Is It Worth Investing in DPET Token
Although blockchain technology was originally designed to revamp the financial sector, it has found its way into several other industries. In particular, the gaming industry has seen many applications of blockchain shifting focus from traditional video gaming to the now popular ‘play-to-earn’ games.
This incorporation of blockchain into the gaming industry has largely been made possible by the introduction of non-fungible tokens (NFTs). NFTs are simply digital assets that represent real-world objects like music, art, videos and most recently, in-game items.
The combination of NFTs, decentralized finance applications and blockchain technology has resulted in a more exciting form of gaming that allows players to own actual assets. The most recent of these games is My DeFi Pet (DPET)
Like most blockchain-based games, My DeFi Pet spices up traditional gaming using an ingenious blend of DeFi features and NFT collectables.
In this guide, we are going to look at what exactly My DeFi Pet is and how it works. Even more importantly, we will be delving into the game’s native token, DPET, and whether it is worth investing in or not.
Let’s get started.
- What is My DeFi Pet (DPET)?
- How Does My DeFi Pet Work?
- My DeFi Pet Price History
- DPET Price Predictions 2021-2022
- How to Invest in DPET Token
- Is DPET Token a Good Investment?
- Conclusion: So, Should I Buy DPET Tokens?
What is My DeFi Pet (DPET)?
My DeFi Pet is a blockchain-based game developed by TopeBox, a Vietnamese game development company. The game was developed and launched in May 2021 in coordination with KardiaChain, a decentralized interoperable blockchain.
My DeFi Pet allows players to collect, breed and trade monsters. They can also participate in in-game events and win real prices of up to 100,000 USDT.
As a player, you can let your pets evolve when they reach a given level in the game. The growth is usually controlled by the bonus points you earn as you interact with the various features of the game.
The game developer, TopeBox ( formerly known as Pine Entertainment), hopes that the My DeFi Pet will soon see mainstream adoption and widen its use cases. According to the developer, the personalized name will make it easier for players to familiarize themselves and relate to the game at a personal level.
The name is composed of the three main characteristics that are unique to the game. These are:
- My - This is supposed to reflect the personalization that the game represents.
- DeFi - This means that the game uses DeFi features to reward players
- Pet - This means that the game is about raising monster pets.
How Does My DeFi Pet Work?
To understand how the game works, we’ll need to cover the steps involved in raising the pets. These are:
- Collecting: According to the game’s description, a new monster is born every hour. Players can buy or collect this monster by bidding. The bidding lasts for 24 hours, and if the monster is not collected by the end of that time, it is returned to the Altar. If you miss the bidding, you can still summon the monster from the Altar for 100 DPET tokens. The monsters have unique features which are usually informed by their genes.
- Breeding: If you are looking for new features in a monster, you can create a new generation by breeding two monsters that have the combination of features you want. The offspring will have features from both parents.
- Evolving: Depending on how rare it is, a monster will have several stages of evolution and capabilities. As the monsters evolve, they acquire new appearances and upgraded stats. There are several ways to evolve your monster, but the most common are training or feeding them DPET tokens.
- Trading: You can also trade monsters on the open market by acquiring new ones or selling yours. The marketplace also allows you to socialize, chat and compete with other players or friends.
The DPET game usually revolves around these four stages. However, My DeFi Pet also introduces the concept of the season to help break down the progress of the game into smaller parts. This is an effective mechanism since humans love short-term rewards while playing.
As we mentioned earlier, you can also earn rewards of up to 100,000 USDT by collecting and maximizing legendary monsters. The prizes are locked in a smart contract and are burned once they have been claimed and send to a player.
Most of the in-game activities are powered by the DPET token. Let’s cover the token in more detail below to understand how it is vital to the game’s operation.
About the DPET Token
DPET is a BEP20 token that operates on the Binance Smart Chain. It is My DeFi Pet’s native token and the main in-game currency. DPET plays an integral part in the game. If you don’t want to directly buy the tokens, you can earn some by interacting with the game through playing and completing the set missions.
DPET tokens are used for several functions on My DeFi Pet. These include:
- Summoning new eggs
- Breeding monsters
- Evolving monsters
- Entering special events
- Voting for new game changes through the governance system.
The voting power is usually earned by locking your tokens in the liquidity pool. Generally, the more tokens you lock, the more voting power you have, and you also stand higher chances to win rewards.
The DPET token is currently ranked 435th largest cryptocurrency by market cap. It has a market capitalization of $36.3 million with a fully diluted market cap of $527.8 million. There are a total of 100 million tokens, with the current circulating supply being 6,878,202 tokens.
