This Binance Smart Chain token just reached a $2 million market capitalization in 3 days since its inception.
Mithril, which is based on the Lord of the Rings franchise, more than quadrupled its market capitalization in just 3 days. According to Poocoin, Mithril has since cooled to about $1.6 million after hitting its fresh all-time high.
What is Mithril?
Mithril is a cryptocurrency token that launched on November 9, 2021. The name ‘Mithril’ comes from J. R. R. Tolkien’s popular novel series ‘The Lord of the Rings’ where Mithril is a “precious, silvery metal, very lightweight but immensely strong.”
Its website doesn’t mention much about the token though. From the descriptions gathered around from their Twitter and Reddit, Mithril is just a cryptocurrency token like any other, with two notable features:
- Wallet restriction: no single wallet can hold over 1% of the total token supply. Although this restriction can be bypassed with multiple wallets, it somewhat helps against giving up too much control and power to a single holder (also known as “whales”)
- Manual burns: The Mithril devs can burn (destroy) tokens whenever they want to reduce the supply. Mithril’s original supply was 100 million tokens, and about 32% have been burned so far.
Mithril was created by an anonymous 4chan user, who wrote “I’ve made some money on shitcoins here, and I’ve gotten rugpulled hard some times too. Speculating is fun, straight up feeding the village is not. So I’m trying my hand on making a coin as an experiment, and making ita s good and honest as possible.”
“My goal is for this coin to reach some stability, and maybe use it later on in a p2p roguelike thing I’m working on. I named it MITHRIL for LOTR memes”, wrote the token’s creator who’s known as ‘Grub’ in the community’s Telegram group.
While such Binance Smart Chain tokens can make money, people should be wary of tokens like these. Over the past few months, we saw many coins like Safemoon, SafeGalaxy and very recently Squid Game which have been made and turned into pump and dump schemes. However, these coins were very obvious pump and dump coins that left a lot of losses for a lot of people. These coins are made to make quick profits and exit the markets.
While the creators of Mithril haven’t given any indication that this is one of these ‘get rich quick’ tokens, people should be wary and diligent before investing in any coin that is rising in price just because it’s going viral. Moreover, the coin has no intrinsic purpose that it serves. Unlike other crypto coins that are introducing new technology and have a real-world use case, Mithril has been made just to make money.
Where to buy Mithril?
At the time of writing this article, Mithril’s price stands at $0.033. Mithril is not yet available on any exchanges in India or around the world. However, Mithril can be purchased on the Pancake Swap website. In order to buy Mithril on Pancake Swap, buyers will need an existing crypto wallet like Trust Wallet or Metamask. It should be noted that investors will need to deposit Binance Coin (BNB) into their wallets before they can trade Mithril on the Pancake Swap platform. This is the Mithril token contract – 0xc4caf585c2b7eaf3f61ac69b1529e79f90b15569. This can be used on Pancake Swap to buy Mithril.
Disclaimer: The information provided on this website is for educational and entertainment purposes. The information provided on The Outlooker does not constitute investment advice, financial advice or trading advice. The Outlooker does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial advisers before making any crypto investments.