New cryptocurrency projects launch virtually every day. Finding the right project to invest in can prove incredibly challenging, as the majority of tokens are merely speculative. Clucoin, or CLU, may prove to be slightly different from the rest, as it has real-world use cases.
What Is CluCoin Exactly?
A fair few recent cryptocurrency launches embrace a deflationary token model. Additionally, they often introduce a tax for transactions pertaining to trading and selling. A solid approach to bring short-term speculative value to assets, but these projects need a long-term vision to prove successful. In the case of CluCoin, the reward for holding the token is one aspect of the equation. Its secondary purpose pertains to a charity system that will help charitable organizations worldwide, as documented in the whitepaper.
Unlike other currencies, the CluCoin team purposefully opts for anti-whale protection and anti-bot trading behavior. It is essential to ensure a fair distribution, both via the pre-sale and initial trading on PancakeSwap. A wallet with 1 trillion CLU has been set up, which will help collect dividends from the people who sell this asset. Those proceeds are distributed to a single charity every month, creating a real-world use case for this new project.
A project on this scale would not prove successful or appealing without a long-term roadmap. Now that CluCoin is live and trading on Pancakeswap, the focs can begin to shift to getting listed on more exchanges and making the first charity donation. Stakeholders – users who own CLU – can help determine which charity that will be. The team also plans a mobile application for iOS and Android, enhancing the overall usability and ease of access. As CLU is currently a BSC-based token, a native wallet will be developed in Q4 2021.
Who Is Behind The Project?
It is not all that common in the cryptocurrency world to put a face to a developer’s name these days. This industry’s pseudonymous nature allows anyone to create a currency and bring it to market without specific requirements. For CluCoin, that situation is different, as DNP3 founded it. Some people may know the name, as DNP3 is known for organizing regular giveaways across Twitter, ranging from cryptocurrencies to computers and cash prizes.
A project like this is impossible to set up if it was just one person running the show. Currently, the management team consists of 6 individuals, supported by various helpers, a social media team, and a growing community of enthusiasts who want to see CluCoin succeed. It is possible the team will continue to grow and expand over time, although further details will be announced at the appropriate time.
For a token with a maximum supply of 1,000,000,000,000,000 CLU, it is essential to ensure a distribution that is both fair and transparent. A daunting task, although there are currently over 24,000 CLU holders and over 51,310 transactions across the Binance Smart Chain. Further increasing the fair distribution will prevent a big whale from scooping up most of the supply and manipulate the market.
There is one wallet address controlling a significant share of the CLU balance. That wallet belongs to the team and will see regular tokens burns. Today, a total of 40 trillion coins have been burned already, with another 30 trillion to follow every month for the next few months. The team will burn an extra 65 trillion within the next 64 hours.
OFFICIALLY BURNED 30T FROM SUPPLY 🔥 pic.twitter.com/OZX67IPcZ0
— CluCoin (@CluCoin) May 20, 2021
This will significantly impact the circulating supply in a bit to drive the value higher. Combined with the transaction tax for selling and trading, the CLU distribution will continually shift and evolve.
It is interesting to see a crypto project focus on charities as a real-world use case. The majority of new crypto tokens have no purpose from day one, yet CluCoin aims to head in a different direction. By strictly maintaining the circulating supply and burning tokens – and taxing traders – an intriguing economic model can be established.
Speculation-wise, it remains unclear what the future will hold for CLU. The price has already increased by roughly 750% since its listing on Pancakeswap. Sustaining such a growth level is very difficult, although the team appears to be in talks with KuCoin and Huobi to get CLU listed there and distribute the overall liquidity. It is a project undoubtedly worth keeping an eye on.
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