To understand what is Pitbull, we must throw some light on meme coins first. A meme coin is a cryptocurrency inspired by some internet meme or has some other humorous characteristic. Launched in March 2021, Pitbull (PIT) is a dog-themed meme coin managed entirely by its community. It sports the face of a Pitbull dog as its logo and is based on the BNB Smart Chain’s BEP-20 token standard. In this detailed article on what is Pitbull, we will acquaint you with various aspects of this meme coin. You’ll also learn how does Pitbull work, its ecosystem, use cases, roadmap, workings, partnerships, tokenomics, and more.
Pitbull’s creators renounced its ownership and handed it to the community after the coin’s creation. This decentralization of power enabled Pitbull to evolve and flourish as a decentralized, fully functional, and 100% community-driven meme coin project. It has 45k+ members on Telegram and 180k+ followers on Twitter at press time.
Pitbull aspires to be a unique social experiment in which investors are naturally involved in the project and community development aspects. All PIT token investors are rewarded with additional tokens via an auto-staking mechanism. This yield is funded by fees collected from PIT transactions.
The Pitbull community has developed various indigenous tools, thus creating many in-house use cases for the meme coin. Some of these tools are Pit Tracker, Pit Swap, Pit NFT Farm, Pit Safe, Pit Charts, Pit Mag, and Pit Lottery. Having been inspired by the Pitbull dog, the meme coin project has done its bit for the canines. It has partnered with and donated to charities like Rolda.org, Kennel to Couch (K2C), and Bullies in Need.
About Pitbull – Key Points
- An entirely community-driven project
- Auto-staking mechanism, with additional PIT tokens awarded to all holders
- Deflationary token, with a consistent burn mechanism
- Listed on many tier-1 crypto exchanges, including OKX
- Audited by Techrate
- Self-sustainable native ecosystem, powered by PIT token
- Partnered with multiple charities focused on animal rescue and welfare
- High transparency, with a clearly defined roadmap
How Pitbull Works
After having learned about what is Pitbull, let’s now look at how does Pitbull work.
An interesting fact about Pitbull is that it has been continuously developed and upgraded by volunteers from within the Pitbull community itself. People from various fields have contributed with their skills to help Pitbull evolve into a widely-recognized example of community-driven success. These contributors include web developers, translators, marketers, influencers, graphic designers, data analysts, writers and more.
As it is based on the BEP-20 token standard, PIT token inherits all the security features of the BNB Smart Chain. The blockchain uses Delegated Proof of Staked Authority (dPoSA) consensus mechanism for its security.
Transparency
Pitbull gives high priority to transparency in its operations. New volunteers are continuously added to the Pitbull team to ensure ample community representation. Additionally, regular community voting is conducted to help steer the project in the best direction. For instance, community voting has been done in the past to decide which exchanges to partner with, how to allocate funds, and even the logo to be used on the PIT token. The Pitbull team hopes to evolve this voting mechanism into the project’s governance mechanism in the future.
Community Wallet
The Pitbull team created a community wallet to fund its various project development initiatives. Community members can donate to this wallet and play their part in its further development. It features multi-sig protection, allowing for everyone’s approval for any transaction.
Passive Staking Rewards
All Pitbull token holders are automatically rewarded with a share from the 2% fee collected on PIT token transactions. PIT investors receive this reward directly in their wallets by just holding the token, without the need for any explicit staking requirement. As Pitbull gains popularity, PIT transaction volumes will increase and may lead to bigger staking rewards in the future.
About Pitbull Token’s Ecosystem
Thanks to its community, Pitbull’s ecosystem has witnessed plenty of development in a short span of time. As a result, it is fairly well-developed than many of Pitbull’s peers, including several non-meme projects. Some of the native projects developed by Pitbull community that have significantly increased Pitbull token’s use cases are:
Pit Tracker
It’s a tool that allows people to stay on top of their PIT token holdings and see their total earnings from the auto-staking rewards.
Pit Charts
This is a charting and analysis tool that can be used for all tokens minted on the BNB Smart Chain. The Pitbull team plans to earn income (in PIT tokens) by selling ad space and premium features in this tool. The funds will be used for project development and burning PIT tokens.
Pit NFT Farm
The Pit NFT Farm lets people stake PIT-BNB LP tokens to earn points which can be redeemed for official Pitbull NFTs. Users can even buy these NFTs outright, without any staking. Pitbull NFTs can be freely traded in the market. The sale proceeds go to the concerned artist and to the Pitbull community fund. The raised funds are used for charity purposes, burning PIT tokens, and for project development initiatives. You can access the Pit NFT Farm here.
The funds raised from the NFT sales are distributed as per the following break-up:
- 10% are used for the designing and minting process
- 15% are spent as shelter donations
- 15% go to marketing efforts
- 60% are allocated to the PIT liquidity pool.
