Global events have often inspired new crypto tokens. The recent demise of Queen Elizabeth II saw the creation of over 40 memecoins. The next big event for 2022 is the upcoming FIFA 2022 World Cup, and unsurprisingly, there is a crypto token for that as well.
World Cup Inu (WCI) is an Ethereum-based cryptocurrency in support of the 2022 FIFA World Cup. The token’s Defi (decentralized finance) platform allows holders to take part in lotteries and sports betting. Users can bet on their favorite teams via the Ethereum Network. Bets are saved on a smart contract and retrieved when the winner is declared. Nonetheless, there is a 10% tax on bets.
However, what’s most intriguing is the fact that WNI has rallied by 1621.8% in the 14-day charts. In just the past 24 hours, the token has rallied by 31.6%.
Now Soccer, or football depending on where you live, is one of the most popular sports in the world. Moreover, the FIFA World Cup is one of the most watched and celebrated sporting events, taking place every four years. The 2022 FIFA World Cup will be played in Qatar, between the 20th of November and the 18th of December. With so many eyes on the event, it is not surprising that somebody thought it a good idea to create a crypto token for the same.
Will such crypto tokens last?
Crypto tokens such as WCI, or the ones made during the Queen’s passing, celebrate a moment in our time. Hence they are not made to last beyond the hype of the event. The World Cup Inu might generate a lot of interest, especially during the World Cup, but it is unlikely to stay after the event is over. Sports betting is a big industry on its own and is full of malicious players, but a smart contract might help reduce the number of illicit players. Unless of course, the WNI token itself is a scam, which as of now cannot be proven.
However, Coingecko does point out that the “token has a variable tax function on the smart contract to change tax rates post-deployment.”
Nonetheless, it is better to be cautious with such projects, than be sorry. At press time, WCI was trading at $0.02358191, up by 18.3% in the last hour.