Akita Inu - Algorand Deep Dive
Last Reviewed: January 2023
This article is a part of the AlgoDaddy Algorand Deep Dive series. This is the first article to cover an Algorand community coin - Akita Inu Token. AKTAs trading has exploded since its origin, and iwas one of the most swapped Algorand token on many decentralized exchanges (such as Tinyman) for a long while. Still today it's among the top 15 most traded ASAs.
The sudden surge in popularity was largely due to Shiba Inu's success on the Ethereum network at the same time during the latter half of 2021, which boasted a whooping 680% price increase only during November of 2021.
What is Akita Inu Token?
Akita Inu was officially launched on the 26th of October 2021, and it's an Algorand Standard Asset (ASA) in the Algorand ecosystem, by the likes of OPUL and DEFLY.
The Algorand network allows for minting of unique tokens using its same protocol - allowing fast, cheap and secure transactions with great scalability. Unlike the ERC-20 tokens (Ethereum Tokens) there are no expensive transaction fees, which allow individuals and traders to invest in Akita Inu with a low threshold. The current transaction fee for Algorand is fixed at 0.001 ALGO per transaction.
Akita Inu Token is a first popular dog-themed "meme coin" on Algorand. It originally posed no use case, however with the recent popularity spike the developers have focused on integration and usability - much like Shiba Inu in the recent months. The Akita Inu developers quickly announced integration into AlgoOcean after launch, as published the Akita Inu Token Whitepaper.
Update 20th Jan 2022: Akita Inu have change their token from ASA ID 384303832 to 523683256.
Be sure you trade the correct token! The old token (384303832) can be swapped for free to the new (523683256) one in a 1:1 ratio at the official swap site Akita Swap.
 |
How to buy Akita Inu (Algorand)
Currently Akita Inu are not available on the larger exchanges, but instead through Algorands largest DeFi platform Tinyswap (similar to PancakeSwap on Binance Smart Chain).
Here are step-by-step instructions on how to buy the Akita Inu Token:
1. Get yourself an Algorand Wallet
First you will need an Algorand wallet that can add Algorand Standard Assets or ASA's.
Below are some great options to get started.
2. Add Algorand (ALGO) to your Wallet
You will then need to add at least 1.0 ALGO to the wallet. Algorand has 0.001 ALGO transaction fees. The single ALGO is used for these fees. You can buy ALGO from any major exchange such as the ones below.
3. Add the Akita Inu Token as an asset
You will then need to add the Akita Inu Token in your Algorand Wallet. Press "Add new asset", then search by name or Asset ID: 384303832 (NB! You will need to search in unverified assets).
4. Set up Tinyman Account
Go to the Tinyman dApp (link below) and connect your Algorand Wallet to Tinyman. Accept and sign the smart-contract provided.
- Tinyman dApp -
5. The Final Step - Buy Akita Inu on Algorand!
You can now buy the Akita Inu Token on Tinyman. Just search AKTA or by ID 523683256, and it should appear. However if it does not instantly show up, then press "See All" and uncheck "Hide unverified assets". Now select Akita Inu Token. Voila! You can now swap Akita Inu - Algorand.
 |
| Akita Inu Price on Vestige.fi |
Here are some rudimentary financial information about the token below.
Akita Inu Token Supply & Liquidity
The Akita Inu Token Supply on the Algorand protocol is $1 Billion. Developers have stated that only 20% of the tokens are in the founders possession, and those are locked-up for a 1 year period until the end of 2022. At the launch of Akita Inu on there were airdrops of 800,000 tokens each in the early stages, thereafter an additional total of 150,000,000 $AKTAs were airdropped during November of 2021.
At it's highest the liquidity on Tinyman for the ALGO-AKITA pool was at a staggering $820,000. This was the highest liquidity for any Algorand ASA pool at its time.
Akita Inu Price
The Akita Inu price can be bested followed on Vestige.fi with the abbreviation AKTA. The volatility of the AKTA price on Algorand have historically been high, so tread carefully.
AKTA Price & Market Cap
The Market Cap is calculated by taking amount of available tokens in circulation times the current price of one token. Sites like Vestige does this by themselves, and will provide you with said information accompanied by the price graph. See the picture above.
Future Outlook & Discussion
What most likely started of as a joke ended up as one of Algorands most popular projects, much like its Shiba counterpart. Unlike Shiba though Akita Inu biggest strength is that it runs on the Algorand protcol, which allows smooth and secure transactions. Additionally it means you're paying peanuts in transaction fees when trading Akita Inu - Algorand sure is pulling its weight here.
There is much to be said about "meme coins", and it's not without reason that there can be a negative undertone to it. Rug-pulls do exist where developers quickly cash out, only to leave everyone else penniless behind - see Squid Game token scam. With that said, the Akita Inu Token is actively proving itself in the Algorand space, and with its current trajectory it's not set to disappear any time soon. Furthermore the sudden spike of interest in the token have caused developers to now be working intensely on increasing the assets usability and integration.
Buy Algorand NFT's Using AKTA on EXA Market
As of January 2023 EXA Market announced that they will enable users to both buy and sell NFT's on their platform using $AKTA! See the tweet announcing it below.
$AKTA as payment for NFTs 🔥🔥🔥 https://t.co/ueAvuYkdFQ
— akita.algo (@AkitaInuASA) January 12, 2023
Whether you're fan or not - Akita Inu clearly has its place in the Algorand ecosystem. It has introduced several thousands of people to the Algorand protocol, showing just how seamless the technology really is. Awareness about Algorand has always been an issue, and this certainly helps out with that, memecoin or not. People come for Akita, but might stay for ALGO, DEFLY and GEMS, or something else instead. Isn't that wonderful?
 |
| The current roadmap for Akita Inu Token from their webpage |
Akita Inu Social Media
At the moment the Discord group and Subreddit seems to be the most active places for discussion about Akita Inu. The webpage also provides official information about the project.
Twitter - Akita Inu ASA (@AkitaInuASA) / Twitter
Reddit - AkitaInuASA (reddit.com)
Website - Akita Inu Token Homepage
Conclusion
Although this article is an introduction to Akita Inu (AKTA) on Algorand. Be cautious with your investments. Certain ASA's are under extreme volatility, and there are no guarantees for profit in the crypto space. Do your own research in addition to the information provided above.
It was always inevitable that a "meme coin" would take off on Algorand. Now we sit back and enjoy the show, financially invested or not. Cause either way, if you like Algorand, you're benefiting from the AKTA's success and the attention it draws to Algorand.
Follow AlgoDaddy on Twitter for the latest articles.
0 Comments