Pit Swap
This is an Automated Market Maker (AMM) which allows people to easily buy and trade PIT tokens. As of writing it allows for easy swaps between 13 crypto assets including PIT, BNB, BTC, CAKE, BUSD, USDC, and USDT tokens. It also permits fiat purchases and adding liquidity to different liquidity pools. The Pitbull team has plans to make Pit Swap a full-on ecosystem with support for DeFi, yield farming, and staking features, in the future.
Pit Lottery
This is a section on the Pitbull website where you can try your luck by playing PIT lottery. Accessible on this page, it features a prize pool in PIT tokens, with the winner chosen based on a random provably fair method. As of writing, the prize pool is around 700 million PIT tokens. 89% of the winning amount goes to the winner, 4% is burned, owner and announcer wallets get 1% each, and 5% is carried over for the next game.
Pit Safe
Another very useful tool created by the Pitbull’s developer community, PitSafe works as a comprehensive DeFi Asset Manager for the BNB Smart Chain. It provides useful products for both investors and developers of BSC-based tokens. The tool can help you ascertain the safety level of a DeFi project before using its services. Early investors can also research newly launched tokens before buying them, and make well-informed investment decisions.
Pit Mag
This is a first-of-its-kind communication media (an online magazine) created by any token, to keep its community abreast of developments in the crypto world. It is downloadable in PDF format, and can also be read in the web browser environment. Here’s where you can go through it.
There are more products under development, including a PIT token-based fundraising platform called Pit Fund and a portal for selling official Pitbull merchandise, Pit Store.
Where Is Pitbull Used
The PIT token has several use cases within the Pitbull ecosystem. Some of them are as follows:
- Investors actively use the token for earning auto-staking rewards. These rewards are in the form of additional PIT tokens, automatically credited to the wallet by just consistently holding the token.
- PIT tokens are used for buying official Pitbull NFTs from the PIT NFT Farm. These NFTs can be freely traded in the market.
- You can acquire other cryptocurrencies like BNB, BTC, USDC, USDT etc., by swapping your PIT tokens through Pitbull’s PitSwap feature.
- PIT tokens can also be used for playing PIT lottery on the Pitbull website.
- Holding PIT tokens can help you enjoy premium features offered by Pitbull’s PitSafe tool. The more PIT tokens you hold, the more features and information you can access in PitSafe.
- It’s also possible to use PIT to make donations to charities like Kennel to Couch (K2C), Bullies in Need, and Rolda.org.
Pitbull Founders / Team
No information is available on exactly who founded the Pitbull project. Its ownership was renounced soon after its launch, and the entire control was handed over to the Pitbull community. As covered while discussing how does Pitbull work, the project has been continuously upgraded and developed by volunteers from the Pitbull community. Some of the community leads are:
- @SevenDigitz (Jari), Manager, Communications
- @cryplox99 (Crypo Lox), Marketing Strategist
- @Jackiboi (Jack), Software Engineer, Communications
- @kndwin (Kevin), Software Engineer, Development
- @prashcha (Prash), Software Engineer, Development
- @Y4nnS (Y.S), Business Developer, Communications, Marketing Lead
- @Faaa1B (Fab), Reddit Strategist
While the above-listed volunteers constitute Pitbull’s core team, other groups have evolved under it over time. They contribute to the project in different ways. These are:
Admin group – 48 members that collectively coordinate Pitbull project’s future course and propose PIT token’s new use cases.
Marketing group – 15 members work together on the project’s social outreach optimization and manage its official social media channels.
Media group – 45 members take charge of designing original music, videos, and images for promoting Pitbull engagingly and professionally.
Web/Software Development group – 22 members build different applications like PitSwap, PitCharts, etc. that utilize the Pitbull token.
Pitbull has other groups like support, moderation, communications, and writing/translation too, that have their own respective volunteers/contributors.
Pitbull Tokenomics
The Pitbull meme coin was launched on March 17, 2021 on the BNB Smart Chain with an initial total supply of 1 quadrillion tokens (100,000,000,000,000,000 PIT). 50% of this supply was burnt and sent to a dead wallet address right after the token generation event (TGE). This was expected to have a positive impact on the PIT price, but didn’t really make much of a difference.
As per Pitbull’s whitepaper, a maximum of 500 trillion PIT tokens can be traded in any given transaction. While this limit may seem exaggerated to many, it’s only reasonable and well-justified considering the Pitbull price action since its’ launch. The PIT price has fluctuated between $1 to $2 per billion tokens most of the time. It was hovering over 75 cents per billion tokens at press time.
