Merit (SN73) Crypto Coin Explained: What It Is, How It Works, and What to Watch

Ever stumbled upon a crypto token that seems to appear out of nowhere, has wildly different price quotes, and leaves you wondering if it’s legit? That’s the vibe around Merit SN73. In this guide we’ll break down what the token actually is, where it lives, why its numbers look so confusing, and what red flags you should keep an eye on before you consider any exposure.

What is Merit (SN73)?

Merit (SN73) is a cryptocurrency token that serves as the native currency for Subnet 73 within the Bittensor decentralized AI network. In plain terms, it’s the “fuel” for a specialized slice of an AI‑focused blockchain. The token is tied to a specific subnet-think of a subnet as a mini‑chain that runs its own rules and incentives while still being part of the larger Bittensor ecosystem.

The Bittensor Network and Subnet Architecture

Bittensor network is a decentralized protocol that lets AI models train and run on a blockchain, rewarding participants with native tokens. The network is built around a modular subnet design: each subnet focuses on a niche AI task (e.g., image classification, language modeling) and issues its own token to pay for compute and incentivize validators.

Subnet 73, labelled "SN73", is the particular branch that Merit powers. While the broader Bittensor platform has documented subnets for things like image generation, SN73’s exact AI purpose remains vague-there’s no public whitepaper or roadmap describing the models it supports.

Who’s Behind the Token?

fx-integral is the GitHub username listed as the maintainer of the Merit codebase. The GitHub repo (github.com/fx-integral/merit) shows the last commit on June 15, 2025, but the repository lacks detailed documentation, test suites, or a clear development roadmap. No other founding team members or corporate entities are publicly linked to the project, which makes provenance hard to verify.

Why the Numbers Don’t Add Up

One of the biggest headaches for anyone researching Merit is the wildly inconsistent data across tracking sites. Below is a snapshot of the most common metrics as of October 2025:

These contradictions raise three immediate concerns:

• Legitimacy: If a token truly exists on an exchange, the exchange’s API usually feeds consistent numbers to aggregators. The gaps suggest either faulty data pipelines or a token that’s barely listed.
• Liquidity: Low or missing volume on many platforms hints at shallow order books, which makes price swings easy to manipulate.
• Supply Transparency: Different sources claim wildly different total supplies, so investors can’t reliably calculate dilution risk.

Where Can You Trade Merit?

The exchange situation is a mess. MEXC is an Asian‑focused crypto exchange that lists Merit (SN73) and reported a +43.82% daily price change on June 20, 2025. Binance shows a modest 24‑hour volume of about $517k, while Crypto.com records only $9.5k. holder.io even lists Merit as “not traded anywhere,” contradicting the exchange data.

Because the token appears on a handful of niche platforms, buying it generally requires creating an account on MEXC or Binance, depositing a major coin (e.g., USDT), and then locating the SN73 trading pair-if it’s still listed. The lack of a stable market means order execution can be delayed, and slippage can eat up a large chunk of any trade.

Tokenomics - What Can You Actually Do With Merit?

In theory, Merit’s utility mirrors that of other Bittensor subnet tokens:

1. Pay for AI model inference on Subnet73.
2. Stake to help secure the subnet and earn a share of transaction fees.
3. Participate in governance votes that decide subnet upgrades or parameter tweaks.

Unfortunately, the public documentation that would explain the exact rates, staking requirements, or voting mechanisms is missing. Without clear on‑chain metrics or a dashboard, users can’t verify how much merit they would actually earn or how voting power is weighted.

Volatility and Market Behaviour

Because Merit’s liquidity is thin, price spikes are common. A CoinMarketCap AI snapshot on July42025 attributed a 105% price jump to “low liquidity amplifying price moves” rather than any technical breakthrough. The token hit an all‑time high of $8.64 on June282025 and a low of $1.21 just a day later, according to the same source-a swing of nearly 700% in 24hours.

Such wild swings are typical of low‑cap, low‑volume assets, but they also make the token a prime target for pump‑and‑dump schemes. The lack of a transparent development roadmap means there’s no fundamental catalyst to justify the moves.

Red Flags and Due‑Diligence Checklist

If you’re considering Merit, run through this quick checklist:

• Source Verification: Confirm the token contract address on a blockchain explorer (e.g., Bittensor’s ledger) and compare it against listings on exchanges.
• Supply Consistency: Check whether the max and circulating supply numbers match across at least two reputable data aggregators.
• Liquidity Depth: Look at order‑book depth on the exchange you intend to use. If the top 5 bids/asks are only a few hundred dollars, expect high slippage.
• Community Activity: Search Reddit, Twitter, and the official GitHub repo for recent discussions. Minimal chatter often signals low adoption.
• Regulatory Standing: Verify whether the token complies with your jurisdiction’s securities or AML rules. No clear compliance info is a warning sign.

Potential Use Cases - If It Works As Stated

Should Subnet73 deliver on its promise, Merit could enable:

1. Decentralized AI inference for niche industries (e.g., specialized medical image analysis).
2. Staking pools that reward participants for providing compute power to the subnet.
3. Governance of subnet parameters such as model update frequency or fee structures.

These are speculative, however; without a live demo or published performance metrics, they remain *theoretical* benefits.

Bottom Line - Is Merit Worth Your Time?

Merit (SN73) ticks the boxes of a classic high‑risk, low‑information crypto token. It lives inside an intriguing AI‑focused blockchain, but the surrounding data mess, shaky documentation, and tiny community suggest you should tread carefully.

If you’re a seasoned trader who enjoys hunting for ultra‑volatile assets and can afford to lose the entire position, you might treat Merit as a speculative micro‑cap play. For most investors, especially those looking for reliable exposure to AI or blockchain, there are clearer, better‑documented alternatives.