to the homepage, type the keyword PooCoin or the contract address of this PooCoin. Then the system will automatically display all the information about the price history, market capitalization, and the PooCoin Token chart.


In addition, when you access the chart, you can easily zoom in and out of the chart to track the price history over time. You can also use various detailed indicators on the chart such as moving averages, Bollinger Bands, EMA, MACD, etc., similar to when using the Tradingview chart.


Additionally, you can also check the buy history and sell history right below the PooCoin Token chart.


6. How to Track New Coins on the PooCoin App

One of the benefits of the PooCoin App is the ease of searching for and connecting with newly launched coins in the cryptocurrency market. To track new coins on the PooCoin App, you go to the sub-page


https://poocoin.app/ape


Here, newly launched tokens will be continuously updated. When tracking a new token, you need to pay attention to information such as the name, launch time, info including contract and holder count.


However, in my assessment, there is very little information available for you to update about the new tokens when clicking on the link for each token.


7. Can PooCoin Exist in the Future?

It's difficult to say for certain whether PooCoin can exist in the distant future. You see, in terms of significance, it's clear that the PooCoin project has solved some of the limitations that current DEX platforms are facing, such as delayed pricing information or a lack of information on "shitcoins".


Although considered a "shitcoin", the demand for finding unexpected growth opportunities in such coins is still quite large. Therefore, in the near future, PooCoin may still be a beneficial project that receives attention from crypto enthusiasts.


However, it's clearer that everything about PooCoin seems uncertain. No one knows the PooCoin team and whether this is just a joke like its crazy name. Many experts have also warned about this.


Therefore, in my opinion, more time is needed to further observe this potentially promising platform and its performance in the future.


8. Conclusion

All the information about PooCoin, how it works, and the price performance of the PooCoin token has been fully updated in the previous article. The article also clearly states the risk warning about this still very new coin, while also presenting the recent price movements of the PooCoin Token. The decision to invest in the PooCoin Token or not is up to you.

FAQ
What are the risks associated with investing in the PooCoin token ($POOCOIN)?
Investing in the PooCoin token ($POOCOIN) carries several risks, including market volatility, regulatory uncertainty, and potential security breaches. As a relatively new and lesser-known token, $POOCOIN may be subject to higher price fluctuations compared to more established cryptocurrencies. Additionally, the decentralized finance space is still evolving, and regulatory changes could impact the viability of the PooCoin project.
How can I store the PooCoin token ($POOCOIN) securely?
To store the PooCoin token ($POOCOIN) securely, it is recommended to use a compatible cryptocurrency wallet that supports the Binance Smart Chain network. Some popular wallet options include Trust Wallet, MetaMask, and SafePal. It is crucial to store your private keys and seed phrases securely and never share them with anyone to protect your $POOCOIN holdings from potential theft or loss.
What are the future plans for the PooCoin platform and token?
The PooCoin team has not publicly disclosed detailed plans for the future of the platform and token. However, it is expected that PooCoin will continue to expand its features and support for additional blockchain networks to cater to the growing DeFi market. The success and adoption of the PooCoin platform will likely determine the long-term viability and potential of the $POOCOIN token.


Before making any trading decisions, it is important to equip yourself with sufficient fundamental knowledge, have a comprehensive understanding of market trends, be aware of risks and hidden costs, carefully consider investment targets, level of experience, risk appetite, and seek professional advice if necessary.


Furthermore, the content of this article is solely the author's personal opinion and does not necessarily constitute investment advice. The content of this article is for reference purposes only, and readers should not use this article as a basis for any investment decisions.


Investors should not rely on this information as a substitute for independent judgment or make decisions solely based on this information. It does not constitute any trading activity and does not guarantee any profits in trading.


If you have any inquiries regarding the data, information, or content related to Mitrade in this article, please contact us via email: insights@mitrade.com. The Mitrade team will carefully review the content to continue improving the quality of the article.



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