Key Takeaways:
- Feed Every Gorilla Smart DeFi project introduced its 2.0 version testing.
- What does the project aim to achieve and what are the use cases for holding FEG?
- The token lost 47% in November, albeit flashing a Pennant on the chart against BNB.
YEREVAN (CoinChapter.com) – FEG, the deflationary governance token of Feed Every Gorilla, a Smart DeFi project on Ethereum and Binance Smart Chain, declined by 47% month-to-date. However, the project itself was gaining momentum and introduced its 2.0 alpha testing launch on Thursday.
The tweet’s comments section was full of impatient users, keen to see rewards sooner rather than later, and unsure of what the 2.0 version was supposed to accomplish. While the team did not provide much information on the upgrade itself, some traders see the project’s fundamentals as having potential for “multi-fold returns.”
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But first things first; what is FEG, and can it actually “feed every gorilla?”
What is Feed Every Gorilla?
As mentioned, Feed Every Gorilla is a Smart Defi project, and it aims to reshape the working model of decentralized transaction networks. Its ecosystem includes a decentralized exchange (DEX) FEGex, with the deflationary governance token FEG. The latter features a 100 quadrillion supply limit and has 42 quadrillions currently in circulation.
Owning FEG provides decision-making rights for the DEX, as well as the opportunity to stake them. Also, ownership is instrumental in creating wrapped tokens and locking FEGs in liquidity pools for FEGex, Uniswap, or PancakeSwap.
The team behind the project is anonymous, however responsive on various social media outlets. The chief marketing officer ‘Chris’ commented on FEG’s aim and its creator FEGrox.
With the suspected Satoshi Nakamoto — FEGrox — spearheading DeFi and a forward-thinking mindset, FEG will advance further into the cryptocurrency space by releasing increasingly innovative products alongside SmartDeFi while maintaining a strong sense of community and love for all projects in the cryptocurrency space.
said the CMO.
While the quote does seem vague, Feed Every Gorilla’s initial stance was to help users differentiate between rug-pull scams and legitimate coins on the market using Smart DeFi technology. In addition, the team claimed that Smart DeFi makes the project rug-proof and reduces gas fees.
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However, all the factors mentioned above did not result in the FEG uptrend. As a result, the token’s price was still virtually non-existent in the Friday session and stood at $0.000000005975.
Uptrend ahead for FEG?
The quarter started with a bullish sentiment, as FEG notched a 532% gain in Oct. Then, however, the wind changed, costing the token 47% month-to-date loss in November.
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The overall bearish climate on the market could be the reason behind the decline. But FEG still flashed a bullish setup dubbed the Falling Wedge on the chart against Binance Coin (BNB).
The Falling Wedge consists of two converging trendlines that drive the price down as the formation progresses. However, the setup predicts a bullish reversal after exhaustion.
