What is Samoyedcoin (SAMO)?

How Samoyedcoin works

Samoyedcoin is a Solana program library (SPL) token, the term for crypto tokens issued on the Solana blockchain. It was created with a maximum supply of 14 billion SAMO tokens, but it regularly burns tokens, meaning they're sent to an inaccessible wallet and removed from circulation.

Here's how the token supply for Samoyedcoin is allocated:

• 9,254,000,000 (66.1%) for burns
• 2,016,000,000 (14.4%) for airdrops
• 1,400,000,000 (10.0%) for marketing
• 784,000,000 (5.6%) for gradual release
• 540,000,000 (3.9%) for the core team

Partnerships

The most noteworthy connection for Samoyedcoin is clearly Solana since it provides the network that the meme token uses. Samoyedcoin's goals are also tied to that blockchain network; it calls itself an ambassador for the Solana ecosystem.

Samoyedcoin has established connections with several decentralized finance (DeFi) platforms. The following decentralized crypto exchanges offer SAMO trading and staking:

• Tulip Protocol (TULIP -0.47%)
• Orca (CRYPTO:ORCA)
• CropperFinance (CRP +0.76%)
• Raydium (RAY +0.57%)

Can I make passive income with Samoyedcoin?

You can make passive income with Samoyedcoin through decentralized crypto exchanges, including Tulip, Orca, Cropper, and Raydium. There are two ways to do this:

• Deposit your SAMO tokens into a lending pool and earn interest on them.
• Deposit your SAMO tokens and an equal value of another cryptocurrency into a liquidity pool. For example, if a liquidity pool contains Samoyedcoin and USD Coin (USDC -0.00%), you can deposit an equal amount of SAMO tokens and USDC.

With both options, you earn crypto based on the amount you've deposited. Keep in mind that passive income is much different with cryptocurrencies than with cash. If the value of Samoyedcoin drops, then you can lose money even after taking your passive income into account.

Unique risks

Being built on Solana has its pros and cons. On the one hand, Samoyedcoin benefits from Solana's technology. It can offer some of the fastest and most economical transactions of any meme token.

On the other hand, Solana has developed a reputation for being unreliable when faced with unexpected transaction loads. It averaged one network outage per month during the first five months of 2022, frustrating supporters and causing the price to drop. That's an issue for Samoyedcoin since its success is largely tied to that of Solana. It is, after all, the self-appointed ambassador for Solana.

In its defense, Solana has not yet declared itself to have progressed from its beta release to a final production version. The code fixes required by the failures have made the network more resilient. But, ultimately, we don’t know if or when the network will be able to stand the test of time under a high load.

Also worth noting is that, outside of being an on-ramp to Solana, Samoyedcoin doesn't offer much utility. It's like any other meme token except it's built on Solana instead of Ethereum, BNB (BNB -0.07%), or another blockchain.

How to buy Samoyedcoin

You won't find Samoyedcoin on all the most well-known crypto exchanges, but there are some large platforms that have it available. Here are a few places where you can buy Samoyedcoin:

• Kraken
• Gate.io
• OKX (not available to U.S. investors)

Another option is to trade for Samoyedcoin on a decentralized exchange. You'll need your own blockchain wallet to do this since these exchanges don't let you buy crypto using fiat money. The benefit of using them is that several have lending and liquidity pools where you can stake your SAMO tokens and earn interest.

Like other dog-themed cryptos, Samoyedcoin doesn't have much to offer outside of a cute mascot. While that was enough to generate some big returns last year, it isn't a good idea to expect a repeat performance.