What Is Akita Inu (AKITA)?

Introduction

With the launch of several innovative projects, the cryptocurrency industry continues to evolve at a fast pace with increasing adoption. Bitcoin’s market dominance is only rivaled by Ethereum in terms of growing market capitalization, use case, and investors’ confidence, however, there still exist gaps that need to be filled such as high gas fees, lengthy block time, scalability issues, etc. By offering a decentralized ecosystem that offers fast and affordable transactions, and an eco-friendly consensus mechanism that’s wholly run by its community, Akita Inu (AKITA) seeks to close the gap and provide an alternative to the popular cryptocurrencies. The protocol seeks to create a community-driven platform that empowers its users and offers a decentralized alternative to the conventional financial system through its use case and bridge to the Avalanche network.

Read on to learn about Akita Inu (AKITA) and how it operates. By the end, you should have a better understanding of what Akita Inu is, what sets it apart from other cryptocurrencies in the crypto market, and determine if it’s a worthwhile investment.

What is Akita Inu (AKITA)?

Akita Inu (AKITA) is a decentralized community-driven meme coin launched in February 2021. It is named after the Akita Inu dog — a breed of Japanese dog known for its loyalty and bravery. The meme coin was created on the Ethereum blockchain as an ERC-20 token. It was bridged to the Avalanche network to enable faster and cheaper transactions.

Source: akita.network

By mapping AKITA to Avalanche, holders can contribute more liquidity to the project. The AKITA liquidity is locked on Ethereum’s Uniswap V2 contract, ensuring that the token remains stable and available for trade.

Akita Inu’s main objective is to give users a safe, quick, and affordable platform to transact with one another without the aid of middlemen like banks or other financial institutions. The native token AKITA is used for transactions and other interactions in the ecosystem. Also, there is a HACHI, Akita Inu ecosystem governance token needed to vote and steer the decision-making process.

The project has a committed team of skilled developers and ardent supporters working to strengthen the ecosystem and boost adoption. Due to the project’s low transaction fees, quick transactions, and devoted community of backers, it has become increasingly attractive to new investors.

History of Akita Inu (AKITA)

Source: akita.network

An Overview of Memecoins

In 2021, meme coins became a notable trend in the cryptocurrency market. The year was dubbed the “Year of Doges” due to the significant surge in the price of Dogecoin —and other dog-themed coins like Shiba Inu and Floki— which was fueled by retail investors who turned to it following the GameStop short squeeze; causing its price to increase almost 10 times in a single day. Also, the influence of Tesla CEO, Elon Musk’s tweets, pushed its price to an all-time high of $0.73, with an increase of over 2,000% in five days.

The spectacular rise of Dogecoin led to the creation of imitations such as animal-themed meme coins including dogs, frogs, pigs, and apes, creating what is famously known as the “crypto space zoo.” Shiba Inu coin (SHIB) emerged as the “second most popular meme coin” after pumping more than 60,000,000%, surpassing DOGE, and becoming the ninth largest cryptocurrency with a market capitalization of $39.5 billion in October 2021. SHIB’s surge in market value was greatly attributed to community sentiments, social media campaigns, and Elon Musk’s tweets on meme coins, causing its price to increase more than 10 times. As the only meme coin that once surpassed DOGE, SHIB is better known as the “dogecoin killer.”

In addition, Dogecoin and Shiba Inu have maintained dominance as leaders of the “crypto space zoo” and as the most popular meme coins for crypto investors. However, the same could be said of Akita Inu, Baby Dogecoin, Floki, and Samoyed coin with increasing market capitalization, growing numbers of holders, and unwavering community support. To learn more about meme coins and their evolution, check out What Is Memecoin?

The launch of Akita Inu (AKITA)

Akita Inu (AKITA) was developed by an unnamed team of programmers who were inspired by the Akita Inu dog breed. The idea was to develop a project that was driven by the community and would bring together cryptocurrency and adoration for Akita Inu dogs.

One of the most significant developments in the Akita Inu ecosystem, after it was “rug pulled” by the early developers, is the creation of the Akita DAO. The DAO allows AKITA token holders to participate in governance and decision-making processes related to the development and growth of the ecosystem. Akita lnu was initially created as a meme token with no real use case. However, Akita DAO plans to introduce various features that will give the token some utility within the ecosystem, some of which include staking, governance, and payments.

In September 2021, AKITA was bridged to Avalanche, a high-performance blockchain platform that allows for faster and cheaper transactions compared to the Ethereum network. This move increased AKITA’s accessibility and potential for growth. In 2023, the Akita Inu team introduced the HACHI token which would serve as a governance token within the network.

