Note: This is not financial advice. This how-to article is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
“How to buy Saitama” is one of the most searched queries at the moment as folks question how they can get their hands on one of the newest dog-themed tokens. First, it was Dogecoin, now it’s Shiba Inu. Could Saitama be the next canine token to take the throne? Only time will tell.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Keep in mind, though, that Saitama is a meme token — just like Dogecoin and Shiba Inu. In other words, it doesn’t have inherent value or utility, but it’s rising through the ranks due to social media chitchat and its passionate community. Before you buy Saitama, there are some caveats you must be aware of before taking the plunge.
What you should know before buying Saitama
Saitama, launched in May 2021, is an ERC-20 token, which is just a fancy way of saying that it runs on the Ethereum blockchain. On one hand, this is a positive because Ethereum is known to be a secure, well-protected blockchain, but on the other, executing transactions on this network can be expensive.
In order to buy or sell ERC-20 tokens, you often must pay gas fees. If the Ethereum network is too congested and busy, the gas fee can set you back $250 — even if you’re only buying $10 worth of tokens. However, there are some crypto platforms (e.g. Nexo) that take care of Ethereum fees on the backend, so you don’t have to pay a single cent.
According to Saitama’s white paper (a document that outlines a cryptocurrency’s main mission), 2% of all transactions are redistributed to token holders. This is great if you’re a token holder, of course. By simply owning Saitama, your token amount will increase every day automatically as the community transacts. But it’s disadvantageous when you’re initiating transactions with Saitama. Whether you’re buying, selling, or moving it to another wallet, you’ll…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