Every PIT transaction attracts a 2% fee which is distributed among all PIT holders, including the dead wallet addresses. This functions as an auto-staking mechanism and also reduces PIT’s circulating supply, owing to the increasing PIT holdings with dead addresses. Another 2% from all sell PIT trades is used for creating liquidity and is locked forever. As of writing, Pitbull’s circulating supply was 40,192,158 billion tokens, implying that nearly 60% of total PIT tokens have been burnt since launch.
How Is Pitbull Created/Mined?
The entire supply of Pitbull tokens was minted at the time of its launch. There are no plans of generating more PIT as of writing. The initial supply of 100,000,000 billion Pit was created using the BNB Smart Chain’s BEP-20 token standard. This token format is an extension of Ethereum’s widely known ERC-20 token standard. It serves as a blueprint for defining how the generated tokens can be spent, by whom, and other rules related to their usage.
Since PIT tokens are not created on-demand and have already been generated, the ideal way of acquiring them is by buying them from the market. They can be bought from all established and recognized crypto exchanges, including OKX.
Pitbull Competition and How It Fares
As Pitbull doesn’t hold much utility outside of its own ecosystem, there aren’t many networks or platforms it can be compared with. So, what is Pitbull meme coin’s biggest competition? There are two projects that clearly stand out in this regard – Dogecoin (DOGE) and Shiba Inu (SHIB).
Both DOGE and SHIB tokens have found widespread acceptance in the market. DOGE can be spent at many online/offline merchants, including airBaltic, Sling TV, Dallas Mavericks store, Express VPN, Menufy, Tesla store, Twitch, and Namecheap. SHIB tokens too have found acceptance at places like Newegg, APMEX, David SW, Carolina Hurricanes store, AMC Theatres, Sling TV, and more. However, PIT is mostly accepted within its own native, in-house ecosystem at the time of writing.
Pitbull is also priced much cheaper as compared to its peers. Whereas Pitbull price is 75 cents per billion tokens, Dogecoin and Shiba Inu are trading at around $0.070 and $0.000012, respectively, as of writing. Pitbull’s market cap of $30 million (at press time), is nowhere near $9.3 billion and $7.1 billion of Dogecoin and Shiba Inu, respectively.
Pitbull Partnerships & Investors
As of writing, there are nearly 510,000 addresses holding PIT tokens. As can be seen in the graphic provided below, close to 60% of all PIT tokens have been sent to a Null address and removed from circulation. Mexc.com and Pancakeswap exchanges have around 6% and 4% of all PIT tokens, respectively. The remaining 30% of PIT’s total supply is split amongst the meme coin’s community.
Pitbull has forged partnerships with multiple charities to do its bit for its canine friends. It collaborated with a non-profit organization named Kennel to Couch (K2C), which is leading the Pit Bull dog rescue operations across America. K2C teams up with community partners and shelters to rescue at-risk Pit Bulls, besides offering incentives and support for Pit Bull adoptions. Pitbull token is the official crypto sponsor of Kennel to Couch, as of writing.
Other than K2C, the Pitbull community has also partnered with other charities. It collaborated with Bullies in Need; a shelter focused on rescuing Pit Bull dogs in Canada; Rolda.org, a Romanian non-profit dog shelter; and Voorhees Animal Orphanage from New Jersey, USA.
Pitbull Strengths, Weaknesses, Opportunities, and Threats
Strengths
One of the biggest strengths of the Pitbull project is its self-sustainable model, underpinned by a buzzing native ecosystem. As Pitbull community works on increasing the PIT token’s adoption in the wider external marketplace, it can rest assured of its uninterrupted utilization in the native ecosystem.
Clarity of purpose is another one of Pitbull project’s major strengths. It always had a clearly laid-out roadmap right from the beginning. Not just that, most of the milestones have been accomplished as scheduled. Continuing to maintain the highest level of transparency regarding the project’s progress, the Pitbull team released a new roadmap in November 2021.
Furthermore, Pitbull’s auto-staking feature is a major attraction for a great multitude of crypto investors. Seeing the number of PIT tokens grow by just holding them in a wallet has proven to be a great motivator for Pitbull investors. Lastly, the Pitbull token has an excellent deflationary mechanism per which PIT tokens are burnt on a regular basis, in multiple ways. The consistency of this mechanism is another important plus for Pitbull.
Weaknesses
Despite having a highly-motivated and well-engaged community, Pitbull token has struggled with adoption outside of its native ecosystem. The project hasn’t been able to forge partnerships like most of its rivals. It notably lacks use cases as compared to many of its meme coin peers as well as non-meme projects. Many crypto enthusiasts feel that the Pitbull project comes across as lacking a solid team as well as funding to take it to the next level. Additionally, it faces stiff competition from similar meme coins like Baby Doge Coin, Dogelon Mars, Shiba Inu, and Dogecoin, all sitting above it on the leaderboard.