Now, all these data may not help you much when it comes to deciding whether or not DPET is a good investment. That is why we are going to quickly look at the technical analysis (Price history and predictions) to help you make a more informed decision.
Let’s start with the price history.
My DeFi Pet Price History
According to the CoinMarketCap price chart, the DPET token started trading on the market in early May 2021. This was just around the time that the 2021 market bull was reaching its climax before signing out towards the end of May.
The token started trading at as low as $0.6975 but quickly rose to over $1.2 on the first day of trading. The second day, it almost went below $1 but held its ground until three days later, when it traded at roughly $0.99. The price kept dropping from mid-May, and by the end of the year, it had gone to as low $0.2, lower than its launch price.
It then stagnated between the $0.2 and $0.5 range until early June, when it went above $0.5 again. By mid-June, DPET had grown to as high as $0.8, but by the end of that month, it had gone to $0.5 again.
There wasn’t much action until early July when DPET rose to $0.9 and almost reached the $1 mark again. As you can see, DPET didn’t record any plausible growth during its first month of trading. It didn’t even participate in the market-wide bull run that ended in late May.
So, generally, most people thought that the token would have a hard time going above $1 again. However, DPET had other plans, and towards mid-July, it started its own bull run just when most of the cryptocurrencies were still struggling to recover from the effects of the May crash.
For instance, My DeFi Pet token rose from $0.8364 on July 9th 2021, to as high as $2.145 on July 10th. That is a whopping 156.5% increase in just a day. Naturally, experts predicted that a marginal correction would follow. There indeed was a correction, but it didn’t last long.
DPET dropped to $1.4188 on July 11th and $1.3677 on July 13th. As people expected that it would drop even further, the token recorded one of its biggest price bumps since it was launched. It rose from $1.3677 to as high as $5.7592 on July 14th. Another parabolic rise in just a day.
If you haven’t done the math yet, that is a more than 320% price increase in about 24 hours. Impressive!
But as you know, every big jump is followed by an equally big drop. The following day on July 15th, DPET bottomed out at less than $2 per token. Surprisingly, it quickly recovered and went back to $5.7 and then plummeted again to slightly above $2 the same day.
DPET was caught up in a wild price swing the following days until July 18th, when it attained its current all-time high price of $8.69. As usual, it dropped again and has since lost about 39.24% of its value. At the time of writing, DPEt was trading at $5.69, according to CoinMarketCap.
As you can see, like any other cryptocurrency, DPET has the potential for high levels of volatility. So, should you go ahead and invest in it?
Before we answer that question, let’s look at the current price predictions.
DPET Price Predictions 2021-2022
As you can see from the price history, DPET has the potential for wild price fluctuations within a few hours. This makes it really hard to predict its price, especially since it doesn’t seem to align itself with the general market trajectory.
However, price analysts have given it a shot and provided their predictions of how they think DPET will end the year. While these predictions might not be as accurate, they give a general outlook of how the price might move going forward.
As usual, the predictions are wildly different, with some predicting another huge bump by the end of the year while others predict a drop.
Wallet investor is on the positive side and believes that DPET will start rising again in August. That is starting at $7.2 then crossing $8 towards the end of the month. There will be subtle fluctuations for the most part of September, with the coin mostly trading at the $8 support level before crossing to $9 in late September. It will then briefly cross to $10 in mid-October then go back to $9 until the end of the month, where it resumes the rally above $10.
The first half of November will mostly be on the $10 level. DPET will then cross to $11 in mid-November until mid-December when it surpasses the $12 mark and close the year at $12.342 or as high as $13.72.
So far, Wallet Investor’s predictions seem to be the most optimistic. Both Digital Coin Price and Gov.capital seem to agree that the DPET will close 2021 at between $8 and $9.
Wallet Investor starts 2022 at $12.394 and predicts that DPET will cross $13 in January 2022. There will be slight fluctuations along the way until around mid-March, when the coin reaches over $15 per token.
Wallet Investor predicts a linear uptrend for the rest of the year and believes that DPET will hit $20 at the start of August and then close the year of 2022 at $25.083 or a yearly high of $26.47.
On the other hand, Gov.capital predicts that DPET will start 2022 at around $9.118 then grow steadily to close the year at $23.822.
How to Invest in DPET Token
For most cryptocurrencies, we usually recommend investing by either trading or holding. DPET is a bit unique, so we found one more (and fun) way to invest in it.
Generally, for this token, it's recommend investing in three ways.
You can either choose one of the above methods or do a combination of two or three. Either way, each method has its own pros and cons, and we’ve found choosing at least two to be more effective.
Let’s quickly go through each of the methods.
