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01/19/2024

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Weekly Token Spotlight: FREN

$FREN is the utility token of the ADA Peepos Ecosystem. The token was launched a memecoin rally in December 2023 through a pre-sale available only to Ada Peepo NFT holders.

Weekly Token Spotlight: FREN

$FREN is the utility token of the ADA Peepos Ecosystem. The token was launched a memecoin rally in December 2023 through a pre-sale available only to Ada Peepo NFT holders. In the weeks after it’s launch the token was consistently in the top 3 Trending on TapTools, quickly becoming a popular memecoin on Cardano. This article delves into FREN, it’s tokenomics, liquidity, and more.

FREN Tokenomics & Distribution

$FREN Distribution Pro Page on TapTools

FREN originally launched with a total supply of 420.69 billion tokens however this has been reduced to 389.53 billion through various token burn mechanisms. Currently there are 316.03 billion tokens in circulation, equivalent to 81.1% of the total supply. At 0.0000285 ADA per token, this gives FREN a market cap of $4,578,772 and a diluted market cap of $5,661,864, placing it at #31 in the Top 50 on TapTools.

FREN has 3,256 up 0.74% in the last 7 days. The token has a median holder balance of 4.83M FREN equivalent to 136.61 ADA, and an average holder age of 21.50 days as the token only recently launched towards the end of last year.

The above image breaks down the tokenomics of FREN. 70% of the supply was allocated toward the token presale and LP, with the rest being split between airdrops, advisors, the team, and project reserve. The intial LP used to launch the token has been burned and the team tokens and reserve are vested.

Liquidity

$FREN Liquidity Pro page on TapTools

$FREN currently has 627.20K ADA in liquidity across 3 Decentralized Exchanges on Cardano. The vast majority is on Minswap which holds 97.37% of the tokens liquidity, followed by Spectrum Finance which has 2.52% of the liquidity, and finally VyFinance holds 0.10% of the tokens total liquidity.

Volume

$FREN Volume Profiler Pro page on TapTools

There have been 46,145 $FREN trades on Decentralized Exchanges totalling 63.16 million ADA in trading volume, which is significant considering the token only launched around one month ago. The token has 31.79 million ADA in buy volume and 31.37 milllion ADA in sell volume. A large portion of the trade volume has been medium to smaller size wallets.

Utility

We’ll now delve into the various utility that $FREN has to offer

Lending/Borrowing

Holders of the $FREN token can leverage their assets on Levvy Finance to take loans against them.

Staking

FREN staking allows ADA Peepos NFT holders to stake their non-fungible tokens, earning FREN rewards while navigating 12 unique locations on this lore-themed platform, mirroring mining with halvings and offering trait-based bonuses.

Burning

There are multiple burning mechanisms that burn $FREN, lowering the total supply which makes the token more scarce. The team uses ADA generated from NFT royalties and FrenSwap fees to buy $FREN from the open market and then burn it.

Conclusion

In conclusion, $FREN has swiftly become a prominent memecoin on Cardano, entering the TapTools Top 50 and gaining traction within the community. The token’s various utility, including multiple burning mechanisms, contributes to its growing popularity and relevance in the crypto space. Notably, $FREN boasts a strong and highly active community, engaging across various social media channels. It will be interesting to see how the FREN token develops in Cardano’s memecoin scene over the coming weeks and months.

You can find out more about $FREN at the following link: https://www.adapeepos.com/#token

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ORIGINAL SOURCE

https://medium.com/tap-in-with-taptools/...

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