Shan

Answered at Sep 24, 2024

Shan: A Multi-Faceted Cryptocurrency on the Binance Smart Chain

Overview

Shanum (SHAN) is a cryptocurrency token launched in 2022 on the Binance Smart Chain. It aims to provide a decentralized finance (DeFi) platform with multiple functionalities, including staking, farming, and NFT trading.

Key Features

DeFi Platform

SHAN operates as a DeFi token, allowing users to stake and farm the native token. The platform offers staking and farming options with potential APR rewards of up to 200%.

NFT Marketplace

Shanum incorporates an NFT marketplace where users can trade digital collectibles. The platform supports NFT staking, enabling holders to earn SHAN tokens as rewards.

Tokenomics

  • Total Supply: 1,000,000,000 SHAN
  • Current Price: $0.000263 (as of September 24, 2024)
  • All-Time High: $0.010799 (reached on January 25, 2023)
  • All-Time Low: $0.000122

Market Performance

SHAN has experienced significant volatility since its launch. The token reached its peak price of $0.010799 on January 25, 2023. As of September 24, 2024, SHAN is trading at $0.000263, representing a 97.56% decrease from its all-time high.

The current price shows a 115.81% increase from its all-time low of $0.000122. Over the past 24 hours, SHAN has seen a 20% decrease in value.

Trading and Liquidity

SHAN's trading volume remains relatively low, with an average daily trading volume of approximately $511.63 over the last 30 days. The token is primarily traded on Indodax, with limited liquidity. The total DEX liquidity (TVL) for SHAN is reported at $0.05304.

Technical Analysis

Based on daily price data, SHAN's technical indicators suggest a bearish trend. The token's price is currently below key moving averages, indicating potential downward pressure.

Use Cases

  1. Staking and Farming: Users can stake SHAN tokens or provide liquidity to farming pools to earn rewards.
  2. NFT Trading: The Shanum NFT marketplace allows for buying, selling, and trading of digital collectibles.
  3. NFT Staking: Holders of Shanum NFTs can stake their digital assets to earn SHAN token rewards.

Challenges and Risks

  1. Low Liquidity: SHAN's limited trading volume and exchange listings may pose challenges for large transactions.
  2. Price Volatility: The token has experienced significant price fluctuations, which may present risks for investors.
  3. Market Competition: As a relatively new project in the crowded DeFi and NFT space, Shanum faces stiff competition from more established platforms.

Conclusion

Shanum (SHAN) represents an ambitious attempt to combine DeFi functionalities with NFT trading on the Binance Smart Chain. While the project offers innovative features like NFT staking, it currently faces challenges in terms of market adoption and liquidity. The token's price performance has been volatile, and it remains significantly below its all-time high.

Potential investors should conduct thorough research and consider the associated risks before engaging with the Shanum ecosystem. The project's future success will likely depend on its ability to attract users, increase liquidity, and compete effectively in the rapidly evolving DeFi and NFT markets.