Sunday, April 2, 2023
Bitcoin - Altcoin News
No Result
View All Result
  • Login
No Result
View All Result
Bitcoin News
No Result
View All Result
Home News crypto

$6 Billion Crypto Metropolis Of Akon

news by news
December 30, 2022
in crypto, cryptocurrencies, News, United States
0
$6 Billion Crypto Metropolis Of Akon
0
SHARES
49
VIEWS
Share on FacebookShare on Twitter

READ ALSO

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

Akon Metropolis

We are all familiar with the imaginary country of Wakanda. Similarly to that, a new city is coming up named Akon City. It is developed in the western nation of Senegal. Funded and ideated by Akon, the African billionaire, and R&B artist, thus, his brainchild.

A detailed description of Akon city

The project, which will be located approximately an hour’s drive from the capital city of Dakar, is meant to be a high-tech, ecologically friendly city that will be constructed on a 2,000-acre property in the district of Mbodiène. The Senegal government gave the musician a gift of the 2,000-acre location.

According to reports, Akon and a group of investors are funding the project, which aims to act as a regional centre for innovation, tourism, and economic growth. With a 6 billion USD budget, Akon first revealed his aspirations to build this futuristic city back in 2018.

With artificial woods surrounding the city and increasing its attractiveness in numerous ways, the city will also act as a shelter for the native flora and wildlife present in Africa.

A dream city

A cryptocurrency called Akoin (AKN), which is intended to be the primary method by which residents conduct transactions, will also be used in the projected city. It is created to be a pan-African money and is based on the Stellar Lumens network. It will perform the roles of both a utility token and an ecosystem of resources and offerings for business owners.

Also read: Crypto Analysts Predict Bitcoin Price For 2023 As BTC Breaks Key Level

A multi-currency wallet and decentralized exchange support the coin. Users can now store and trade AKN without having to deal with the difficulties or costs associated with conventional money exchanges. Holders of tokens will be able to exchange their AKN for fiat money or buy speak time for their phones. Currently featured on BitMart, the token may be bought using significant cryptocurrencies.

Difficulties faced by this crypto city

Initially, the ideation of Akon city garnered a lot of enthusiasm among locals. However, with the passing of time, there has been no major progress made in the development of this dream city. A BBC report on the status of development called it a ‘land of grazing goats.’ Akon has been defending the slow progress by saying that it is because of the difficulties that came along with Covid 19.

The cryptocurrency Akoin has seen its own set of challenges. Data shows that after its introduction in 2020, AKN traded in the 0.14 USD to 0.15 USD range. The coin then had a significant increase in value in February 2021, when it surged to an all-time high of 0.5069 USD. Once the crypto winter struck in 2022, however, everything started to go terribly wrong. The value of AKN plummeted due to the challenging bear market. Since its inception, the coin’s price has dropped by 88%, to 0.017 USD at the moment.

Also read: Most Liked Crypto Tweets Of This Year On Twitter

Additionally, there are some emerging problems with regard to the legitimacy of cryptocurrencies in Senegal. The CFC Franc is now the only legal tender in the country. The Central Bank of West African States is in charge of issuing and overseeing it.

Akon has been saying that he will fulfil all the legalities and make sure that his brainchild doesn’t die. He has also promised stakeholders about profits and returns. Akon continued by saying that progress was “100,000% going” and that he was looking forward to retiring in the metropolis he will build.

Conclusion

Akon City is a significant undertaking. If it succeeds, it will be crucial for boosting Senegal’s economy and enhancing the quality of life for its people. However, given the current state of affairs, it is impossible to predict when or even if the project will ever be finished.

The post $6 Billion Crypto Metropolis Of Akon appeared first on CoinGape.

Related Posts

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit
24/7 Cryptocurrency News

Breaking: Binance, CZ And Three Top Crypto Influencers Slapped With $1 Billion Lawsuit

April 1, 2023
Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why
24/7 Cryptocurrency News

Elon Musk’s SpaceX To Fly 62 Bitcoin To The Moon? Here’s Why

April 1, 2023
Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?
24/7 Cryptocurrency News

Celsius Releases Reorganization Strategy; Finally Some Hope For Retail Customers?

April 1, 2023
Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.
24/7 Cryptocurrency News

Bitcoin Trades Above $28K Despite Fall Of Bittrex U.S.

April 1, 2023
Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%
24/7 Cryptocurrency News

Breaking: Binance Burns 1.6 Billion Terra Luna Classic Tokens, LUNC Price Jumps 3%

April 1, 2023
XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit
24/7 Cryptocurrency News

XRP Lawyer States Best And Worst Outcomes In US SEC Vs Ripple Lawsuit

April 1, 2023
Next Post
Crypto Cynic Peter Schiff Makes Bitcoin Prediction For 2023

Crypto Cynic Peter Schiff Makes Bitcoin Prediction For 2023

POPULAR NEWS

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

Bitcoin Price Prediction: On-Chain Data And Analysts Predict More Upside For BTC

December 7, 2022
Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

Crypto Prices Today: Huobi Token, Ethereum, Dogecoin Is Up; Solana Takes A Dip

December 7, 2022
Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

Donald Trump’s NFT Trading Cards Pump 350% In Value Upon Launch

December 17, 2022
Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

Bitcoin Price Today: BTC Rises By Nearly 2% While BlockFi Files For Bankruptcy

December 7, 2022
Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

Breaking: “Guilty” FTX Executive Will Now Cooperate Against SBF In Probe

February 28, 2023

EDITOR'S PICK

Cardano (ADA) Valentine’s Day Gift: What Will The Upgrade Offer?

Cardano (ADA) Valentine’s Day Gift: What Will The Upgrade Offer?

January 30, 2023
Breaking: Another Hedge Fund Collapses In Foray Of FTX; Market To Decline?

Breaking: Another Hedge Fund Collapses In Foray Of FTX; Market To Decline?

February 20, 2023
Just-In: Financial Giant Linked With Galaxy Digital Plans To Buy FTX Japan

Just-In: Financial Giant Linked With Galaxy Digital Plans To Buy FTX Japan

January 16, 2023
Breaking: FTX’s Alameda Research Files Lawsuit Against Grayscale In Surprise Move

Breaking: FTX’s Alameda Research Files Lawsuit Against Grayscale In Surprise Move

March 6, 2023
Bitcoin - Altcoin News

© 2022 coingger.com

Navigate Site

  • Europe
  • Exchange
  • Elon Musk
  • ETH Price
  • crypto Tax U.S.
  • CZ
  • Crypto Miners
  • BTC Price
  • ChatGPT
  • China crypto
  • Coingecko
  • Binance Smart Chain
  • Bitcoin $100K
  • Airdrop

Follow Us

No Result
View All Result
  • Homepages
    • Home Page 1

© 2022 coingger.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In