$FOXY is the first “cultural coin” on Linea, launched on April 12. It is a combination of memecoin and community focus, aiming to promote the emergence of culture within its ecosystem.

Token Information

CMC $FOXY Token Information

$FOXY (Contract Address: 0x5FBDF89403270a1846F5ae7D113A989F850d1566). As of November 28, the market capitalization of $FOXY is approximately $40 million, with a fully diluted valuation (FDV) of around $134 million. The token is not fully circulating, which, compared to fully circulating memecoins, is a disadvantage for $FOXY.

$FOXY Token Economic Model

The total supply of FOXY tokens is 10 billion, with the following distribution: 25% allocated for community airdrops (MetaMask/Linea), 15% for the seed round, 13% for the team and support, 10% for market makers/CEX liquidity, 10% for future CEX listings, 6% for advisors, 6% for the treasury, 5% for ecosystem partner rewards, 5% for project and OTC trading, and 5% for DEX liquidity.

In addition to the circulating supply, the future unlocking path for $FOXY is also a point of concern. The project team has not disclosed the timeline for unlocking the remaining tokens or the specifics of the unlocking schedule. (In general, token participants are concerned that a significant concentration of unlocked tokens, particularly in the hands of investors or the team, could result in selling pressure in the future.)

“VC” Attributes

As mentioned earlier, although $FOXY is a meme token, many aspects of it differ from typical meme tokens, giving $FOXY some “VC” (Venture Capital) attributes.

1. Low Circulation Ratio
   The vast majority of meme tokens have a circulation ratio close to 100%, which means there is a low potential for price manipulation and a stronger cultural symbol. This is part of the original purpose of meme tokens. In the market, meme tokens with high circulation ratios are often more favored by enthusiasts.

2. High Proportions of Investors and Team in Tokenomics
   The tokenomics of $FOXY resemble protocol tokens rather than purely meme tokens. Most meme tokens are typically distributed through airdrops, DEX liquidity, and CEX market-making options. However, $FOXY’s distribution includes seed round investors and the team. When these tokens unlock, they could create additional selling pressure, something meme enthusiasts generally do not want to see.

Due to these two factors, $FOXY has taken on “VC” attributes. It is difficult to judge whether this is good or bad for a meme token, but in most cases, venture capital tokens do not perform well in terms of price after their TGE (Token Generation Event), which is often linked to the potential selling pressure. This represents one of the potential risks of $FOXY.

Ecosystem

$FOXY belongs to the ecosystem of Linea, which was once hailed as a leading Layer 2 solution and is still an L2 that has not yet conducted its Token Generation Event (TGE). Linea is the first ZK Roll-up project developed by ConsenSys, designed as a fully EVM-equivalent Layer 2 network. It combines high throughput, scalability, and low gas fees.

ConsenSys is a blockchain software company focused on Ethereum and decentralized protocols. Its main products include Infura, Quorum, Codefi, MetaMask, MetaMask Institutional, Truffle, Dilince, and various NFT platforms. Among these, MetaMask stands out as one of the most important infrastructures and wallets in the cryptocurrency space. Thanks to MetaMask, ConsenSys has gathered enviable business data, with millions of users, supporting blockchain-based queries in the billions and processing billions of dollars in digital assets.

When we mention the MetaMask wallet, its iconic fox logo immediately comes to mind. Similarly, $FOXY’s logo is also a fox.

Clutch and FOXY Collaborative Event

In addition to its basic existence, $FOXY has also interacted with the Linea project. FOXY collaborated with the Clutch project within the Linea ecosystem, where users could mint free FOXY NFTs through Clutch AI. After completing the associated tasks, they could also earn Linea XP. The official Linea Twitter account later shared this event.

Price Trends

TradingView — $FOXY Price Trend and VRVP Indicator

Regarding price movement, $FOXY is currently in a major accumulation zone after a pullback. Even if the price breaks through this area upwards, it will still face selling pressure at the $0.0147 level. Overall, while $FOXY is far from its all-time high (ATH), there is not much accumulation of tokens between $0.0180 and the ATH.

Contract Security

DEXTools Contract Rating System

In terms of token security, DEXTools’ DEXTscore has rated the $FOXY contract with a score of 99, indicating that there are almost no contract vulnerabilities or backdoor risks.

Past Airdrops

First Airdrop: 5% was allocated to the first 100,000 MetaMask Swap users, with each eligible user receiving 5,000 FOXY tokens (approximately $94.5).

Second Airdrop: An airdrop for OKX KYC users, where participants completed a series of tasks to qualify for the airdrop.

Third Airdrop: A future airdrop is planned for various communities within the Linea ecosystem.

The current low circulation ratio of $FOXY offers the potential for future airdrops. With the upcoming TGE of Linea, $FOXY can leverage airdrops to attract market attention. Given these conditions, interactions within the Linea ecosystem are likely to be one of the requirements for participating in these airdrops.

Conclusion

While $FOXY has some drawbacks in certain meme token metrics, such as circulation ratio and unlocking paths, it benefits from the strong performance of Bitcoin and the rise of AI-driven memes, which have sparked a broader meme token market rally. This can be considered favorable timing. Furthermore, with Linea’s TGE expected in Q1 of 2025 and $FOXY being part of the Linea ecosystem, it has strategic advantages in terms of positioning. Additionally, $FOXY’s fox logo is similar to MetaMask’s, a well-known product from ConsenSys, which adds to its recognition and appeal. Regarding meme token popularity, $FOXY has notable potential advantages in terms of timing, ecosystem, and branding.