Understanding how much 1 Wakanda Inu token is in NGN will go a long way to help its potential Nigerian buyers know its current value and protection into the future. Wakanda Inu Token is a crypto token built on the Binance Coin platform, with its launch in 2021. This token is touted as the ‘the African crypto blazing the trail with the real-world social impact,’ as such, over 113,000 people own the Wakanda Inu (WKD) cryptocurrency token as of mid-2022, culminating in the most holders of any African cryptocurrency project.
This token was created to represent the strength of the African people worldwide and as a charitable meme token. With many other features to be released in due course, including an NFT marketplace, Launchpad, decentralised exchange, and a staking platform, the Wakanda Inu token harps its attention to supporting the underserved communities in Africa with its charitable outreach.
Therefore, it is important to bring this crypto token to the fore of crypto discourse of the socio-economic relevance it is getting to the African continent. In other words, this is a token of Africans, by Africans, and for Africans, without hesitation of purpose. As Africans, we can all come to terms with the narrative surrounding the “Wakanda” movie, which resonates with the beauty and power of Africa at its best, especially in forging a connection to our roots.
This is why Wakanda Inu token is not only into the business of profits but also into bringing happiness to Africans through its social impacts.
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What Is The Current Value Of Wakanda Inu Token?
Wakanda Inu is traded in two (2) trading pairs across two (2) cryptocurrency exchanges which are Hotbit and PancakeSwap v2. WKD/USDT is the most traded Wakanda Inu pair on Hotbit, with a $ 23,954 trading volume. Wakanda Inu may be exchanged for numerous fiat currencies, including many stablecoins like USDT. Nevertheless, you can buy your Wakanda Inu token on significant exchanges’ wallets like the Metamask wallet via Binance and Coinbase wallet.
As of the time of writing this article, the price of 1 WKD is $0.000000006359, which is about a 1.6% increase in the price in the last 24 hours. Wakanda Inu’s lowest and highest values were $0.0000000052 and $0.0000000846, respectively, in the previous year. Wakanda Inu’s all-time high price is $0.000000118170, which was one year ago.
However, the market cap for the token is not available because of the accurate estimate of the supply in circulation, using the current collection as of January 13, 2023, which will give a market value overview of $6.2 million.
The current value of 1 WKD in Nigeria is about 0.000003 NGN, even as the relative change between the highs and lows of the Wakanda Inu token price in Nigerian naira in the last 30 days shows a volatility of 6.22%.
What Are The Factors That Affect The Value Of Cryptocurrency?
Unlike the fiat currency, which the country’s central bank supports, most cryptocurrencies are not backed by a centralised authority. A government’s backing can increase consumer confidence in a currency’s worth. Still, many over 13,000 cryptocurrencies today lack such support and must instead derive their value from other sources. Therefore, what factors can affect the value of a crypto asset like the Wakanda Inu token?
1. Supply And Demand
Like every other crypto, the value of the Wakanda Inu token is a function of its supply and demand in the crypto market. As this token does not have a supply cap, it is possible for a lot of Wakanda Inu tokens to be released to the public, thereby increasing the supply rate to meet the demands of its users. But, its value may reduce if there is a fall in its market.
2. Cryptocurrency Exchanges
Major cryptocurrencies like Bitcoin and Ethereum are available on almost all crypto exchanges, but this is not the case for smaller tokens like the Wakanda Inu token, as it is only available on a few crypto exchanges. As such, it may not be widely assessed by crypto investors and which can affect its value.
For instance, Prestmit supports major cryptocurrencies like Bitcoin, Litecoin, Dogecoin, and Tether (USDT) to be traded on our platform.
With new ones constantly being introduced, there are at least 13,000 different types of cryptocurrencies. They are simple, to begin with, but it takes work to make them profitable because a network of consumers for that coin needs to be established. If a blockchain-based currency has a practical use case, it can grow a network significantly if it overcomes a competitor’s drawback. An existing competitor loses value if a new one acquires traction, which raises the value of the new currency while decreasing the value of the current competitor.
How To Buy Wakanda Inu Token On Binance
1. Download a Metamask wallet.
2. Create your Metamask.
3. Buy Ethereum as your base currency.
4. Send Ethereum from Binance to your crypto wallet.
5. Choose a decentralised exchange (DEX)
6. Connect your Metamask wallet to your DEX.
7. Trade your Ethereum with the Wakanda Inu token.
8. Find its smart contract if Wakanda Inu does not appear.
9. Click on “Swap.”
The Potential Risks And Benefits Of Buying Cryptocurrency
Cryptocurrency values can change dramatically since they are volatile. As a result, they are a risky investment with the potential for high profits.
What Are The Benefits Of Buying Cryptocurrency?
The prospective returns from investing in cryptocurrencies, a brand-new asset class, are unrelated to those from existing asset classes or the stock market. Cryptocurrencies may give investors a chance to “buy low and sell high” because they are still primarily ununderstood by investors.
Additionally, as cryptocurrencies are not bound to any nation or area, they can be used to pay for products and services anywhere. They become a worldwide investment as a result, not dependent on the state of the economy of any particular nation. Additionally, because cryptocurrency is entirely digital, it is simple to store and move. This makes them a practical investment that is simple to use and trade.
Another advantage of cryptography is security. Because they utilise cryptography to safeguard their transactions and regulate the generation of new units, cryptocurrencies are secure. Additionally, since they are often traded on decentralised exchanges, cryptocurrencies are less vulnerable to theft and hacking.
Finally, cryptocurrencies might see significant price movements since they are volatile. This may be a potential for substantial profit for investors.
What Are The Risks Associated With Buying Cryptocurrency?
Since the value of cryptocurrencies can fluctuate greatly, it might be challenging to predict how much money you will ultimately make if you decide to sell your coins in the future. Cryptocurrencies are mainly decentralised digital assets, so they are regulated by the government. This means there is no assurance for the protection of your funds when it is stolen.
In recent years, there have also been many instances of cryptocurrency fraud. Scammers have occasionally taken advantage of investors by promising high returns on investments that never happen, for example. To prevent being duped, do your homework before buying any cryptocurrency.
As there are only a certain number of buyers and sellers online at any given moment, it might be challenging to sell cryptocurrencies once you’ve purchased them. If the price lowers unexpectedly, you might not be able to sell your coins when you need to or want to, which could cause significant losses.
Wakanda Inu token is steadily making its way to the fore of the crypto market as it tickles the interest of many in Nigeria through its price increase that currently stands at about 0.000003 NGN. Still, it is advisable to do more research on any preferred cryptocurrency you want to buy, including the Wakanda Inu token, better to understand the market intricacies of the crypto asset.