Method 1: HODLing DPET
HODLing is the process of buying DPET then storing them for several years before selling them again. This strategy works very well for cryptos that have fast-growing prices, like DPET coin.
The point of holding cryptocurrency is to wait until the price has grown much higher than the buying price before selling. This makes it a good option for people who don’t want to navigate the labyrinth of crypto trading.
The process is very simple and straightforward. All you have to do is:
- Buy some DPET tokens
- Transfer to an external wallet
- Wait until the price goes way up
The reason behind transferring your tokens to off-exchange wallets is because they are much secure. Since you will be storing the tokens for years, you don’t want to constantly worry about the exchange being hacked and losing your tokens.
But how profitable is DPET as a long term investment?
Let’s do some math.
Assuming investor X bought $2,000 worth of DPET at the launch price of about $0.69. That would be roughly 1,380 DPET tokens. Now, if the same investor hodls for five years and sells in, say May 2026 when the price is $67 (According to Wallet Investor), he will make more than $92,000.
A $90,000 profit is definitely worth a 5-year wait.
Method 2: Trading DPET
Trading DPET is much more complicated than holding, and we recommend it only for people who have experience in trading crypto. It requires a lot of dedication and is much riskier than holding.
Basically, there are three reasons why you might want to choose trading over holding:
- If you don’t want to wait for many years before making a profit
- If you have enough time in your hands
- If you want to make a profit despite price direction
You can still trade DPET even if you don’t have experience by hiring a professional. This is someone who will be guiding, advising and trading on your behalf.
We love trading because you can make a profit from both a downtrend and an uptrend by using CFD trading. This is where you predict price direction instead of actively selling and buying cryptocurrencies based on price movement.
With CFD trading, you don’t necessarily have to own any DPET tokens to trade.
There are several trading exchanges you can use, but we like eToro because it is fast, easy to use and has low fees.
Don't Miss: Top 7 Cryptocurrencies To Day Trade
Method 3: Gaming
Yes, you can actually make a profit on My DeFi Pet by simply gaming.
Here is how this works.
When you play on My DeFi Pet, you earn some rewards in the form of DPET tokens.
In particular, you can earn rewards by engaging in the activities that are core to the game. These include:
- Taking part in events
When you earn these tokens, you can either invest them back into the game for a better gaming experience, use them to trade, or even transfer them to an external wallet for holding.
As you can see, this is an exciting way to boost your tokens and might be a great option if you are an active gamer.
Is DPET Token a Good Investment?
DPET is among the few cryptocurrencies that were not affected that much by the May market-wide crash. While the token has suffered a few downtrends, it seems to be stable and fighting not to fall below the $5 support level.
For this reason, most price analysts are fairly bullish about the future of DPET. From the predictions we have seen, the coin might rise as high as $25 by the end of 2022. So, if it adopts a positive upward trajectory, you might reap some good profit in the next two or three years.
But the price growth is not the only reason we think DPET is a great investment. Its underlying technology is visionary. The company has partnered with several institutions to widen its exposure and bring more investors in.
But even more importantly, the incorporation of NFTs makes it a hot target for both players and investors. According to a report by Reuters, the sales volume of non-fungible tokens increased to a staggering $2.5 billion in the first half of 2021. This is impressive growth, especially when compared to just $13.7 million in the first half of 2020.
This kind of growth will no doubt help propel DPET’s growth and make it an even better investment in the next few years.
Having said that, remember that DPET is volatile, as we have seen from the price history. It is, therefore, important that you do enough research before you start investing. While we have put a lot of work into making this guide as comprehensive as possible, you will still need to study the market on your own to make a more informed investment decision.
Conclusion: So, Should I Buy DPET Tokens?
There are several things you should factor in before you decide whether you want to buy DPET tokens or not. These include your gaming needs, financial goals and your own investment strategy.
You might want to buy the tokens because of one of two reasons; or both. That is either to play My DeFi Pet or to trade/hold. If you simply want to play, you need to buy the tokens because they will help provide a more fulfilling gaming experience.
The best part is that as you interact with the game, you get more tokens in the form of in-game rewards. This will increase your stash, and with more gaming, you might even transfer some to an off-game wallet for hodling.
Otherwise, if you want to trade or hodl, we still think buying right now is the right thing to do. DPET seems to be on an uptrend currently, and the price might be much higher in the few months.
So, for example, if you want to HODL some DPET tokens, now would be a great time to buy as the price is still lingering below $10. This means that you can buy much more tokens than when the price is, say, $30 or $50 per token.
Finally, you will need to be cautious and understand exactly why you are buying the DPET tokens. If you buying for gaming needs, just buy the amount you need. DPET is volatile, and it might do you some good to do some research first.
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