This article was last updated on February 23, 2022
Cryptocurrencies have become an incredibly popular and widespread investment choice. They are a revolutionary new form of digital money that has changed the world and is disrupting the entire financial sector. Naturally, with the incredible success of Bitcoin and Ethereum, many others have created their own cryptocurrencies in the hopes of reaching similar heights. While many of these new currencies have seen varying levels of success, the sheer number of new coins has given rise to a group of gag projects that don’t seem to take themselves all that seriously. One such case is Poocoin, which, although oddly named, has seen some meteoric rises. Today we will be looking at Poocoin, its history, and how you can buy this unusual crypto.
What Is Poocoin?
Poocoin ($POOCOIN) is a crypto token based on the Binance Smart-Chain (BSC). The token gained widespread popularity in 2021 when its price jumped by nearly 700%. While this has since fallen off, the coin is again seeing a resurgence of interest among traders.
Today, it can be bought on its own exchange of the same name or other popular platforms such as PancakeSwap. While it might appear on charts and websites like Crypto.com or Binance, it is not actually available to trade on those.
Because the token exists in the Binance ecosystem, you can only buy Poocoin in exchange for other cryptocurrencies. You will not be able to purchase it with fiat currencies. As such, you will first need to purchase one of the cryptocurrencies that are exchangeable into Poocoin before you can get it.
The coin itself charges an 8% fee on all transfers. 4% of that is allocated for other token holders while the rest is burned.
Poocoin Price History
Poocoin was first made available on the market in April of 2021. When it launched, the token had a price of about $3. However, that did not last long. Following a slight initial slump, Poocoin’s price quickly started shooting up. This was largely thanks to the project’s guerilla marketing and novelty name.
Within the first month of its launch, Poocoin’s price skyrocketed by nearly 700%, reaching one of its highest points at $13.56. However, this lasted only a couple of days until the price stabilized back around the $3 mark.
Since then, Poocoin’s price has maintained a price average of between $1 and $2, with the occasional fluctuation. While few and far between, these dips and jumps have been incredibly drastic and erratic. For example, the coin’s price reached its all-time high on December 23, 2021, when it jumped from $1.46 to $38.02 in a matter of minutes. This did not last long, however, and the price quickly subsided to its earlier position of $1.48.
While such movements are unpredictable and can signal deeper issues, some people have been able to take advantage of them and profit off of the sudden price changes.
Where Can I Buy Poocoin?
Poocoin is a crypto token that has its own exchange platform. On it, you are able to exchange various cryptocurrencies. However, this website operates based on the PancakeSwap platform, so in reality, you would be trading on that if you were to use the Poocoin website.
As a result, users can just head on over to the PancakeSwap website for a more convenient and streamlined experience. There, you will be able to trade Poocoin and over 400 other crypto tokens. In order to use the website, you will first need to set up a supported wallet and fund it with either Binance Coin or another popular exchange token.
Best Wallets To Buy Poocoin With
When it comes to cryptocurrencies, the wallet you choose to store them in can be one of the most important factors to consider. You need to make sure that the one you pick supports a wide variety of assets and blockchains. Additionally, ease of use and integration with various platforms are more aspects to consider as they will make your day-to-day activities much simpler. When it comes to Poocoin, you simply cannot buy the token without a wallet, as you need another cryptocurrency first.
Metamask is the most popular Ethereum wallet and one of the top crypto wallets overall. While the wallet only works with Ethereum-based assets, that is not as limiting as it might sound. Since most popular networks, including the Binance Smart Chain, are based on an Ethereum architecture, they are fully compatible with Metamask, following a quick and simple integration process.
With Metamask, you can easily set up a wallet and have it on hand at all times. Because it works as an extension, Metamask seamlessly integrates into your browsing experience. This makes connecting it to various websites and managing your assets very convenient as the wallet is always a click away. Additionally, as a browser wallet, Metamask saves your private keys in your browser memory and keeps them off the internet. This gives you added security and complete control.
If you want to learn more about the popular wallet, check out our detailed review and set-up instructions for Metamask.
Binance Chain Wallet is another great browser-based crypto wallet. It offers many of the same features and conveniences that Metamask has but under the Binance brand. This is a huge boon in and of itself as Binance is one of the largest and most recognizable brands in the crypto space. Anyone who trades crypto has likely seen the platform and probably even has an account.
