Quack is the native token of RichQuack.com and was launched in June 2021 by some developers but the information about them is not known as they kept themselves anonymous. It is ranked 295 as of today (2 Nov)on the coinmarketcap with a market cap of ₹7,141,147,577. It is considered a hyper-deflationary token that is prone to deflation in price.
It is a BEP 20 meme token on Binance Smart Chain (BSC) and is known to be reward-paying crypto because it rewards its holders with frictionless yield generation. As a motivation for users to hang onto their tokens and not sell, it uses the unique formula of charging a large 12% transaction fee on each transaction.
To emphasize how this is a community-driven effort, Rich Quack made the decision to skip a presale or team allocation. For five years, the liquidity has been frozen to stop people from becoming violent. Half of that supply was used as liquidity, while the other half was immediately burned.
Additionally, Rich Quack has promised to reward liquidity providers with 50% of the earnings from its Quack Launch Platform. The remaining 20% will be collected for the giveaway, with the remaining 30% being utilized for repurchase and burn.
Factors that helped Quack to receive such popularity
It has a maximum supply of 100 Quadrillion which made it easy for people to buy it as the quantity is that much. The circulating supply of Quack at the moment is 44,085,961.27B which is only 44% of the total.
Because of its high quantity, and the demand being able to be easily fulfilled the price is really low. At the price of a Bitcoin or any other big cryptocurrency, you can buy millions of Quack. At the moment the price of Quack is ₹0.000000162.
Here holders do not have to wait for the deposition of reward fees or to stake. The smart contract awards are responsible for distributing the fees, so because of that fees are reflected in the holder's balance instantly. The protocol charges a 12% fee for each transaction to produce frictionless yield. Holders receive 4% of each transaction, and the remaining 4% goes to the QUACK/BNB liquidity pool. 2% goes to marketing and developer wallets, and 2% goes to pump and burn wallets to provide "an ever-rising price floor."
Backup from powerful people like Elon Musk
Elon Musk is a big supporter of the Meme coin and Quack is also one of them so when powerful people like Elon are supporting and talking about these coins the prices increases. Recently Elon mush has taken over the Twitter platform and he is planning to convert Twitter into a crypto-friendly platform so the demand for meme coins has increased even more.
What can risk the growth of Quack?
Every year so many cryptocurrencies get launched and people prefer to buy the ones which one has better features or is trendier. This way trends keep changing and crypto which is popular today might endup being abandoned tomorrow so there’s a risk of happening to most of the cryptocurrencies.
Easy availability leads to limited growth
Crypto is all about demand, if crypto is too high in quantity, the demand gets fulfilled easily so that crypto has comparatively less chance of getting high values. Here in the case of Quack, the quantity is 100 Quadrillion which is quite high so that can be a thing of discussion.
How can you buy Quack on Suncrypto in India?
It can be purchased in a variety of ways or you can get it as payment for goods and services. The most commonly used and safe method is to get it through a reliable exchange like Suncrypto Exchange.
Follow these steps to buy your RichQuack.com (Quack) on the Suncrypto
- Download the Suncrypto application from the Play Store or the App store
- Complete the KYC process by filling out the requirements
- Deposit the account to buy cryptos on the platform
- Search the Quack meme coin on the application
- Select the quantity and press buy
- And you are done with the buying process
Quack is a cheap meme cryptocurrency and has a fair reputation in the crypto market. So it can be an investment to start with low prices. Even though the investment is easy, a person should do their research before investing in the market.
For more crypto-related information and news you can check out the Suncrypto academy.
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