Drip NetworkDRIP
$0.330
Market/Exchange
DRIP Price Prediction and Price Movement
DRIP has been down 30.24 percent over the last three months, and with its small market capitalization, it is very likely that such price movement may continue. However three months is still considered early in the crypto world and it is also likely that DRIP's price may bounce back if it has a solid team and has delivered what they promised on their white papers. Therefore traders should be careful and should research thoroughly and see if DRIP is backed by a solid development team and whether DRIP's technology has any potential to grow.
Please note that this analysis is purely base on DRIP's historic price actions and is by no means financial advice. Traders should always do their own research and be extra careful while investing in cryptocurrencies.
Drip Network Price Chart
About Drip Network
What Is Drip Network (DRIP)?
Drip Network (DRIP) is “the first-ever deflationary daily ROI platform” that offers a daily return on investment. Its DRIP token is a BEP-20 token on Binance Smart Chain (BSC) that promises investors 1% daily returns on their investment for up to 365% of their principal. Rewards come from a 10% tax on all transactions.
For example, if you deposit $1,000 into the Drip Network, you pay the 10% deposit tax and receive 1% on the remaining $900 every day. You do not receive your principal back, but you can get up to 365% of it in rewards, in this case, $3,285 (365%*$900). You can also choose to reinvest your rewards and compound your potential maximum payout. However, the limit is always 365% of your total investment, up to a limit of 100,000 DRIP.
In its roadmap, Drip Network promises a cross-chain bridge to expand the project beyond Binance Smart Chain and NFT rewards for investors that hit specific goals.
Who Are the Founders of Drip Network?
Drip Network was launched in July 2021 by two anonymous accounts called “Forex_Shark” and “BB” and their “team.” There is no other information available about these people, hence why investors should be highly cautious of a possible rug pull. Even though Drip has been around for more than six months at the time of writing, examples like SQUID show that investors should proceed with utmost caution when investing in projects with great promises launched by anonymous accounts.
What Makes Drip Network Unique?
Drip Network takes a different approach than other reflective tokens that promise a deflationary dynamic, making it an interesting case study. The three main aspects of Drip Network are its daily rewards, its referral system, and its compounding mechanism.
Investors can buy DRIP from its native “fountain contract” on the site, thereby waiving the 10% deposit tax, or acquire it from Pancakeswap and pay the tax. As mentioned, investors forfeit their deposit amount but receive 1% daily rewards from “The Faucet.” Drip Network states that deposits into the Faucet are sent to a burn address, making DRIP deflationary. However, the protocol does not specify if all deposited DRIP is burned or only a part of it.
To deposit into the Faucet, investors need to use a referral code provided by someone else - “join someone’s team,” as Drip puts it. Investors can receive referral rewards from newly referred parties if they hold a certain amount of BR34P tokens in their wallets. You can earn rewards from a maximum of 15 referred investors, all of whom need to meet the minimum BR34P token threshold.
Investors can also compound their initial investment, called “hydrating” in the Drip ecosystem. Hydrating incurs a 5% tax instead of the 10% tax on claiming rewards. If investors choose to hydrate instead of claiming their rewards, they raise their principal investment and thus their daily reward.
Yet another way of receiving rewards is “The Reservoir,” which is the reward pool of Drip’s liquidity pool. Investors can provide liquidity to the DRIP/BNB pool and receive a share of the 10% transaction tax. 2% of that tax goes to liquidity providers, 3% is locked in the DRIP/BNB liquidity pool and 5% goes to the reservoir pool. Furthermore, there is a 1% fee on swapping DRIP/BNB, and the fee is distributed to reservoir pool liquidity providers.
There is also a whale tax to curb big holders from dropping the price of DRIP too much. For instance, if a DRIP investor wants to sell more than 10% of the total supply, they would have to pay a 50% tax on their transaction.
Related Pages:
Check out SafeMoon (SAFEMOON) — a popular deflationary token.
Check out Shiba Inu (SHIB) – a dog-themed meme coin.
Learn more about OHM Forks here.
Get the latest crypto news and latest trading insights with the CoinMarketCap blog.
How Many Drip Network (DRIP) Coins Are There in Circulation?
DRIP has a total supply of 1 million. The team does not specify how liquidity was bootstrapped. However, according to Bscscan, the Faucet contract is the biggest holder with 620,000 DRIP.
How Is the Drip Network Secured?
DRIP is a BEP-20 token on Binance Smart Chain (BSC).
BSC is secured using a proof-of-stake (PoS) consensus mechanism. 21 validators are elected every 24 hours to validate transactions and maintain the blockchain’s security. These validators have to stake a certain amount of Binance Coin (BNB) with Binance to be eligible.
Drip Network does not list any smart contract audits.
Where Can You Buy Drip Network (DRIP)?
DRIP is available on Pancakeswap (V2).
If you want to learn more about how to start buying cryptocurrencies, you can read more in our guide.