HOSKY: Cardano’s First Meme Coin

Every once in a while, we like to have a bit of fun here at Netcoins so file this post in the fun category. What better way to have a good time than to talk about meme coins?

HOSKY is the first-ever dog-themed meme coin living on the Cardano blockchain. Is it going to follow in the footsteps of Shiba Inu and birth crypto’s next meme coin billionaire?

You’re about to find out.

What is HOSKY? 

These days meme coins are turning investors into literal billionaires overnight (while the other 99.9% of investors are left holding the bag).

The HOSKY Token ($HOSKY) is Cardano’s first-ever meme coin. It has no fundamental value and the only reason it exists is to give crypto enthusiasts another reason to go on a roller coaster ride and bet on crypto’s next dog-themed mascot.

Many crypto enthusiasts are doing just that. HOSKY currently has a market cap of $131.75 million.

The Technical Details of HOSKY

The beauty of a meme coin like HOSKY is that there are no technical details to speak of. As the project’s Brown Paw-per (aka the whitepaper) states:

“This is the section where you would normally find marvellous technological promises, only for them to be broken later…”

The Brown Paw-per goes on to say, “…technical is to us as purebred is to mutt.”

HOSKY Tokenomics

HOSKY’s Brown Paw-per points to the need for an ‘obligatory’ graph detailing the distribution of the HOSKY token. The initial token mint puts exactly 1,000,000,000,000,000 (yes, that’s one quadrillion tokens) into circulation. 50% of the tokens will be “Gifted to the Master” (presumably the founder of Cardano, Charles Hoskinson), and the other 50% of the tokens will represent the publicly available circulating supply.

The 500,000,000,000,000 Circulating Supply of HOSKY 

Keep this in mind before getting your hands on HOSKY tokens. 60% of the circulating supply has no reason for existing. That’s still to be determined.  Let’s break down what the remaining 40% will be used for.

Meme Acquisition

10% of the HOSKY tokens will be used to further grow the meme pool and to increase the project’s meme howl-dings.

Stake Pool Operators

10% of the circulating supply (or 50 trillion HOSKY tokens) will be allocated to stake pool operators for distribution. This doesn’t mean that you can expect to see a HOSKY pool open up to the public. It’s up to the community to decide that.

The Doggie Bowl

Another 50 trillion HOSKY tokens will go to the Doggie Bowl, Hosky’s token faucet, which is available for all to access at hosky.io

Founders

Another 10% of all HOSKY’s making up the circulating supply will remain in the wallets of the founders. They have no intention of selling their holdings, according to the Brown Paw-per.

What Is the Doggie Bowl and How Does It Work?

As mentioned, the Doggie Bowl is Hosky’s faucet. You can buy HOSKY tokens by sending Cardano’s ADA token to the following address: addr1vy740r73x2w3du2xxt76cs4hdml4zw2c5h7tddcyf3jauys9tyns4.

Just like investing in any other meme coin, receiving HOSKY from the Doggie Bowl is a game of chance. Send exactly 2 ADA to the contract address above and you’ll receive between 5 million and 500 million or 2.5 million and 250 million or 1.25 million or 125 million or 625,000 or 625 million HOSKY tokens.

Your exact chances of receiving any of the above denominations (whether on the higher end or lower end of each range) depends on the Doggie Bowl Pull Rates published below:

A portion of any HOSKY dust remaining from transactions will go to a dog-related charity.

Is Investing in HOSKY A Good Idea?

As much as the thought of investing a few thousand dollars into a meme coin and coming out the other side of it a billionaire might drive investors to chase the next Shiba Inu, investing in HOSKY and hoping for that is like hoping for a lottery win. Owning HOSKY should not be considered a good short-term or long-term investing strategy.

If you want to invest in cryptocurrencies, buy Bitcoin to start. Even though today’s crypto market consists of over 11,000 known cryptocurrencies valued at over $3.3 trillion Canadian, nearly 40% of all that capital is still sitting solely in Bitcoin.

How to Buy HOSKY in Canada

If you’re looking to buy HOSKY in Canada, here’s how you can get started:

1. Start off by on-boarding with a Canadian crypto trading platform like Netcoins. Sign up for a free account, get verified and fund your Netcoins account with Canadian dollars via e-transfers (other options include online bill payments or crypto deposits). 
2. Next step is to buy bitcoin (or any other cryptocurrencies they offer). Once you have Bitcoin in your Netcoins account, you’ll need to acquire Cardano’s ADA token (HOSKY lives on the Cardano blockchain). For this, you’ll need to transfer your bitcoin out of Netcoins.

Transferring BTC Out of Netcoins to Get HOSKY Tokens

This means you’ll have to: 

1. Send your Bitcoin to another exchange that allows you to trade for ADA. Go to that exchange (Digifinex, Coinbase, etc…) and generate a deposit address. 
2. Go to your Netcoins account to send BTC to that deposit address.
3. When your BTC shows up at the deposit address, trade your BTC for ADA using the BTC/ADA trading pair.
4. Then open a Cardano wallet and send your ADA to the Cardano wallet
5. Go to Hosky.io and click the Doggy Bowl icon
6. Send 2 ADA (from your Cardano wallet) to the following address: addr1vy740r73x2w3du2xxt76cs4hdml4zw2c5h7tddcyf3jauys9tyns4
7. The Doggie Bowl will send you 1.5 ADA back plus a random number of HOSKY tokens based on the Doggie Bowl Pull Rates listed in the chart above.

Whether you choose to take a chance on HOSKY or not, at least now you know all about Cardano’s first meme coin.

Buying bitcoin is easy with Netcoins. Create an account, fund it with an e-Transfer (other funding options available), and head to the trade page to buy or sell bitcoin. Netcoins is a fully regulated, publicly owned crypto trading platform.

Thanks for reading. For more blogs on all things in Bitcoin, you can read more here.