- The RFOX Token offers an entry into the Southeast Asia crypto market.
- RedFOX Labs recently took an investment from Galaxy Digital.
- The RFOX Token is under the radar.
My latest investment is the RFOX token. Here is why I think RFOX is a good buy for your crypto portfolio.
RedFOX labs is a small crypto focused company operating in Vietnam. According to their website; RedFOX Labs is an emerging tech internet company that identifies and builds successful business models for the Southeast Asian markets.
The RFOX token is a low cost token that trades on a few decentralized exchanges. It is relatively under the radar. It is currently ranked at number 2431 on CoinMarketCap. The circulating supply is currently 1,308,456,635. The current price is just .03 cents, making it one of the lowest priced coins I have ever purchased.
Of course the token is low priced for a few reasons. First, there is a large circulating supply. Second, RedFOX is newer and just getting started. I had never heard of RedFOX until two months ago. My guess is that you have not heard of it either.
How did RedFOX Labs land on my radar? Well, that brings us back to my favorite crypto stock, Galaxy Digital. Mike Novogratz made an investment into RedFOX back in December. The amount invested in the company is undisclosed. My guess is he infused some capital for their operations and also received RFOX tokens as part of the deal.
There is not a lot of detail about the transaction. The RedFOX announcement on the Galaxy Digital investment from their website is mostly a boilerplate announcement.
RedFOX Labs basically calls themselves a venture builder. They replicate unicorn business models from the US and China for the Southeastern Asia markets. They identify promising ventures and help launch them, acting as an incubator and accelerator.
You can see the RFOX whitepaper here. I recommend taking a look. Below is a screenshot of how they intend to work RFOX into the larger crypto ecosystem.
Why I Bought the RFOX Coin
I will list out a few reasons I added this coin to my portfolio. These are just my reasons, do your own research.
- Galaxy Digital is now an investor in RedFOX Labs.
- The RFOX coin is only .03 cents, the low cost allows larger positioning.
- RFOX is not yet listed on any of the major exchanges, just a few DEX ones.
- They appear to have a solid footing and are legitimate.
- RedFOX Labs whitepaper, or blackpaper, as they call it, is straightforward and easy to understand.
- When compared to other similar tokens and circulating supplies, the price is low, with a lot of upside.
- RedFOX Labs is the only Crypto Gaming, DeFi, dApp and NFT incubator in Southeast Asia.
So there you have a few reasons for why I added it. The first reason, being Galaxy Digital is involved. However, it should be noted that Galaxy Digital is involved in many crypto projects. Their track record is mixed, like most of us. Some of their investments have really shown promise, and a few others might be duds. However, I assume they do some serious due diligence, and like what they found here with RedFOX.
If you came here wondering if RFOX is worth buying, or a good investment, you have my reasons why I bought it. If you are like me, and looking for an under the radar token that might be worth a speculative add to your portfolio, I give you RFOX. This is the latest from my Crypto Investing Ideas category.
RFOX Token Price Prediction
I am going to just give a rough idea of what the price of RFOX could go to. Tokens with a similar total supply or around 2,000,000,000, that are better known projects, range anywhere from .10 cents all the way up to $1.00. Right now the RFOX is only .03 cents so even if it goes to .25 cents it would be a great percentage gain.
I mean, look at Dogecoin, which has twice the supply, and no purpose at all. That coin went all the way to .10 cents. So RedFOX, the only player in Southeastern Asia with plans to get into Gaming, DeFi, and NFT, looks very promising.
I want to reiterate, this is a longer term speculative play for me. I don't think that this token will gain in any significance until it is listed on more exchanges and rolls out more projects.
For those who are not sure how to buy these sort of tokens, please check my website for an easy to understand guide. I will be posting this guide in the next day or so.
As always, this is my own opinion. I am not a professional Do your own research prior to buying anything mentioned here on this website.
Originally published at Average Joe Crypto | Crypto News and Info.
Analyst's Disclosure: I am/we are long RFOX.
I have purchased RFOX Tokens from RedFOX Labs
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