Although FEG is relatively new in the crypto world, it is not relenting in its bid to be relevant in the market. The Feed Every Gorilla network has made remarkable progress in 2021 despite being relatively new. With projects like FEGex, FEGroox, etc., added to the ecosystem, one can see the significant progress made. However, a series of unfortunate events might put the FEG project at a disadvantage.
FEG Token Swap Contracts Exploited
On 16th May 2022, a post on Twitter by ‘Feg’ about an anomaly on Feg swap contracts would result in the unraveling of two hacks that led to the platform losing over $30M in a span of hours.
The course of Events:
- On 15th May at about 8.20 PM UTC, the Feg Swap to Swap functionality on BSC and Eth chains was hacked.
- Feg team sends out a tweet about an anomaly on Feg token swap contracts affecting BSC and Eth chains.
- Trading of Feg on Fegexchange is paused. Feg tokens on other exchanges are not affected.
- About four hours later, the Feg team is working on a new swap contract as the first is abandoned.
- At about the same time, a second similar attack is made on the swap contract. The attacker gets away with about $1.9M of BNB and ETH.
- FEG partners with Peckshield to try and stop the attack.
- The attacker would later send the funds to Tornado cash to wash the money. The transaction link below shows how some of these funds were sent to Tornado Cash.
https://bscscan.com/address/0xf99e5f80486426e7d3e3921269ffee9c2da258e2
FEG token is way out on the higher end of the risk spectrum with its market capitalization of $245 million. Being around #3373 in terms of token rankings by market cap makes FEG a very speculative, high-risk, high-upside pick, as one analyst pointed out. What’s going for this coin and why should you include it in your portfolio?
Today’s FEG Token price is $6.28e-10 with a 24-hour trading volume of $230,228. FEG Token is up 2.32% in the last 24 hours. The current CoinMarketCap ranking is #3511, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.
Read Also: How to Buy FEG Token
What’s happening with FEG?
FEG announced their partnership with Chiwawa (a Smart NFT platform) on 12 December 2021 and will be powered by FEG’s fWrap pairings, SmartDeFi and SmartNFT.
So far, this is their only partnership to date but there are partnerships to be expected in 2022 and beyond.
Proposed developments
FEG is looking to explore the world of SmartDeFi and they are currently in the third stage of testing. FEG will probably be the first token to adopt SmartDeFi and if this is successful, it has every likelihood to be a ground-breaking development because according to the developers, SmartDeFi defies the very laws of physics as the baseline will go up with every token sold as opposed to the normal way of going down. It will also help to eliminate pump-and-dump schemes.
FEG Token Overview
The FEG Token is revolutionizing the way decentralized finance (DeFi) is structured. FEG Token is dedicated to completely re-imagining and expanding how DeFi operates while also providing the most robust ecosystem ever created for DeFi’s many needed improvements.
The goal of FEG is to create a decentralized transaction network that runs on the Ethereum blockchain. Market fluctuations will drive FEG’s evolution, but the system it operates on makes it likely to succeed.
FEG Overview
| Coin | Symbol | Price | Marketcap | Change | Last 24h | Supply | Volume (24h) |
|---|---|---|---|---|---|---|---|
 | FEG | $ 0.000000 | $ 25.50 M | 4.54% | 40.79 | $ 93.92 K |
How does FEG token work?
FEG is a deflationary cryptocurrency with a maximum circulating supply of 100 Quadrillion units on the Binance Smart Chain and Ethereum networks. On each transaction, a total tax of 2% is levied; a tax of 1% (reflections) will be given to holders of the FEG Token, and a further tax of 1% will be burnt permanently, thus incentivizing holders to hodl while also lowering the circulating supply over time.
As a result of the decreased supply, the token’s scarcity rises. A supply and demand model is created as a result of this inversely proportional connection. Furthermore, the number of tokens that may be destroyed is limitless. As a result, the value of the FEG token will continue rising.
Brief history of FEG Token
The FEG token creators remain hidden, which may be a concern for some crypto investors. Nobody will be held responsible if FEG token decides to cash out and abandon its platform if no available team is behind the project.
In 2021, the cryptocurrency began trading on Binance Smart Chain and Ethereum. Because there is a fixed amount of 100 quintillion tokens in circulation, the currency was worth little per unit.
Many of the tokens have already been destroyed since the start. On Ethereum’s network, approximately 58 quadrillion FEG coins have been destroyed, and on Binance Smart Chain’s network, about 56 trillion. The maximum supply left is around 42 quadrillion tokens on Ethereum and approximately 44 quadrillion tokens on Binance Smart Chain.
The FEG ecosystem
FEG Token is a hyper-deflationary token with a maximum circulating supply of 100Q (quadrillion) on both the Ethereum blockchain and the Binance Smart Chain that involves an inaccessible burn wallet. Depending on each holder’s percentage of ownership, a 2% transaction tax is distributed among all holders—this includes the burn wallet, which is essentially a holder that collects more tokens over time as transactions occur.
As the circulating supply decreases, the scarcity of the token increases. This inversely proportional relationship constitutes a supply and demand model. There is no limit as to how many tokens can be burnt. Without a burning limit, holders get to enjoy a never-ending cycle of passive income with positive price pressure
Decentralized
There is no single primary owner of the token since it is entirely decentralized. All decisions are made with the community’s interest in mind.
Burn rate
Every transaction results in a 1% burn rate, which reduces the supply of FEG over time.