How does Akita Inu Work? Fast and Secure Peer-to-Peer Transactions

AKITA Inu (AKITA) operates on the Ethereum blockchain as an ERC-20 token. It is designed to be a community-driven project with a focus on decentralized decision-making and ownership.

The protocol uses a peer-to-peer (P2P) network architecture, which accelerates transactions directly between the two parties without intermediaries. This makes it possible to send and receive AKITA across the globe quickly and cheaply.

Akita DAO

Akita Inu decentralized autonomous organization (Akita DAO) is a community-owned organization saddled with the responsibility of developing Akita Inu, creating new products and use cases that benefit the holders of the native token (AKITA) and the governance token (HACHI).

Meme coins are seen by many in the crypto space as a “shit coin” with no intrinsic value, or utility, and highly volatile with little prospect for a good return on investment, so are jettisoned by many investors in a bear market. Akita DAO seeks to bring value and utility to the token and attract more investors, by providing new improvements through governance procedures and community involvement.

The governance procedures of the Akita DAO are clear and transparent. According to the Akita DAO Gitbook, once a proposal discussion is ready to be voted on, the community can propose it in the Proposal Discussion Section of the forum. The proposal must receive at least 5 thumbs up, be live for 5 days, and follow a specific template. Formal voting takes place on Snapshot. In case of conflicting proposals, the 5-day window can also serve as a time for everyone to list their preferred alternative option on the forum.

The Akita DAO encourages community participation in building the protocol through various roles such as Social Media and Community Management, Creative Design, Treasury, Business Development, Exchange Liaison, Advisor, and DAP Steward Liaison. Those filling these positions may be compensated accordingly in line with the decision of the DAO and the requirement of the role. Already, 30% of the HACHI token earmarked for “leadership allocation” held in reserve by the Akita DAO will be used to provide an incentive for key roles within the organization.

Akita Ecosystem

The Akita Inu ecosystem is centered around the AKITA token and the Akita DAO. The Akita DAO is responsible for proposing and voting on changes to the ecosystem, as well as managing the treasury and allocating resources toward development and marketing initiatives. The DAO is governed by HACHI tokens, which are also ERC-20 tokens that are distributed to AKITA token holders.

In addition to the DAO, the Akita Inu ecosystem includes various products and applications that are being developed by the community. These include a decentralized exchange (DEX) that is being built on the Ethereum network, as well as a range of other products and services that are intended to provide value to AKITA token holders.

The goal of the Akita Inu ecosystem is to create a vibrant and self-sustaining community that is focused on building innovative products and services that provide value to users and drive the adoption of the AKITA token.

What is AKITA?

AKITA INU is an ERC-20 token built on the Ethereum blockchain and follows the ERC-20 standard. The token has also been bridged to the Avalanche blockchain, allowing users to interact with AKITA on both networks. This can provide benefits such as faster transaction times, scalability and lower gas fees, etc. The AKITA token has a total supply of 100 trillion tokens and can be used for staking, grants, and bounties.

A rather bizarre token distribution scheme or burn mechanism used by the original developers, and founders who are no longer with the project involves sending half of the tokens to Vitalik Buterin’s wallet. Many newcomers in the crypto space saw this as a form of token burn but in reality, this move is simply a marketing gimmick used by these developers to attract “unsuspecting” investors.

Seeing through the developers’ actions, Vitalik Buterin on May 12, 2021, transferred all of his AKITA tokens to the multisig treasury of the Gitcoin DAO who is the new owner. In a laudable move to save the protocol, a group of concerned investors were able to secure Gitcoin DAO funding up to Q1 2027 and launched the Akita DAO.

Additionally, the other half was locked in a Uniswap pool with the keys burned. This is necessary to provide a steady supply of liquidity for the token, available as AKITA/ETH on UniSwap.

What is HACHI?

Source: akita.network - HACHI

The governance of the AKITA DAO is conducted through a voting system that uses the HACHI token — an ERC-20 token that is used by AKITA holders to represent their stake in the Akita Inu ecosystem. With the formation of the Akita DAO, HACHI holders can participate in the decision-making process by voting on proposals on Snapshot.

HACHI incentivizes leadership from within the community, allowing token holders to propose new improvements and steer the decision-making process.

The Akita DAO aims to build a long-term ecosystem for its members, utilizing its funding stream from Gitcoin and future revenue streams to support development. HACHI can also be used to purchase AKITA in the future.

