Million Token (MM) was launched by a cryptocurrency YouTuber. Following its launch, its value decreased by a factor of ten within just one month. Despite this, the token still upholds its primary promise - as a token with a guaranteed minimum value. It is claimed that the price of Million Token cannot fall below $1. As of November 2023, the price of MM stands at over $2.2.
This article delves into the distinctive approach to the stablecoin concept brought forward by Patrick Shyu, the creator of Million Token. In this piece, you will discover how and where to buy Million Token, the key qualities of this cryptocurrency, and whether it represents a sound investment opportunity.
Contents
What is Million Token (MM)?
Million Token is a cryptocurrency introduced by Patrick Shyu, a US-based cryptocurrency vlogger and software developer. Shyu, a former employee of Facebook and Google, launched the Million Token in 2021, coinciding with his YouTube channel "TechLead" amassing millions of subscribers. These subscribers naturally became a driving force behind the new crypto.
However, as the initial hype surrounding the unique token waned, its price, initially bolstered by the TechLead community and cryptocurrency media outlets, rapidly dwindled. At the outset of the token's market launch, its price hovered around $200, only to plummet below $10 shortly thereafter. Nevertheless, its value remains above $1.
Describing Million as a digital currency designed for millionaires by millionaires, Shyu characterizes it as a "social experiment" and an opportunity. The cryptocurrency is distinctive in that it melds the characteristics of regular cryptocurrencies and stablecoins. While most stablecoins are capped at $1, the value of a Million token cannot drop below 1 USDC, but there is no upper limit for the MM price above 1 USDC. Although some doubt about whether the MM price will consistently exceed 1 USDC, over nearly 2.5 years, the MM token has never experienced a price drop below $2.
Million is a scarce cryptocurrency, with its total supply capped at just 1 million tokens. Shyu claims to have secured this supply with his own million dollars. However, this assertion has been contested by certain members of the crypto community, who argue that Shyu has only allocated $50,000 to back the Million Token supply.
As an ERC20 token, Million's future plans encompass launching MM on all prominent blockchain platforms. Shyu also intends to collaborate with digital artists on NFTs. Additionally, increased advertising by influencers in the media and listings on major exchanges are scheduled for the near future. The pursuit of additional partnerships aims to raise the profile of Million. The specific nature of these partnerships has not been elaborated upon. Finally, it is purported that Shyu has pledged to host a "jacuzzi bar super party" in the event that the Million market cap reaches one billion USD.
Where to Buy Million Token (MM)?
The primary circulation of Million tokens takes place on decentralized exchanges like Uniswap, PancakeSwap, SushiSwap, and QuickSwap. In terms of centralized exchanges, the most significant trading volume of MM comes from Gate.io. As of November 2023, many other exchanges have yet to list Million, which explains why this token didn't maintain its high initial price. The potential for Million to surge in value is limited until it secures listings on major centralized exchanges such as Binance, Kraken, Coinbase, and others.
On all of these exchanges, Million is traded against other cryptocurrencies. This means that if you wish to acquire MM, you will first need to purchase another cryptocurrency if you don't already own one. On decentralized exchanges, you can easily "swap" other tokens based on Ethereum for Million. To obtain other Ethereum-based tokens, you will need to purchase them using fiat money on major exchanges. Swapping does not necessitate any trading skills or the use of graphs or charts. You simply input the amount of one cryptocurrency and view the output in MM. If you agree to the displayed exchange rate, you click "swap."
How to Buy Million Token (MM)?
If you don't currently possess any cryptocurrency that you can readily exchange for Million, let's go through the process step by step. For this example, we will use Tether (USDT) ERC20 token as the starting crypto, as Tether is one of the most widely available and popular cryptocurrencies on most exchanges.
If you already own some ERC20 tokens or other cryptocurrency that you can use to purchase MM tokens, you can skip to step 3.
Step 1. Buy some ERC20 Tether (USDT).
To do this, you will need to select a reputable cryptocurrency exchange that allows the purchase of cryptocurrencies via credit card. In the US, exchanges like Kraken and Coinbase are popular choices, while in most other countries, Binance is often the go-to exchange. Prior to using any exchange, it's crucial to ensure its legitimacy. Conduct thorough research on its reputation before sharing any personal data or depositing money. Be prepared to undergo the KYC (Know Your Customer) procedure, which may involve providing an ID, a selfie, and possibly other information.
Tether is available on nearly every cryptocurrency platform. If you acquire an Ethereum-based Tether (an ERC20 token), you will be able to swap it on a decentralized exchange. However, if you obtain a Bitcoin-based version of Tether, you won't be able to swap it on a decentralized exchange, but you can trade it for Million on a centralized exchange such as Gate.io.
Step 2. Send Tether (USDT) to a wallet
Once you have purchased USDT on an exchange, these coins will be held in the exchange's wallet. It's advisable to transfer these funds to your own cryptocurrency wallet. Conduct research and select a crypto wallet that best suits your requirements. It should be a wallet suitable for storing ERC20 tokens.
MetaMask is a popular and suitable option. For the purposes of this example, we will use this wallet. You can create a Tether address in the MetaMask interface and withdraw USDT from the exchange to this address.
Step 3. Connect your wallet to PancakeSwap and swap USDT for MM
If you have the ERC20 version of Tether (USDT), you can easily exchange it for MM on PancakeSwap, a well-known decentralized exchange that permits swift swapping of ERC20 tokens.
To initiate the process, visit the PancakeSwap website and click on "Connect Wallet." Then, select MetaMask (or your preferred wallet). Once your wallet is connected, navigate to the swap section and specify the currencies you intend to swap (Tether and Million), along with the amount of Tether you wish to spend. Click "Swap," and the transaction will be complete!
Step 4. Alternatively, you can trade USDT for MM on a centralized exchange.
While this may offer convenience, selling at the market price could be costlier than swapping ERC20 tokens. MM tokens are available for trading on Gate.io.
Is Million Token (MM) a Good Investment?
We do not provide investment advice. Prior to investing in Million, it's crucial to conduct thorough research on the project. It's important to note that Million has been the subject of scam allegations. The future of the Million token hinges on numerous factors. Unfortunately, we cannot independently verify whether Shyu has indeed backed the Million Token supply with his own $1,000,000. Nor can we be certain that the planned listings and partnerships will materialize in the near future. Without these developments, the token runs the risk of being confined to a low-price range.
The relative price stability of the MM token, even without being listed on major exchanges, could be viewed as a positive sign for its potential. Assuming that Shyu is a reputable developer and his project is legitimate, listings on major exchanges could bolster the token's value over time. It's also important to consider that MM is susceptible to the overall gravity of the crypto market. For instance, in November, the crypto market experienced an upturn, and Million followed this trend, increasing in value alongside other tokens. You can explore our article on the potential future price of the Million token, assuming the project is legitimate and continues to progress positively.
Final Thoughts
As of November 2023, Million Token is not widely available on most centralized exchanges. Nonetheless, acquiring MM tokens through the swapping of other ERC20 tokens on DeFi platforms like PancakeSwap or Uniswap is relatively straightforward.
The legitimacy of this project has been questioned by some. However, as of the time of writing, the MM price remains well above $1. If this cryptocurrency secures listings on major exchanges, it could experience significant growth. At present, its future outlook remains uncertain.