The Osaka Protocol is a new meme-themed initiative that honors Shiba Inu. With its OSAK cryptocurrency reflecting the same economic model as SHIB, many are wondering if the Osaka Protocol might follow a similar price trend.
This article by AZCoin will provide you with all the necessary insights to help you decide if Osaka Protocol is worth your time!
What is Osaka Protocol (OSAK)?
The Osaka Protocol is a combination of meme culture and decentralized finance (DeFi). It features a black Shiba Inu dog named “Osak” as its mascot, highlighting its playful, meme-inspired aspect that nods to the Shiba Inu project. Notably, the protocol utilizes the same smart contract framework that SHIB does.
Delving into the Osaka Project
The official website of the project highlights the phrase “rebirth of true decentralization” to characterize the Osaka Protocol. In addition to this tagline, the site provides further insights into how the protocol seeks to foster a landscape of equality and collective accountability.
To realize this admirable goal, the project’s framework encourages a system where the percentage of ownership correlates with one’s degree of responsibility and impact. Essentially, the bigger the investment, the greater the responsibility and influence one wields.
This strategy addresses the concept of shared responsibility. However, regarding equality, it clearly leads to disparities, as those with larger stakes gain more power.
The About section of the Osaka Protocol crypto project elaborates on its core principles. It begins by emphasizing that the protocol reinstates the foundational rules of Shiba Inu. By aligning with the vision set forth by SHIB’s creator, Ryoshi, this initiative asserts its commitment to decentralization.
The Team Behind the Osaka Protocol Crypto Project
The Osaka Protocol crypto project emphasizes decentralization, aligning with Shiba Inu‘s core principles. This approach means there is no designated developer team; instead, all holders of the native token act as developers.
Although the community now oversees the project, it initially had at least one creator who set up the official website, established social media profiles, and minted the OSAK token.
This brings us to Mephisto. As mentioned in a Medium article, Mephisto serves a role in the Osaka Protocol similar to Ryoshi’s contribution to Shiba Inu. This individual or group developed OSAK cryptocurrency but is relinquishing control of the community.
Osak Army
Inspired by the SHIB community, the Osaka Protocol crypto project has its own group called the Osak Army. Anyone with internet access can become a member of this community, which serves as the project’s team. The official website provides guidance on how to join the OSAK team.
Osaka’s DeFi Perspective
The Osaka Protocol is often considered more of a meme coin than a true DeFi token. However, it does provide users with access to a unique app where holders of $OSAK can engage in farming activities. To enter the Osaka dapp, simply click on the “Go to dapp” button found on the project’s website.
The first 45-day farming option has now ended. Nonetheless, you can still take advantage of the secondary 180-day Uniswap liquidity pool farming opportunity.
In addition to the mentioned farms, the protocol offered a 45-day window for users who may have unintentionally sold their SHIB tokens too early to claim their portion of $OSAK. Any amounts that were not claimed from that total will contribute to the aforementioned 180-day farming opportunity.
Is Osaka Protocol (OSAK) Cryptocurrency Legal?
The Osaka Protocol (OSAK) appears to be a legitimate crypto project. It has received high ratings from tools like DexTools, which scored it a perfect 99 out of 99. Additionally, Moralis awarded it an impressive score of 86 out of 99 using a more comprehensive evaluation.
The protocol operates on Shiba Inu’s smart contract, which has a reliable history. On-chain data also supports Mephisto’s assertions. For example, half of the total token supply was “burned” by transferring it to the “Shiba Inu: Deployer” address at “0xb8f226ddb7bc672e27dffb67e4adabfa8c0dfa08”.
However, it’s wise to do your own research on the project to come to your own conclusions!
Comprehensive OSAK Token Overview
If you’re interested in becoming part of the Osak Army or simply looking to trade $OSAK, it’s essential to grasp the fundamentals of this cryptocurrency. We’ve created several sections below that delve into OSAK’s tokenomics and provide a price analysis.
OSAK Crypto Tokenomics
- Project Name: Osaka Protocol
- Token Symbol: OSAK or $OSAK
- Network: Ethereum
- Token Type: ERC-20
- Smart Contract Address: 0xa21Af1050F7B26e0cfF45ee51548254C41ED6b5c
- Mint Date: April 6, 2023
- Initial Total Supply: 1,000,000,000,000,000
Token Distribution
- 10% allocated for the initial liquidity pool (LP)
- 30% distributed as an airdrop to users who sold SHIB
- 10% set aside for LP farm incentives
- 50% designated for Ryoshiresearch
Where can you purchase $OSAK?
If you want to buy a bag of $OSAK, you can choose from The best crypto exchanges page. There, you’ll see a comprehensive list of all centralized exchanges (CEXs) and decentralized exchanges (DEXs) that provide the trading pair you need, along with their trading volumes. This makes it easy for you to select a market that aligns with your objectives.
To find a DEX or CEX with adequate trading volume for this cryptocurrency, simply follow the guidelines above.
If you opt for a DEX, you’ll require a hot Web3 wallet (like MetaMask) to connect to the platform. From there, you can choose the trading pair and complete the on-chain transaction.
Using a CEX is generally even easier. Once your account is set up and funded, the process is quite simple: just navigate to the token’s trading pair and carry out the trade. Just remember, when using CEXs, you won’t have full control over your cryptocurrencies.
Is it possible for OSAK to mirror SHIB’s success?
It’s important to remember that accurately predicting future cryptocurrency prices is nearly impossible. The cryptocurrency market is well-known for its erratic nature and lack of predictability. Therefore, utilizing technical analysis alongside real-time on-chain data is the best approach to stay informed.
Now, before diving into where you can access this information, let’s explore the idea of the OSAK token potentially replicating SHIB’s journey. If that were to happen, what price could $OSAK reach?
Looking at SHIB’s all-time high prices, we could estimate that in such a scenario, OSAK might hit around $0.000075. This would represent an increase of over 3,000 times its current value.
Predictions for the Future OSAK Token Price
Analyzing the chart above suggests that OSAK might be on the verge of a significant increase. This could lead to it reaching a new all-time high (ATH).
If this happens, the token would enter a phase of price discovery. We can utilize the Fibonacci retracement tool to identify potential price targets. The most optimistic target, indicated by the “4.236” extension level, suggests a price of $0.0000001713. This figure is nearly seven times higher than the current price of OSAK.
Conclusion
Osaka Protocol is not just a regular meme coin project but also has great potential with outstanding features in technology and community. With the combination of decentralization and creativity, Osaka Protocol promises to bring many attractive investment opportunities for those who believe in its future.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
