Cardano Spotlight #5: Hosky
Overview:
Hosky token is the meme coin pioneer on Cardano. It markets itself as a doggo s#!t coin and makes no bones about its complete lack of utility, pun intended! Despite this admittedly complete lack of application, the coin still retains some value in the form of a dedicated community within the Cardano DeFi space. While I have previously referred to meme coins as the clown car asset class within the cryptocurrency space, I have a soft spot for the Hosky community. They are warm, funny and retain liquidity pools on some of the major DExs on the blockchain (e.g. MinSwap; WingRiders and MuesliSwap). The name of the token is an adaptation of the Hoskinson family name. So in some way, it’s existence is a celebration of all things Cardano. It even has a couple of NFT collections that are inspired by the community.
Features:
Other than the the liquidity pools linked above and the relative NFT collections such as Hoskynson’s Club and Hosky Cash Grab, I can’t see much in the way of value beyond the sense of community and the retention of digital collectible assets. The token itself can be farmed against ADA on the protocols mentioned above, and so long as there is relative liquidity and enthusiasm for the project, it may be a profitable asset. My concern here is that there is no road map or direction for the project beyond the enthusiasm of the present community and this is why I myself refrain from investing in the token. Eventually, all memes lose steam.
Project Potential:
The project has no purpose and this fact is openly stated on their website. For the serious investor, it is not investable. However, it does retain a sense of fun that some people want to embrace. If it takes off like other dog-themed tokens such as Dogecoin, Shiba Inu or Floki, then relative big dogs in the project may have a shot at the moon. This is unlikely though and in line with the ubiquitous Cardano ethos, there is full transparency on this. Only invest if you wish to participate and indulge in their Proof of onboarding Protocol (P.O.O.P.).
Learn More:
Hosky Token — Official Website
Disclaimer: this is NOT financial advice. I’m a cow and I like to eat cereal. Any knowledge gained from this post is merely incidental and you are responsible for your own financial decisions. Make investments wisely and make sure to do your own research.
Other Cardano Spotlight articles can be found here on: Indigo, Gero, MinSwap and AGIX.