Rewards
To discourage weak hands, FEG provides its holders with a 1% tax on each transaction.
Further development
It is expected that FEG will continue to expand into the cryptocurrency market by releasing specific items that will guarantee the token’s long-term viability.
Pros and Cons of investing
The FEG token is one of the most volatile crypto assets, comparable to Dogecoin. These cryptocurrencies change in price with great frequency. Celebrities’ and public figures’ endorsements or lack thereof can cause fluctuations in the market.
However, venturing into cryptocurrency can be a smart decision, while it might also disappoint. Based on anticipated USD projections, the following are some of the benefits and drawbacks of investing in FEG Token.
Pros
- The FEG token has a strong potential to grow in a bull market, according to recent FEG token price forecast.
- FEG is a great example of a relatively new cryptocurrency that has been driven by quality growth and market demand.
- Because we’re in a bull market, most tokens should rise in value. FEG Token is no exception, and if the bull run lasts for an extended period of time, FEG Token prices on the Binance exchange may reach new all-time highs.
Cons
- Many individuals make investments with the intention of generating more money. However, making an investment in FEG may result in significant losses, as the market is unable to guarantee consistent growth on a regular basis.
- Trading with FEG may be successful only if you keep up with crypto news and are aware of any events that might significantly or minimally impact the forecast price.
FEG Token Price History
The current price of FEG Token is $0.000000001796 with a 24-hour trading volume of USD 464,563. Its current market cap is $73.89 million.
FEG has reached Fib 78.60 and it will go to the moon very soon.
Don’t miss the train, HODLER finally can have a smile.
This is just an Idea, Not financial advice.
FEG token price prediction Source: TradingView.com
FEG/USDT chart doesn’t exist on the Tradingview so I analyzed FEG/ WETH chart.
FEG/USDT prices:
buy point:2*e-9 rocket launch time: 18 September
tp1=2*e-8 (%1000 gain in 3 days)
tp2=3*e-8 (%1500 gain)
tp4=4*e-8 (%2000 gain)
Source: TradingView.com
FEG Token Price Predictions by Authority Sites
DigitalCoinPrice
DigitalCoinPrice believes that FEG cryptocurrency is a profitable investment and its price will increase in the future. By the end of December 2022, FEG token price could be worth $0.0000000086 per coin (57%) and by the middle of 2025, its price is predicted to be $0.0000000145 (165%).
Wallet Investor
Wallet Investor predicts a long-term earning potential of +80.57% in one year for the FEG token and that price can go up from $0.000000003 to $0.000000005 in one year. The FEG future price will be $0.000000012 in 2027.
Coincodex
Based on data from June 06, 2022 at 02:46, the general FEG Token price prediction sentiment is bearish, with 2 technical analysis indicators signaling bullish signals and 23 signaling bearish signals. Comparing FEG Token against other important technological innovations and trends, in the best-case scenario, FEG price prediction for the year 2025 is $ 0.0000000067 if it follows Facebook growth. In case FEG Token would follow Internet growth the prediction for 2025 would be $ 0.0000000013.
Cryptopolitan
For the years 2022 to 2024, FEG token price prediction shows an almost negligible growth. As trading picks up in the following years, the prognosis is brighter with the price jumping up to 200% from its 2025 value to its 2030 value.
Over the past 7 days, FEG Token price was most positively correlated with the price of Aave (AAVE), Axie Infinity (AXS), Zilliqa (ZIL), Cardano (ADA) and BitTorrent (BTT) and most negatively correlated with the price of Compound Dai (cDAI), Terra Classic (LUNC), Sapphire (SAPP), Nexus Mutual (NXM) and WEMIX Token (WEMIX).
FEG Token Price Prediction by Industry Influencers
Listen to the milestones FEG has reached in 2022 including SmartDeFi deployer, 1 million holders, FEG 1st birthday and FEGex new UI Beta updates. You can know more from their current advertising channels, Dubai Expo updates, and overall approaches with market makers.
Verdict
On each FEG transaction, a tax of 1% will be distributed to the holders and a further 1% will be burnt, hence incentivizing holders to hodl and decreasing the supply over time. As the supply decreases, the scarcity of the token increases. This inversely proportional relationship constitutes a supply and demand model. Furthermore, there is no limit as to how many tokens can be burnt. Without a burning limit, you know what happens next.
Taking a look at recent developments and the proposed ground-breaking development scheduled to be released anytime from now, you will agree with me that the growth of FEG is inevitable. The ecosystem is continually increasing and 2022 is another year that would herald additional developments. They would be more aware of the FEG token, too.
Also, the proposed SmartDeFi is poised to change the game for FEG as buyers will know the risk ratio before they even get to trade. SmartDeFi will increase the burn rate of FEG. They also are planning to implement SmartNFTs, hence the partnership with Chiwawa.
The attack could not happen at a worse time. The crypto market has been trading in bear markets this year. The Luna crash earlier in the month was sending altcoins tumbling. The attack led the Feg token to lose over 99% of its value. It remains uncertain whether the team will be able to recover the funds.
The future looks uncertain for FEG from 2022 and beyond but with greater transparency about the founders, some might just regain confidence in NOT selling their FEG tokens. The FEG Token market is relatively small compared to traditional markets, and “whales” can single-handedly have a big influence on FEG Token’s price movements.
Source: https://www.cryptopolitan.com/feg-token-price-prediction/