As I mentioned in my post, I have been taking some time and exploring some new and interesting coins/tokens in the market. I had never heard Ampleforth (AMPL) until it made its way in the top 100 and then top 40.
I was curious to know about it but forgot to research it. I was in a local telegram group when I saw someone mention AMPL. He explained it to me but I didn't believe him. He showed me the proof and I had to believe it. I am still not sure if it is worth investing and, to be honest, I first thought that it is a scam and I am still not 100% sure that it isn't.
So what is the concept of AMPL?
Well, you know that Bitcoin has a fixed total supply of 21 million and that will never change but the supply of AMPL changes on a daily basis. It can increase and decrease as well. Depending on how much you hold, you will get new coins if supply increases. For example, if the current supply is 150 and you hold 1% of the total supply. Now if the supply increases to 180 million, there will an increase of 30 million and you will receive 1% of that 30 million because you had a stake of 1% earlier.
And if there is no increase in supply or the supply decreases, you won't get anything. But there is also a catch. A price target is set and in case the price drops below that target, you will lose some percentage of your holdings if supply decreases. The current price target is $1.009 and the price of AMPL is $2.12 at the time of writing, so it is very unlikely to fall below the target price for some time, but then it is crypto, you can never be sure about anything.
Sounds crazy, right? I think it is. Some people have even made 10-20% in just a single day. The rewards are paid out every 24 hours and some of my friends have earned decent money in AMPL.
I gave it a thought and decided to stay away from AMPL until I am not convinced that it is a legit project. If anyone here has any knowledge about AMPL, kindly share it in the comments section.
If you are thinking of investing in AMPL, I would suggest you be very careful with it. And don't even think of investing before knowing about the project.
This is not financial advice. These are personal thoughts and they are meant for information purposes only.DYOR before investing.