Is Boss Token Still a “Meme Coin” If It Has a Use Case?
In the cryptocurrency world, a “meme coin” typically has negative connotations to the wider cryptocurrency market. In short, it usually refers to a coin that is ran off of hype and simple speculation, without any utility or use case to speak of.
Common examples are Dogecoin and Shiba Inu.
Boss Token like many other coins built on the Binance Smart Chain are referred to as meme coins.
As a developer I haven’t been shy or reluctant at calling Boss Token a meme coin. Other developers of similar coins try to pretend their project is something it is not, I on the other hand, have been more honest.
When you get to the meat and bone of the matter, the use case for Boss Token right now, is a cool dog in the logo.
For this reason, I expect Boss Token’s price action to mimic what other meme coins are doing in particular Doge & Shiba Inu. Also for this reason, it has gained its share of enthusiastic supporters who enjoy the volatility of this highly speculative cryptocurrency, and also its critics.
However Boss Token has greater potential…
The Future of Boss Token
The status of a meme coin can take a project far by building a decentralized community. However this can be taken even further with a use case. I believe the developers of various successful meme coins have also figured that out, such as the Shiba Inu & FEG team launching their own use cases on what were originally called “meme coins”.
What can the use case of Boss Token be?
Looking at the BSC cryptocurrency space, I feel it is very immature and has room for products and useful services to grow inside of it.
This week, we launched a website named “Boss Rewards” which tracked the rewards from reflections holders gained, and simplified the tokenomics in a way that was not so theoretical.
People who use Boss Rewards, can quite easily see how much they made from buying $BOSS in a easy to understand dollar amount. Many holders of Boss Token were happy to see this new feature.
However it is only a minor update for the token, it still has no actual use case yet.
Developing Use Cases for Boss Token
What is the mark of success for a cryptocurrency? at what point is it no longer just speculation? Well, I believe it is simply when people buy the token specifically to use for something aside from trading.
Something I have been very impressed with is how Binance has used their native coin Binance Coin (BNB) in almost all aspects of their website.
Holding BNB in your account, gains access to specific products, reduced fees, better rates of services and more.
It is quite feasible, that someone would buy BNB for the specific purpose of using it for the aforementioned reasons. I know this, since I bought BNB before, just to get lower fees on their exchange. Which was the first time I bought any cryptocurrency for a purpose that was not simply to resell.
The idea came to me, make a dApp that is free for everybody to use, but you had to hold a certain amount of Boss Tokens to gain access to the premium features.
This does two things;
- Attract a wider pool of potential customers who use the product, that could buy Boss Token specifically to gain access to the premium features.
- Have a certain amount of people that want to sell their Boss Token, keep a small bag to still make use of the dApp’s premium features.
Unfortunately, I can not say just yet what exactly these products that make use of Boss Tokens are, as they will be revealed at a later stage when development is ironed out.
However the principle of these products are simple. They will help people in the cryptocurrency space save time, and stay more secure.
In this, I am confident.
However, it should be clear that incorporating a cryptocurrency into genuine use cases gives a coin a certain staying power and strength that many other coins fail to attain.
When we see people buying Boss Token for the specific purpose of using our dApps, who would otherwise not be interested in a funny dog coin, then we know we have done our job of making a use case.
So would Boss Token still be a meme coin?
It depends on what people want to think of it.
No matter what, a cryptocurrency with a dog in the logo will always be considered as a meme coin by a large section of the cryptocurrency market. However, there is tremendous potential in combining the community that comes with a meme coin with actual use cases of the token further down the line.
This also gives Boss Token added longevity as it now could fair better in a potential bear market, since a number of people would still use the products after the supposed bull run.
I think a lot of people will be surprised by Boss Token and what we have planned.
