Hoge Coin is a meme coin that offers DeFi features to its users. Just like Dogecoin, HOGE came out as a novelty ‘meme’ cryptocurrency in 2021. There has been a surge of crypto-related Twitter and Social Media posts. By using Hoge Coin, users can receive rewards with a transaction tax feature. Here, the platform redistributes transaction fees to users.
In this article, you will learn about Hoge Coin, which is a meme token. Apart from that, you will also learn how the crypto works in general. Furthermore, you will also learn about the major features of Hoge Coin. Additionally, this article will also show you how to earn passive income from HOGE. Finally, you will also learn about the major pros and cons of Hoge Coin. Hence, to learn more, read on to the end of the article.
What Is Hoge Coin? – A General Overview
According to The Motley Fool, “Like other meme tokens, Hoge Finance isn’t one you should take very seriously. The white paper claims that “what Mickey Mouse did for the Disney brand, HOGE will do for Ethereum and DeFi.” Just for good measure, the team is also planning the Hoge Space Program to send satellites (and memes) into space.”
At one point, the HOGE was up by 130,000% despite being a meme coin. However, since it is a deflationary token, it is best to avoid the coin. This is because its supply decreases gradually with time.
HOGE coin came as a part of Hoge Finance and started its operations in February 2021. The initial supply was 1 trillion of those tokens. However, during its launch, 50% were burned. During this time, HOGE tokens did not have team allocation, and everyone could purchase them in the open market.
Furthermore, during the launch, the developers remained anonymous. However, later, four developers revealed their identities – Joseph Niehaus, Marc-Antoine Belair, Zach Issa Al-Kharusy, and Florin Podaru.
Basically, Hoge is a community-based project, and the developers of the platform volunteer to work for free. However, they do not use any developer wallet to fund this cryptocurrency project. The project is managed by the Hoge Association, which is a non-profit organization based in Switzerland. This organization also executes agreements and partnerships on the company’s behalf.
How Does The Hoge Coin Work?
According to Binance, “Hoge Finance possesses a number features that differentiate it from other novelty cryptocurrencies. HOGE provides users with ongoing rewards through a transaction tax feature that redistributes transaction fees to users. All HOGE transactions are subject to a 2% tax. Half the tax is burned, establishing HOGE as a deflationary cryptocurrency, while the other half is redistributed to all HOGE holders […].”
Apart from that, there are also various DeFi features of Hoge Coin. Furthermore, the Hoge platform also operates an NFT marketplace platform. This enables the Hoge Finance community members to mint NFTs (Non-Fungible Tokens) in cases of limited-time events.
The Taxation System of HOGE
HOGE is a part of the Ethereum blockchain and it is an ERC20 token. For every transaction that you do with HOGE, you will have to pay a 2% tax. For example, if you transfer 1000 HOGE, there shall be a deduction of 20 HOGE.
There are two portions of the tax. These are:
- Burning 1% of the transaction amount. It means that the tokens go to the burn wallet (which is non-recoverable). Basically, it is impossible for anyone to access this wallet. Since this wallet is beyond access, the tokens get out of circulation as a result.
- Redistributing 1% of the transaction amount to wallet holders. The wallet holders are also among the overall crypto holders who have HOGE in their crypto wallet. However, these holders do not include ones that have HOGE stored in crypto exchanges.
As already discussed, 50% of the token supply was burned during the launch, as 50 billion tokens went to the burn wallet at the start. Once Hoge Finance burns 70% of the total supply, then the 2% tax will be split in this way:
- 1.4% of each transaction to the Burn Wallet.
- 0.6% of each transaction is for redistribution to wallet holders.
HOGE coin: What Are The Factors That Make It Unique?
Basically, the Hoge Coin is deflationary in nature. You can understand this from its taxation system in the previous section. As a result, its supply decreases gradually as it taxes 2% on every transaction. Here, the platform destroys a part of the tax and distributes the rest with HOGE tokens in the users’ crypto wallets.
The focus of the token is to benefit HOGE holders. If you get HOGE tokens in your wallet, you will receive a portion of your transactions on an automatic basis. However, since the supply of the HOGE token is always decreasing in the platform, it can increase theoretically. But, this can happen only if there is a demand for Hoge Finance and HOGE tokens.
Nevertheless, you must understand that HOGE is not the only deflationary token in the crypto market. Such types of cryptocurrencies became extremely common in the crypto market in 2021. Here, many crypto coins came up with the idea of charging taxes on each transaction. However, the differences between each of these tokens include how much they charge and the amount they are redistributing to users.
In addition to these, Hoge Finance also offers NFTs. You can find them on OpenSea, which is one of the largest NFT marketplaces. Apart from that, the platform also offers HogeMint. This feature enables HOGE holders in the Hoge community to mint their own NFTs when there is a limited-time event.
HOGE Coin: Other Essential Features For Investment
There are no “whale investors” for Hoge Coin. It is a decentralized organization that keeps HOGE holders in governance. Additionally, Hoge has also blockchain bridges in place which enable cheaper transactions to happen. It also consists of a Gnosis Chain. Furthermore, HOGE is the only token with the Certik audit feature in its code.
