What is $beetles

Answered at Sep 03, 2024

What is $beetles

Beetles ($BTL) is a cryptocurrency token that exists on the Polygon blockchain network. Based on the available information, here are the key details about the Beetles token:

Token Specifications

  • Name: Beetles
  • Ticker Symbol: BTL
  • Blockchain: Polygon (MATIC)
  • Contract Address: 0x2ff1fcb75be82bd3089cc163942ac91a7929c4e9
  • Current Price: $0.007992 (as of September 3, 2024)

Market Data

  • Fully Diluted Market Cap: $799,235,156,424
  • 24-hour Trading Volume: $0 (indicating very low liquidity)
  • Number of Holders: 0 (This data point seems inconsistent and may be inaccurate)
  • Liquidity Pool: $15 (Extremely low liquidity)

Token Analysis

The Beetles token appears to be a relatively new and obscure cryptocurrency with very limited trading activity and adoption. Several key factors stand out:

  1. Low Liquidity: With only $15 in the liquidity pool and $0 in 24-hour trading volume, the Beetles token has extremely low liquidity. This makes it difficult to buy or sell significant amounts without causing large price swings.

  2. High Market Cap vs. Liquidity: The reported fully diluted market cap of over $799 billion is astronomically high compared to the token's liquidity and trading volume. This massive discrepancy suggests the token may be highly overvalued or the market cap calculation may be inaccurate.

  3. Unverified Contract: The smart contract source code for Beetles is unverified, which reduces transparency and makes it difficult for investors to audit the token's functionality and security.

  4. Potential Risk Factors: While the analysis suggests there are currently no explicit warning signs, the token contains "potential scam codes" in its contract. This, combined with the unverified source code, presents elevated risk for investors.

  5. Zero Tax Structure: The token currently has 0% buy and sell taxes, which is generally seen as a positive feature for traders.

Trading Platforms

Beetles can reportedly be traded on Uniswap, a popular decentralized exchange (DEX) on the Polygon network. However, given the extremely low liquidity, executing trades may be challenging.

Comparison to Other Cryptocurrencies

It's important to note that Beetles should not be confused with Beetle Coin (BEET), which is a separate cryptocurrency with its own blockchain. BEET has been around since 2018 and has more established market data and history.

Compared to major cryptocurrencies like Bitcoin and Ethereum, Beetles has negligible market presence and adoption. Its market capitalization, even if accurate, would place it far outside the top 100 cryptocurrencies by market cap.

Investment Considerations

Investing in Beetles token carries significant risks:

  1. Extreme Volatility: With such low liquidity, even small trades could cause dramatic price swings.

  2. Lack of Information: There is very limited information available about the project's goals, team, or development roadmap.

  3. Unproven Track Record: As a new and obscure token, Beetles has not demonstrated long-term viability or adoption.

  4. Smart Contract Risks: The unverified contract and potential "scam codes" increase the risk of vulnerabilities or malicious activity.

  5. Regulatory Uncertainty: Small, unestablished tokens face higher risks of regulatory scrutiny or potential classification as securities.

Conclusion

Beetles ($BTL) is a cryptocurrency token on the Polygon network with extremely low liquidity, limited trading activity, and minimal available information. While it does not currently exhibit explicit red flags, the combination of an unverified smart contract, potential "scam codes," and the massive discrepancy between its reported market cap and actual liquidity raise significant concerns.

Potential investors should approach Beetles with extreme caution and conduct thorough due diligence. The token's current characteristics align more closely with high-risk, speculative assets rather than established cryptocurrencies. As with all cryptocurrency investments, individuals should never invest more than they can afford to lose, especially in tokens with such limited track records and market presence.

It's crucial for anyone considering an investment in Beetles to closely monitor any developments, seek out additional information about the project and team behind it, and carefully assess their risk tolerance before making any financial decisions.