Opportunities
A rapidly growing market for crypto and blockchain projects globally is an excellent opportunity for Pitbull to expand its user base and ecosystem. Pit Bull and dog lovers in general, are present all over the world. If Pitbull focuses on educating people about its initiatives and offerings, it can potentially give its more popular peers a run for their money.
Threats
Like the rest of the market, Pitbull too faces the brunt of any negative regulatory developments in the crypto industry. Being an integral part of the global decentralized digital ecosystem, Pitbull will have no option but to comply with regulatory restrictions if and when imposed.
Pitbull Roadmap
One of the biggest reasons why Pitbull has reached this far is because of its clearly laid-out roadmap. As is evident from the graphic above, the project is well past its Phase 3, having accomplished most of its milestones since launch. Some of its noteworthy achievements thus far are:
- Launch of multiple native utility tools like PitTracker, PitCharts, PitSwap, Pit NFT Farm and PitMag
- Listing with prominent exchanges
- Shelter partnerships
- Whitepaper launch and more
In its next phase, Pitbull aims to accomplish several clearly-specified goals, including:
- Multiple PIT burn events
- PitSafe dApp integration on other blockchains like Ethereum, Polygon, Cardano, Kucoin, and Solana
- Pitbull NFT collaborations
- Marketing push and campaigns
- PitGames launch
- Listing PIT tokens on Pools, Swaps, and DEX
- Release of Pitbull’s first 3D Character Cards NFT collection and more
While no timeline has been set for these milestones, their sequential order of execution is quite clear.
Pitbull Updates, News, and Highlights
In an important Pitbull news, in November 2021, the Pitbull community introduced a new roadmap for the project. The new roadmap laid out the project’s accomplishments since its launch and what all lies ahead going into 2022. It covered multiple milestones, including Metaverse integration, tier-1 exchange listings, gaming industry components, PitMag launch and more.
The same month in 2021, Pitbull also teamed up with the New Jersey, USA based Voorhees Animal Orphanage, for a major donation initiative. This was apart from its other charitable initiatives focused on animal shelters and clinics. With this partnership, Pitbull aimed to become a driving force in the animal rights space, not just for Pitbull Terriers, but all bully breeds. The project is pioneering innovation in charitable donations for animal rights. The Voorhees partnership began with a $10,000 donation in PIT tokens and a commitment of a total $100,000 over the following year.
Where To Buy Pitbull?
You can buy Pitbull right here on OKX, one of the biggest cryptocurrency exchanges in the world. We allow PIT token purchases using USDT stablecoin in our spot market. Simply login to your OKX account, fund it with USDT, and head to our spot trading page. Look up and click the PIT/USDT trading pair through the search window located in the page’s upper left section. Now place a ‘Buy PIT’ market order using the form provided under the PIT/USDT price chart. The purchased PIT tokens will get credited to your OKX wallet.
How To Store Pitbull?
Being a BEP-20 token, Pitbull tokens can be stored in any crypto wallet compatible with BNB Smart Chain tokens. For instance, Atomic Wallet, Trust Wallet, Ledger, D’Cent Wallet, and most importantly, the OKX native web wallet. A great multitude of PIT investors choose to buy and store their tokens on OKX. Our native web wallet offers top-notch, bank-grade security features, including cold storage of funds, two-factor authentication, multi-sig facility, anti-phishing codes, and SSL encryption.
How To Stake Pitbull
One of the most interesting facts about Pitbull is that anyone who buys PIT receives automatic rewards in their wallet just by holding the token. These are called auto-staking rewards and are funded by a 2% fee collected on PIT transactions. The total fee is distributed proportionally to all wallets holding PIT, including the dead addresses. It’s a unique model that requires no explicit effort to stake one’s PIT holdings.
FAQ
Will Pitbull Ever Hit $0.01?
Pitbull’s circulating supply as of writing is around 40,000,000 billion tokens. Accomplishing a $0.01 value would mean a market cap of $400,000 billion, an unheard-of figure for any crypto project as of writing. Although not impossible, a lot will depend on how the community works together to realize the project’s future goals.
What Is PitStore?
An in-the-works product of Pitbull, PitStore is a merchant website that will allow people to buy official Pitbull merchandise with fiat currency and PIT easily.
Is PIT a Legit Cryptocurrency?
Yes, PIT is a legitimate cryptocurrency. Although most of the meme coins derive their value from hype, Pitbull is an entirely community-driven project. Its community has created some really beneficial use-cases for the PIT token.
How About Pitbull Security? Is It Good Enough?
All PIT tokens were minted based on the BEP-20 token standard. Hence, every Pitbull token is secured by the Delegated Proof of Staked Authority (dPoSA) consensus algorithm of the BNB Smart Chain.
Is Pitbull a Good Investment?
Pitbull being a cryptocurrency, is considered a highly volatile asset. Hence, you must do all due diligence before trading it or investing in it.
Source: OKX.com
