Overall, Dromos Token (DRM) isn't a well-known cryptocurrency since the product it touts hasn't been released yet. Aiming to make purchasing altcoins a bit more seamless, Dromos wants to create a decentralized exchange to compete with others like Uniswap and Sushiswap. With this new decentralized exchange on the horizon, what's the price prediction for DRM?
As a decentralized finance exchange token running on the Binance Smart Chain (BSC), DRM can be secured and stored to compatible wallets like MetaMask and TrustWallet. While there isn't an extensive amount of information on the website or the white paper regarding the founders and the logistics of this launch, interested users have been purchasing the token on PancakeSwap.
Dromos Token on "the Road to DeFi"
According to the website, Dromos Token is "inbound to Q2," which means that the exchange is about to be released. As a prospective decentralized cryptocurrency exchange, other tokens will be able to provide liquidity if they pass an audit. If the tokens don't undergo a proper audit, then they will be flagged since the audit ensures other holders that the tokens aren't fraudulent.
The founders of the project speculate that DRM is "sure to hold its value." The token will enable features like liquidity mining, yield farming, and auto-compounding staking. Boasting a code that apparently can optimize these features, Dromos Token allegedly benefits from its "double-dipping" strategy.
Critics often compare this double-dipping strategy to the PancakeSwap token, but the DRM founders argue against that fact. This strategy leans more towards decentralized interactions, particularly peer-to-peer with a future marketplace for future investors to shop around for newly released tokens and projects.
Price prediction for Dromos Token (DRM)
Dromos Token (DRM) is stated to be a deflationary token with an embedded burn rate. Essentially, in transacting with DRM for trading, DRM tokens will be burned—a mechanism some speculate will drive the price upwards. Although it hasn't launched yet, the Dromos platform is set to be a free-form platform catering predominately to new investors in the crypto space.
Currently, at the time of writing, the amount of DRM unique wallet holders is 947 with a total and circulating supply of 945,897,188.06981 DRM. In the last 24-hours, DRM has had a total trading volume of $57,436 and has jumped over 500 percent. Now, it trades at $0.00734938 with a market cap of nearly $7 million.
There isn't much signaling a price prediction since the product hasn't been released yet. Many people like the token in anticipation of its release despite the volatility.
Is Dromos token (DRM) a good investment?
While the last 24-hours have shown a significant upward price movement, new investors should air on the side of caution regarding tokens that are self-proclaimed as "hot," especially when the creators are anonymous. Compounding with anonymity, a generic whitepaper, and an outdated Twitter, investors might wait longer than anticipated for this decentralized exchange.