Like other meme tokens, Hoge Finance isn't one you should take very seriously. The white paper claims that "what Mickey Mouse did for the Disney (DIS -7.77%) brand, HOGE will do for Ethereum (ETH -6.89%) and DeFi." Just for good measure, the team is also planning the Hoge Space Program to send satellites (and memes) into space.
Despite the silly nature of Hoge Finance, it was up more than 130,000% at one point. In this guide, we'll cover how it works and why you should avoid it.
What makes Hoge Finance unique?
Hoge Finance is a deflationary token, so the supply gradually decreases over time. It does this through a 2% tax on every transaction. A portion of the tax is burned (destroyed), and the rest is redistributed to everyone with HOGE tokens in their crypto wallets.
The tokenomics are designed to benefit HOGE holders. By having HOGE tokens in your wallet, you receive a cut of every transaction automatically. The ever-decreasing token supply could theoretically increase the price but only if Hoge Finance is able to build demand.
It’s worth noting that Hoge Finance is far from the only deflationary token out there. This type of cryptocurrency became extremely common in 2021, with many projects charging taxes on every transaction. The only real difference between them is how much they charge and the amount they redistribute to token holders.
Hoge Finance offers non-fungible tokens (NFTs). They're available on OpenSea, one of the largest NFT marketplaces. In addition, Hoge Finance offers HogeMint, which allows members of the community to mint their own NFTs during limited time events.
There are no deep-pocketed "whale investors." A decentralized autonomous organization (DAO) involves HOGE holders in governance. Hoge has implemented cross-blockchain bridges that allow cheaper transactions, including a bridge to the Gnosis Chain (formerly known as the xDai Chain). HOGE is also one of the only meme tokens that has gone to the effort of having a Certik audit conducted on its code.
And, as one final unique feature, the project seems to be serious about its intention to launch a mini-satellite to generate NFTs in space since it supports an open-source initiative to study space data security. Hoge's head of technology, Joseph Niehaus, holds a Ph.D. in atmospheric science; he and the Hoge Aerospace Institute (HAI) have partnered with the College of Charleston in a space exploration program.
Time will tell whether these unique pursuits will pay off with a spike in popularity. Just one viral celebrity "NFT from space" meme could boost this token's trajectory.
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