Dissecting Indonesian Project: BotX A Million Sensations Token

Portalkripto.com– Lately the crypto market in Indonesia has begun to be enlivened with projects made by local hands. With the gimmick of the nation’s token, local crypto projects have begun to enliven the country’s crypto exchanges.

But don’t be proud yet. Because not all projects or products with frills made by the nation’s generation are potential, especially as an investment product that requires precaution before you purchase it.

In this article, the editor of Portalkripto.com will dissect a local crypto project called BotXCoin (BOTX). You must have heard of this token. Obviously, since the marketing are insane, plus the owner of this project is a top influencer in the country: Indra Kesuma as known as Indra Kenz.

In their whitepaper, BOTX developers have a mission to build their own blockchain infrastructure. In addition, the developer has ambitions to create a copy trading platform.

BotX is currently built on the Ethereum blockchain. Based on transaction data on Etherscan, it turns out that BotX smart contracts have been created since 2018. The total first printed supply at that time amounted to 27 million tokens.

However, in the midst the journey, BOTX re-printed their supply. The total supply of BOTX currently amounts to 5 billion tokens.

Holders Developer Address Unlocked

When it launched in July 2021, BOTX received various responses straight away, ranging from positive to negative.

One of the crypto influencers at Tiktok Coinfolks, criticized the unlocked address holder allegedly owned by the developer. Coinfolks said, by showing holders’ addresses on the etherscan Botx, that there are majority holders of 30% of the total unlocked supply.

According to him, this method is highly dangerous. Knowing if the addresses of most token holders aren’t locked, it’s very vulnerable for this project to be considered as a scam. Since the developer can liquidate the supply at will.

As a result, prices will crash. And investors who have invested in this project will suffer losses.

“By not locking the address in the developer contract, it can be very dangerous,” Coinfloks said on its Tiktok account last July.

Until now, the address of the developer holders who hold 30% of the total BOTX supply hasn’t been locked. The holder’s address is 0xfb73079c5fa522131f9bc8be274c9e06907cda97. This address holds more than 1.5 million tokens of the total supply.

Other than that, there are two addresses that hold a lot of BOTX’s total supply which is also unlocked. They respectively hold 17% and 15% of the total supply.

Price Movement

BOTX is currently listed on a number of central exchanges. One of them is at Indodax. Based on charting data on Indodax, BOTX once reached its highest price at IDR 30.835 on July 26, 2021, or a few days since this token was listed on Indodax.

However, the price movement of BOTX since breaking through its highest price has continued to decrease. In today’s trading, Tuesday, September 7, 2021, the price of BOTX is in the range of IDR 25 thousand. Based on the trend chart on the one day time frame, the movement tends to be sideways and shows bearish signs.

According to Coinmarketcap data, the total trading volume of BOTX in the last 24 hours was only $469,388. When compared to fellow local tokens, for example TKO currently controls a trading volume of $72,655,743.

Based on this market cap, BOTX ranks 3169 coinmarketcap.

Roadmap

This year, BOTX promises to launch a copytrading platform. Still, until this September, the project hasn’t been seen to get realized. Even so, in a post on their official Twitter account, in September they will give a surprise.

It’s important to be noted for every trader or investor, don’t get carried away with the gimmick of the nation’s tokens. Not necessarily a fancy gimmick in line with the project’s quality. Come on, be critical before purchasing crypto assets.

 

AUTHOR: IQBAL LAZUARDI/PORTALKRIPTO.COM

TRANSLATOR: FARIZA AULIA