With the number of cryptocurrencies released daily, there’s no shortage of unicorn projects that see significant price increases shortly post-launch. Capybara world is a recently released Metaverse meme coin listed on CoinMarketCap five hours ago. It already gained over 800% in price with a fully diluted market cap of $2.4 million. Let’s look at Capybara and its token CAPY and see what all the hype is about.

Capybara world is a Solana-based token launched on December 29th and named after the most peaceful animal in the world. CAPY is a Metaverse and Meme coin with a slogan that says: “Buy, Hold, Sleep.”

As part of their roadmap, the Capybara team is looking to develop NFTs and a Capybara game in the second and third stages of their roadmap.

Currently, the team is on their first stage, which includes achieving a $50 million market cap, a CEX listing, merchandise, and a new marketing campaign.

Since Capybara does not sponsor this article and I currently hold no CAPY, I will give you my honest opinion regarding this project.

Using the analysis method described in my previous article about strategies for analyzing crypto Metaverse coins, let’s look at Capybara.

The first red flag is the lack of a whitepaper that clearly describes the project’s vision. The only documentation I was able to find is the roadmap that briefly describes the project’s plans.

The second factor to consider is the relatively low volume of only $37k at writing. It’s worth noting that the low trading volume is typical of a project that only recently launched. In addition, part of the low volume is due to CAPY only being available to purchase on Raydium and Dexlab, and not a more popular DEX like PancakeSwap.

Some pros for Capybara include their high-quality website design and the fact that CAPY is built on Solana, making it more attractive for investors looking for Solana-based projects.

If you’re looking to purchase CAPY, make sure to create a Solana wallet like Phantom, then transfer native Solana USDC coins to your wallet. Finally, navigate to Raydium or Dexlab and purchase CAPY via the USDC trading pair.

You can also transfer native Solana coins to your Phantom wallet via an exchange like Binance, then convert your SOL to USDC on Raydium, then buy CAPY through USDC.

Compared to some other meme tokens out there, Capybara doesn’t seem like such a bad gamble, especially with a fully diluted market cap of only $2.5 million at the time of writing.

While the low trading volume is quite alarming, it only makes sense since this is a brand new token that only launched five hours ago.

If you’re looking for a high-risk, high-reward project with a low market cap, then CAPY could be a good choice. Remember that it’s a gamble at the end of the day, as the team is anonymous and can easily pull the rug from under the project.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

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The post This Recently Added Metaverse Meme Coin Gained Over 800% In the Past 24 Hours appeared first on NullTX.

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