Why Do These Tokens Even Exist?

Why Do These Tokens Even Exist?

Once major cryptocurrencies skyrocketed in 2017, there was no coming back. The public was already investing in digital currencies hoping to hit massive gains. And it is not a surprise that some developers stepped in just to have fun or to mock the community.

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Once major cryptocurrencies skyrocketed in 2017, there was no coming back. The public was already investing in digital currencies hoping to hit massive gains. And it is not a surprise that some developers stepped in just to have fun or to mock the community.

Blockchain projects and startups have emerged from the underground and everyone is promising to transform, revolutionize and disrupt certain areas. So far none of these has happened but enthusiasts are investing gross amounts in initial coin offerings. Even non-digital companies are finding ways to cash on the craze and are launching their native tokens, which supposedly serve something.

In December 2017 the total market cap reached $800 billion but after this week’s crash, it is currently fluctuating around $400 billion. Yet, despite the bloodbath, the craze is here. This why we present you the most awkward tokens out there.

Dogecoin

The whole project started as a joke. Jackson Palmer and Billy Markus, both of whom are IBM developers, developed their dogecoin in 2013 just to mock other currencies. But it looks like the community doesn’t care at all and as of writing dogecoin has a market cap of $500 million. One year ago, Palmer stated that the support for the token is almost done and naturally the network will come to an end. And one more thing, doge refers to a popular internet meme featuring a Japanese Shiba Inu dog.

Trumpcoin

Yes, it refers to Donald Trump and its initial goal was to finance Trump’s presidential campaign. The token itself was launched in February 2018. It is unclear whether it was part of an official funding tool or has any connection to Trump. We suppose that the project was successful since Trump is a president now. But is the token still going? Yes, and according to its website, it supports the president’s fight against fake news and corruption. Though, it is unclear how exactly this happens. In January, trumpcoin reached an all-time high of $0.84 and a market cap of $5.5 million.

Dentacoin

As its name suggests this token is related to the dental industry. Dentacoin is relatively new to the market since its initial coin offering took place in October 2017. The token itself is built on the ethereum platform and during the market peak in the first weeks of January, it reached $2 billion cap. Well. The easiest way to understand what Dentacoin is to assume it as a rewarding program that pretends to be cryptocurrency. Supposedly, when you visit a dental cabinet you should be able to pay or earn dentacoins. As of now, only 14 offices in the world accept the denta token and they are located in Malaysia, Taiwan, India, Fiji, India, Hungary, Italy, England, Bulgaria, Australia and the USA.

Bananacoin

As funny as it sounds, there is actually such a digital currency. And guess what; each token is backed by a kilogram of bananas. This quite weird currency utilizes the ethereum platform and was developed by a banana plantation in Laos. During the ICO back in November, 4 million digital bananas were sold. If you’d like to own some alternative altcoin you first have to buy some bitcoin or ethereum and then exchange it for bananacoins. Later when you need bananas you just go to your local market, pay with digital bananacoins, and leave like a boss.

Potcoin

Hey kid, do wanna smoke a joint? Aside from kidding, there is a digital coin dedicated to the struggling marijuana industry. Yeah, I mean even in the places where marijuana is legal the business is sometimes struggling to get legitimate bank accounts. This is where potcoin steps in. It has its own blockchain, it came to life in 2014 and its website states that it is the official payment method in the industry.

Sexcoin

We examined digital currencies dedicated to dogs, bananas, dentists so is it awkward to introduce you to the token dedicated to the adult industry? Since 2013 there have been 230 million sexcoins in circulation which by the end of 2017 reached a market cap of $18 million. So, yeah, basically you can support the porn industry by investing in its original sexcoin.

Unobtanium

In the movie ‘’Avatar’’ there is a precious mineral called Unobtanium and it is found on the planet Pandora. It is unclear why such a cryptocurrency exists but it presents itself as “the original rare cryptocurrency”. Do you have some money to waste? You’d better hurry. There are only 250,000 tokens on the market.

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