A newer entrant to the highly competitive crypto market is here and seems to have captured the attention of investors and meme coin lovers. It should also be noted that as many as 14 tokens in the top 100 have increased in price for the last 24 hours, with Lumos being one of them – this is a community-driven token on the Fantom, and the cost of the token has risen by as much as 11.69% and now stands at $0.053966. The recent increase made Lumos rank 3128th among cryptocurrencies, and there appears to be an increased demand for this relatively new digital currency.
Lumos is listed under the symbol LUMOS and has recently caused some ripples within the crypto universe due to its token distribution and active community. Developed together with the Brothers Lumos company that gets its name referred to a mythical king, the project is to represent wisdom, enlightenment, and unity amid the modern anarchy of the digital currencies. This story has struck a chord with many investors who sought something beyond profits in their cryptocurrencies.
However, Lumos’s tokenomics are one of the most exceptional features of this cryptocurrency. Currently, the project has a total supply of 1.49 trillion LUMOS tokens and no current circulating supply, according to their data, which has also created some hype around the project in the absence of a readily tradable asset to invest in. This scarcity and the token’s current and past price have helped to make a fully diluted valuation (FDV) of $5.93m – thus, the gains can be even more dramatic for early investors.
One which stood out is Lumos, with volumes of $913,770 traded within a 24-hour period. Such a level of activity points to the fact that there is keen interest in the token. To that effect, it points out that the Lumos community might be actively involved in the swapping or possibly holding the asset for hard-fisted gains. Due to the lack of revealed market cap, it is currently impossible to estimate the Liquidity ratio, but the high volume-to-market cap ratio indicates volumes and transaction interest while being still relatively freshmen within the market.
The other success factor that has enhanced Lumos’s early success is its proper launch strategy. WigoSwap Burn-to-Mint Launchpad was used in the project, where the community invested $2.7 million and WIGO tokens, more than 111 million tokens, were burnt. It provided start-up capital for the project, and would also ensure the community believes in the prospects of the company.
Having no fundamental utility, the Lumos project uses popular social media platforms to market their product and spread the word. Project promotion is also done by the project’s Twitter account which provides updates on the progress of the project, information on community discussions and other promotional activities in order to ensure that there is interest from other parties in the ecosystem.
For that reason, potential investors should enter Lumos with caution as anything related to cryptocurrencies and, by extension, meme coins. Although the current price increase and volume are important, the absence of a reported circulating supply of the token and an associated market capitalization is doubtful of its actual value and is prone to manipulation.
The problem that Lumos and many other projects face as the cryptocurrency market evolves is that they need to find ways of staying important and having value beyond the initial hypo. The team behind Lumos is going to have to work on building up the actual need for the token to stay relevant and continue to grow. P may consist of collaborations, integration of the Lumos token with DeFi projects, or the creation of features not yet implemented by competitors.
Therefore, the Lumos meme coin is a fascinating case because despite most of these tokens failing to gain traction, Lumos was able to create a buzz in recent weeks as a result of its price surge and its focus on the meme coin niche that has become rather popular in the last year or so. So, the constant augmentation of the project, its further development, the growth of the community, and the possibility of a team fulfilling its obligations should be constantly observed by the investors. There also lie large profits, like with any cryptocurrency investments; it is always wise to weigh the risk involved before investing in any product.