Tokenomics

The tokenomics of HACHI suggest that it is a well-structured ERC-20 token. The maximum supply of 100,000,000 HACHI tokens is divided into five different allocations. The first allocation, which the community claims, consists of 10,000,000 HACHI tokens. The ecosystem awareness allocation consists of 10,000,000 HACHI tokens, which are intended to promote the Akita ecosystem. The leadership allocation has 10,000,000 HACHI tokens, which are intended for rewarding the members of the community who take up leadership roles.

The ecosystem development allocation has the largest share of HACHI tokens, with 35,000,000 tokens earmarked for this allocation. These tokens will be used for developing and growing the Akita ecosystem. Finally, 35,000,000 HACHI tokens are set aside for liquidity, which ensures that the HACHI token can be easily traded on decentralized exchanges.

One notable feature of HACHI tokenomics is that there are no fees or taxes incurred on transfers, selling, or buying of the token, which makes it an attractive option for traders and investors looking to minimize transaction costs.

Source: akita.network - Tokenomics

Advantages of Akita Inu

• Decentralization: Akita Inu provides users with greater autonomy and control over their funds and transactions.
• Community-Driven: Akita Inu is supported by a community of users and developers who are passionate about the project’s growth and development. The community actively contributes to the ecosystem by building applications and services that use Akita Inu and providing feedback and suggestions for improvements.
• Secure: The use of cryptography and decentralization on the Akita Inu protocol provides a high level of security for transactions and data storage. The network is designed to prevent hacking and unauthorized access to users’ funds.
• Low transaction fees: Compared to traditional financial institutions, Akita Inu transactions typically have much lower fees. This is because the network does not have to pay for the overhead costs associated with traditional banking, such as physical infrastructure and labor.
• Bridging: The ability to bridge to other networks like Avalanche offers greater flexibility and access to a wider range of users.

Disadvantages of Akita Inu

• Volatility: Cryptocurrencies, including Akita Inu, are known for their high volatility. The value of AKITA can fluctuate significantly in a short period, which can lead to significant gains or losses.
• Lack of Regulation: Cryptocurrencies, including Akita Inu, are unregulated by any central government or agency.
• Limited Adoption: While Akita Inu has a strong community of supporters, it may not have as widespread adoption as more established cryptocurrencies like Bitcoin or Ethereum. This limited adoption can make it more difficult to buy or sell.
• Security Risks: While the Akita Inu network is designed to be secure, there is still a risk of hacking or other security breaches. Investors should take precautions to protect their AKITA holdings, such as storing them in cold wallets and using two-factor authentication.

News on Akita Inu

Source: akita.network - DAO Steward

Akita Inu has been in the news for mostly good reasons. Recently, the Akita Inu team announced that it will be breaking into GameFi in partnership with a video game studio, a development team of over sixty members. The DAO sees enormous potential in gaming — a promising market in the web3 space with countless prospects for blockchain utilization. It has plans to partner with major mobile game studios and protocols in GameFi and web3 gaming.

Also, the Akita DAO treasury steered by its membership is poised to develop products and provide utility for AKITA and HACHl. The DAO seeks to develop dApps, bridge to other networks, and adopt a burn mechanism relevant to the development of the project.

Furthermore, in January 2023, the Akita Inu team announced on its social media pages, the application for the role of the Akita DAO Steward. This presents an opportunity for members of the community to contribute to the development of the ecosystem and potentially reap the rewards of its success.

The protocol is repositioning for the future in her quest to remain relevant and competitive in an ever-dynamic web3 industry. Akita DAO is exploring dApps, Gaming, and the DeFi landscape. This will greatly benefit token holders and the entire ecosystem.

Is Akita Inu (AKITA) a Good Investment?

Investors may consider AKITA because of its higher growth potential than more established cryptocurrencies considering that it is relatively new. The project has a strong and devoted community of supporters and shareholders, which can help the Akita Inu ecosystem grow. AKITA has a practical application in staking, governance, and payments.

AKITA holders have access to the Akita DAO, which allows them to participate in management and proposal processes related to the development of the ecosystem. Further, AKITA has been fused to Avalanche, allowing for faster and less expensive transactions than with Ethereum.

However, it’s crucial to keep in mind that due to the market’s volatility, investing in any cryptocurrency entails a high level of risk. The cryptocurrency market can be unpredictable, and past performance does not guarantee future outcomes. Before investing, it’s important to do some research and comprehend the potential risks.

How to Own AKITA?

To own AKITA and HACHI, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy AKITA and HACHI.

Take Action on AKITA and HACHI

Check out AKITA and HACHI prices today and start trading your favorite currency pairs:

• AKITA/USDT