$PEEN is a new, outrageous ETH-based meme coin with a max supply of around 800M. Rather than focusing on cats and dogs, the meme coin evolves around males’ private body parts in a cartoonish manner.
Meme coins rallied as BTC reached ATH, signaling the high demand for meme coins. Based on the ‘peenpaper,’ $PEEN is aiming to be the most hyped meme coin in 2024.
This guide will show how to buy $PEEN from a decentralized exchange, Uniswap.
Step 1 – Create a Crypto Wallet
A crypto wallet is where all your cryptocurrencies are stored. Most crypto wallets are free. As $PEEN was launched on Ethereum, a wallet that supports ETH and ETH-based tokens is recommended.
MetaMask is a popular choice. It only supports Ethereum Virtual Machine (EVM) tokens including $Peen. It is also available as a browser extension and a mobile app. Creating a MetaMask wallet takes less than 2 minutes.
Step 2 – Purchase Ethereum (ETH)
When buying or selling cryptocurrencies on Ethereum, a fee is collected for any transaction. The fee, which is also referred to as ‘gas,’ is paid to entities or individuals that validate transactions in the network,
To buy $PEEN, you must ensure you have Ethereum in your balance. Ethereum gas fees are fluctuating. You may view the Ethereum gas tracker to see what is the current fee (approx.) for transactions.
To top your crypto wallet with ETH, you may buy it directly from MetaMask via a credit card and other payment methods that are available in your region (using the ‘Buy’ option and choosing Ethereum).
Alternatively, you may choose a cryptocurrency exchange such as MEXC or Binance. The Ethereum can be purchased at the exchange. After the transaction is completed, you will need to send the ETH that was bought to your crypto wallet (make sure you paste the correct wallet address or your cryptos will be lost!).
Step 3 – Buy $PEEN from Uniswap
Uniswp is the biggest decentralized exchange for ETH and ETH-based tokens.
$PEEN’s official website has a direct link to the Uniswap exchange. Using this link will make sure you have the right contract address, and ensure you are buying the correct token.
You must first connect your wallet to Uniswap. Choose the amount of ETH you wish to spend to buy $PEEN. It will display how many $PEEN tokens you are expected to receive.
Uniswap will then ask you to approve using your ETH balance for the transaction. After making the approval, click ‘swap,’ a popup from MetaMask will display on your screen, asking you to confirm the transaction. A confirmation message will display once the transaction is successful.
Congrats, you are now owning $PEEN!
Should You Buy $PEEN?
Meme coins have their market. Meme coins can remain dominant for some time before exploding higher. It largely depends on the community and the appeal the token has to the market.
$PEEN was launched directly on DEX, meaning, there was no presale. The token has a fixed supply, which means inflation is not a concern. According to dextools, $PEEN liquidity is $713k (approx.) with a $5.38M trading volume in the past 24 hours.
Risks of buying $peen
- New token with a limited amount of holders
- Meme coins are prone to significant volatility
- Lack of utility may cap growth
Many cryptocurrencies tend to fall after the initial dex offering (IDO). While it is not investment advice, the lower price may attract crypto traders who expect the meme coin to recover.
$PEEN Upside Potential
Like many other meme coins, it is up to the crypto community. A good indicator is the number of holders. While it is still fairly low, bear in mind it is a new token that was recently launched.
If the number of holders increases at a steady pace, it may suggest its appeal is on the rise. Past meme coins that were created as a mere joke gained substantial interest later on.
A good example of a recent meme coin that posted marginal gains is Smog.
References
https://www.okx.com/help/asset-categories-specific-risks
https://smogtoken.com/en
https://finance.yahoo.com/news/crypto-meme-coin-prices-surge-051600527.html