Binance Chain Wallet is made to easily integrate with the larger Binance ecosystem. This makes set-up a breeze for anyone who already has an account with the exchange. At the same time, the wallet does not require an account and makes sign-up possible without creating a Binance account. This extra flexibility is another added bonus that expands the wallet’s potential customer base.
Trezor and Ledger are two of the most popular hardware wallets out there. Such wallets are physical devices, often resembling USB thumbsticks, that offer added security. By storing your private keys on them, you keep them safe behind additional layers of protection in “cold storage”.
While these wallets have their own software systems that support a range of assets and platforms, these are limited. Linking your Metamask wallet to one of these will allow you to take advantage of its increased utility, combined with the security of a hardware wallet.
How To Buy Poocoin
Since Poocoin is not readily available on all major exchanges or via mainstream payment methods like fiat currency, you will need to go through a few extra steps before you can buy the token. Here, we have outlined the main steps and what they require.
- Set Up A Metamask Wallet
First, you will need to set up a cryptocurrency wallet in order to store your different assets, including Poocoin. Metamask is one of the most popular options for this and, most importantly, supports Poocoin.
- Configure Your Metamask Wallet For Binance Smart Chain
Before you can use your Metamask wallet with Binance Smart Chain assets, you will need to configure it for the ecosystem. While the process will usually initialize automatically when you connect the wallet to the Binance website, you may need to do it manually in some cases.
To configure your wallet, open the account tab in the top-right and select settings. In the settings menu, select the Networks section and then click on “Add Network”. Here, you will need to manually enter the Binance network information, which can be found on the platform’s website.
- Buy Crypto
Next, you will need to buy a cryptocurrency that you can use to purchase Poocoin. We recommend opting for BNB as it is the most widely used on PancakeSwap. BNB and many more cryptos can be purchased on websites such as eToro, where sign-up is quick and easy.
- Transfer Your Crypto Into Your Wallet
Now transfer your newly-purchased cryptocurrency from your exchange account into your wallet. For this, you might need your wallet’s public address. In Metamask, you can find this in the account details section of the settings menu in the extension.
For eToro, you can do this by heading over to your portfolio page and selecting the currency you want to transfer. In the pop-up window for each transaction, you will see a “transfer to wallet” option. This will transfer your crypto to your eToro Money app, which is eToro’s proprietary wallet. You can download the app from any app store and log in with your eToro account credentials. From there, you will be able to transfer your crypto to your Metamask wallet.
- Buy Poocoin
Now that you have enough BNB in your Metamask wallet, head on over to PancakeSwap and select the “Trade” tab in the top-left. Then click on “Exchange”. Make sure to connect your wallet to the PancakeSwap website, or else your account balance will not display on the exchange. You can do this from the Metamask extension menu while you are on PancakeSwap.
Once you have navigated to the “Exchange” section of the website, you will see a simple currency exchange widget. Here, select BNB as the top currency and Poocoin as the bottom one. This means that you are going to be exchanging BNB for Poocoin.
If you are unable to find Poocoin on PancakeSwap, you might need to locate it manually through the currency’s address. To do so, go to the token selection screen and clock on “manage tokens” at the bottom. Then select the “Tokens” tab and enter the following address in the field: 0xb27adaffb9fea1801459a1a81b17218288c097cc.
Once you have done this, enter the amount of BNB you wish to exchange and make sure that all the numbers are correct. Finally, click on “Swap” and the transaction should go through. Once that is done, Metamask will pop up and ask if you would like to allow PancakeSwap to send you BNB. Click on confirm, and the exchange should deposit the Poocoin into your wallet.
Related: Beginner’s Guide To eToro
Whether you like it or not, there is no denying that projects like Poocoin have the potential to achieve explosive growth. While many view the obscene name as a crude gimmick, it does serve as a draw for many retail investors. Some of the most successful projects in the history of cryptocurrency have had novelty or joke names such as Dogecoin or Australian Safe Shepherd, with its $ASS indicator.
As history has proven, what starts out as a joke has great potential to grow into a serious and highly lucrative investment. Such projects are also priced at a very affordable rate, making them widely accessible to investors of all levels. If you are looking for a project to invest in, but want to save yourself the seriousness and anxiousness that large investments bring, then Poocoin might be right up your alley.