OnlyFans is the famous platform that allows users to follow the contents published by creators by paying them a subscription fee. To date, it is not known that the possibility of making or receiving payments in crypto has been activated, although there has been talk of it from 2021.
So it’s no surprise that it doesn’t even have its own token.
The OnlyFans cryptocurrency (FANNED).
Yet there is a token issued on BNB Chain called OnlyFans, and it has FANNED as its ticker.
It is not found in centralized exchanges, because it is a fake. However, you can find it on Pancake Swap DEX, as it is indeed a token created on BNB Chain.
There are actually several tokens issued on BNB Chain called OnlyFans, all fake, and all tradable on PancakeSwap.
Nor is it easy to determine their market value, both because there are several tokens with the same name but different prices, and because the trading volume is very small.
However, come on PooCoins there is a chart showing the price of the FANNED token in BNB.
His website onlyfansbsc.io is offline and on CoinMarketCap they describe it as a parody project of the popular adult entertainment website OnlyFans.
He also says that this meme coin was meant to be fun and for “providing laughter and joy to holders”, although it is not clear how.
It is also touted as a form of protest against the modern adult entertainment industry which promotes the concept of objectified women. So it should provide memes and entertainment, but also stimulate thought.
It also promises to provide great rewards to its owners in the form of BUSD. Better yet, they’ve promised to run contests with giveaways and even raise awareness about the energy use that’s causing a global climate crisis.
Finally they reveal that the true purpose of this project would have been found over time as the project itself grew.
Now, however, the site is offline, and its market value has almost disappeared.
The price of FANNE
PooCoin’s chart starts at the end of November 2021, revealing that it is a fake token that has been around for more than a year.
The initial price was 0.003 thousandths of a dollar, but within ten days it reached its all-time high at 0.837 thousandths, a gain of 27,000%.
It was evidently a pump-and-dump scheme, also because three days after the peak it had already collapsed to 0.034 thousandths of a dollar.
Since then it has only fallen further, so that the following month the price was already back to 0.003 thousandths. It is currently at around $0.001 thousandth, which is 66% lower than its initial value at the end of November 2021 and 99.88% lower than its highs on December 9, 2021.
Despite this, it is still trading on Pancake Swap, even though the volumes have now become ridiculous.
At launch, the daily trading volume was in the $77,000 range, rising to $127,000 the day after launch.
So while the pump was still running, volumes had already dropped to $86,000, only to plummet to $16,000 five days after the price peak.
Another five days later they fell to $125, with a brief awakening only in late December when they again exceeded $5,000 for one day.
Since then, the daily trading volume has hardly ever returned above $100, so much so that there have even been several days with zero trading volume due to the total absence of transactions.
The OnlyFans crypto: fake or scam?
It is certain that this is a fake token using the OnlyFans name without any authorization or consent from the company.
But given its description at launch, given the obvious pump-and-dump scheme, and given the fact that its creators are gone, it actually looks a lot worse than a simple fake: it looks a lot like the classic grab-and-dump -run crypto scam, i.e. convincing unsuspecting speculators to buy the token at a high price by “downloading it” as the jargon goes, as soon as possible and then vanishing.
The token still exists, it is still tradable, but the project can now be considered concluded. Someone most likely earned it, behind all those who believed it was serious.