In addition to that, the Hoge Finance project is also serious about launching a mini-satellite to create NFTs in space. This is because Hoge Finance supports an open-source platform, which can be helpful in studying data security.
Here, The Motley Fool adds – “Joseph Niehaus, holds a Ph.D. in atmospheric science; he and the Hoge Aerospace Institute (HAI) have partnered with the College of Charleston in a space exploration program. Time will tell whether these unique pursuits will pay off with a spike in popularity. Just one viral celebrity “NFT from space” meme could boost this token’s trajectory.”
How To Earn Passive Income From Hoge Finance?
You can earn passive income with the help of Hoge Finance, provided you have HOGE tokens in your wallet. Hence, after each transaction, you will have 1% added to your reserves.
Although it is a good option to get passive income, it is important to consider the fact that you are receiving HOGE tokens. It means that if the price of the tokens drops after you receive them, you might lose money as a result. Furthermore, since the meme coin does not have long-term utility, there is a big chance that the price of the token will go down with time.
According to Coin Market Cap, “HOGE launched with the intention of simply being a deflationary “Doge but DeFi”. However, a team of HOGE founders with a larger vision stewarded the project toward a more philanthropic and utilitarian roadmap. HOGE is one of the first DeFi memecoins to successfully complete a Certik audit. No critical, major, or medium findings were found.”
Actually, Hoge Finance works with decentralized storage. It means that a community of developers operates the platform and not a small team of founders. Furthermore, it has a configuration of a decentralized exchange. Hence, it shows a fair power balance in the users’ hands.
What Are The Major Cons Of Hoge Coin?
Here are a few cons of the HOGE coin that you will need to be aware of:
- It is just like most meme coins and does not distinguish itself a lot.
- Like most meme coins and cryptocurrencies, it also comes with transaction fees.
- It does not do anything unique and relies solely on popularity.
- The popularity of the meme depends on engagement on various platforms. Apart from that, it also depends on community engagement and adoption.
- You lose 2% every time you transact with your HOGE tokens, Hence, there is no long-term purpose for keeping the token.
The only benefit is that you earn tokens if you are a wallet holder at Hoge Finance. Furthermore, this becomes a real benefit when other people buy from you and make transactions.
You need to understand that all major crypto has some degree of risk. This is because the crypto market is quite volatile and is in constan change. However, it is a better option to invest in the more stabler option. Investing in Bitcoin, Ethereum, etc., is way better than investing in HOGE coin.
Legality And Utility Of Hoge Coin
HOGE Coin is a part of HOGE finance, which is a non-profit organization from Switzerland. As the application of multiple use cases increases and develops, the aim of HOGE Finance is to attract people from all over the world.
Furthermore, the Hoge community is also utilizing its legal team and not-for-profit Swiss Association to get partnership deals. Basically, a user can also be a member of the Hoge community through Hoge Finance Reddit or Hoge Twitter.
Apart from that, the goal of Hoge Finance is to design a Decentralized Autonomous System (DAO). This way, the community can ensure that the HOGE ecosystem is safe and optimizable, and does not involve intermediaries for completion of transactions. Furthermore, many industry experts also support the DAO framework.
Additionally, when it comes to utility, the goal of HOGE is to attract eSports and gaming fans. Hence, they want to develop various community-driven games with demos that will allow play.
Hoge Coin Investment: Is It Really For You?
Capital.com recommends – “It is important to keep in mind that cryptocurrency markets are volatile, making it hard to predict what the price of the coin will be in a few hours – and even harder to give longer-term estimates. Therefore Hoge Finance predictions shouldn’t be used as a substitute to your own research.”
Basically, whether HOGE is a good investment for you or not depends on what you want to achieve as an investor. However, due to high volatility in the crypto market, especially with regard to meme coins, you must not fully rely on Hoge Coin predictions.
Understand that there is no substitute for your own research. You must always make investment decisions on the basis of your financial ability and risk tolerance.
However, realistically speaking, Hoge coin is not a great investment for the long term. Actually, most investors will probably end up losing money. Basically, if a crypto project depends a lot on memes rather than solving a problem, it is better to avoid it.
Although Hoge Finance talks about some big and futuristic goals, they are still far from achievable. For example, it wants to introduce the benefits of the Ethereum network to the mainstream population. However, one can easily deduce from this that a well-known cryptocurrency like Ethereum does not need Hoge Finance to become more popular.
If you like Ethereum and its future applications, it is better to invest in Ethereum’s crypto. Apart from that, you must also consider investing in other top-end crypto options like Bitcoin. Investing in top crypto options that have actual use cases will work for you in the long run.
Wrapping Up
Hope this article was helpful to you in getting a better understanding of the HOGE coin and how it works. You can see that HOGE coin is not a great option to invest in if you are thinking about the long term. This is because, in most cases, you will end up losing the crypto if you continue transactions. Hence, it is better to go for more stabler options.
Do you have more information to add about the HOGE coin? Consider sharing your ideas and opinions in the comment section below.
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