Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul
Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
Since the beginning of 2021, there has been an increasing awareness about use, trade and value of crptocurrency when compared to other years. Although blockchain technology and cryptocurrencies has been hear with us for over a decade now, the acceptance and level of investors that came into the market in the year 2021 was highly tremendous.
Meme as will all know can be given different caption and interpretation depending on circumstances and the story you want to share at the material time. Brands and companies use influential people to sell their product to the public, because these individuals are seen and considered as role models by members of the society. Most persons would likely base their decisions on what these influential people say, do or promote using their social media handles.
The meme token is one of such beneficiaries of promotion by an influential person. Elon Musk the CEO of Tesla and Space X and currently the richest individual in the world, made a positive remark about Dogecoin using his twitter handle. This single twit or comment from respected individual like Elon Musk made so many persons to become inquisitive, more and persons began to pick interest in Dogecoin, this became a trending news for couple of days.
Meme token is has a bright future and it is surely going to exact a huge impact on the cryptocurrency market due to the public figures such as Elon Musk whom many see as a successful business person and investor. It with no doubt that his mentees must have been influenced by his several tweets regarding dogecoin which made it ranked among the top 10 coins in the coinmarket.
When a particular invention records a high success rate, there is every tendency that similar projects of that nature must surely come up, and this is what we are currently seeing and will see more of it in the coming days owing to the success of dogecoin. The Kishu Inu is also a type of meme token that has made rapid success due its being associated with one of the greatest footballers of all time Ronaldinho and the tallest building in the world.
Football fans and tourist would surely be drawn to this meme token due to because of its being associated with one of the current biggest tourist destinations of the world. Memes are designed to give comic relieve, therefore with its introduction into blockchain, meme tokens are definitely going to have a boom in the crypto space.
Do you think Meme Tokens is a type of cryptocurrency that should not need to be created?
Generally, meme is known is bring comic relieve to the viewer. And the idea behind creation of meme token was for it to serve as joke or a kind of comedy for users and downplay on all the hype and attention that bitcoin was getting. However we are told that the dogecoin was created to enable users conduct peer-peer transaction and elimination of third party interference during transaction.
Well, I think if meme tokens were created just for entertainment then it was not a bad idea to introduce meme into cryptocurrency. Entertainment is a fast selling industry all over world. The entertainment industry is one that generates millions of dollars every year so having entertainment introduced into blockchain either deliberately or by accident.
There is no cryptocurrency that would be created because there is a special need for it because there are a whole lot of tokens in the coinmarket that are already competing with each other for top ranking, so if having using meme token to break into the crypto market is all that was needed by dogecoin, then I think meme token creation was needed.
If you had to choose to invest or trade on Meme Tokens, which would you choose? Explain your choice in detail and provide strong evidence for your choice.
I would pick safemoon I want to invest in meme token. The year has been amazing for cryptocurrency. While the big names in crypto have attracted the most attention — Bitcoin, Ethereum, and Dogecoin — a plethora of new cryptocurrencies have just appeared.
SafeMoon, one of the most recent digital currencies, launched in March of this year and has already attracted over 2 million users. SafeMoon, which debuted in 2021, is one of the newest cryptocurrencies. This cryptocurrency idea is a decentralized financial system that is driven by the community.
CoinMarketCap predicts that there are over 2.5 million holders of the currency and 585.536 trillion coins in circulation since its inception in the first quarter of 2021. The creators wanted a coin that would give "secure" earnings and avoid bubbles from forming.
SafeMoon's cryptocurrency creators have a long-term plan for the currency's growth. Holders gain passive advantages over time, and penalties prevent them from selling. CoinMarketCap, a cryptocurrency price tracking website, lists it as the ninth most popular page.
According to CoinMarketCap's statistics, SafeMoon is more popular than Ethereum, one of the most popular cryptocurrencies. Its current price stands at $-0.000002239 and its trading volume for the last twenty four hours was $6,798,428.03 and a market capitalisation of 0.005196, market dominance was 0.05% and it's current ranking is at #210.
Fundamental analysis of the Meme Token with good investment tool.
Safemoon is one of the newest token that was listed on the coinmarket this year. According to the market research firm CoinMarketCap, Safemoon was on more users' watchlists in early May than bitcoin (1.3 million vs. 1.2 million).
Features of the Safemoon Meme Token
Community Focused
The safemoon developers are more with concerned with developing a community where everyone on the platform can be a beneficiary, no wonder the team of developers had to burn all their token in order for to participate equally with every user on the community.
Automatic Liquidity Pool.
Every trade that is done on the safemoon platform contributes towards auto generation of liquidity that goes into a number of pools being used by exchanges.
RFI Static Reward
This feature allows users to earn passive rewards through the static reflection process which is a process that allows safemoon balance of users to continue appreciating indefinitely.
Reflection
Reflective rewards, sometimes known as static rewards, are a solution to the problems with mining rewards. It does it in two ways: first, it provides an environment that promotes people to participate in sports. The amount of the award is determined by the number of trades, which serves to discourage early adopters from selling their coins and putting pressure on the market. It encourages token holders to obtain larger rewards based on their total number of tokens.
This is not the case with traditional mining compensation. Early adopters, for example, earned stronger incentives for their mining efforts than latecomers because the reward value of Bitcoin (and other tokens) falls over time. This static reward approach was designed to discourage people from selling off their coins.
Liquidity Pool Acquisition
SafeMoon's "special sauce," according to the official white paper, is its autonomous liquidity pool. Its role benefits both buyers and sellers because it establishes a firm price floor. The fundamental goal of the design is long-term stability. The penalty for selling coins is an intriguing feature of SafeMoon.
The smart contract charges a fee of 10% for each transaction. Existing token holders receive 5% of the fee, which encourages investors to keep their tokens rather than sell them. According to the project's white paper, the idea is to avoid greater declines when whales chose to sell their tokens later in the game, resulting in less price fluctuation.
Manual Burning
In most cryptocurrencies, token burning is a way of permanently removing tokens from circulation. This method is designed to increase scarcity and, as a result, value. Several crypto projects have been burning coins continuously since the beginning.
On the other hand, SafeMoon employs manual burns rather than continuous burns. According to the reasoning, this method can be used to adopt a beneficial burn strategy for long-term investors. It also allows for public notification and tracking of the burns, resulting in increased transparency.
According to CoinMarketCap, SafeMoon has a total market value of $981.88 million, putting it in the 212th position in terms of market dominance. That's not bad for a brand-new cryptocurrency competing against more than 7,000 others.
The image above shows the 15 different countries where the safemoon exchanges is accepted including the pancake swap that is acceptable worldwide.
Conclusion.
From the lectures and task considered so far there seems to be a whole lot of excitement around the meme coins. So many investors are already putting in their money. However, careful attention must be given to the meme token you may want to put in your money to, if do not seem to sure it is best you seek for expertise advice.
There are so many meme token now in circulation after the break through experienced by dogecoin in the cryptocurrency and more would follow suit if the former ones continue to make progress and stand the taste of time.
Cc
@wahyunahrul
https://steemit.com/hive-172186/@muzammal01/or-or-achievement2-or-or-task-basic-security-on-steemit-by-muzammal01
Please sir verify my achievement2 post
Hi @bright-obias, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
Your explanation on questions number 1, 2, and 3 is still lacking, please try to provide some other information.
Try to include screenshots of each information you submit so that the information is valid.
You seem to have misunderstood the question number 3. In this question you will explain why you chose to invest or trade in Meme Tokens in general, not just one specific token.
In your explanation in question number 4, you should provide evidence of the data you entered with a screenshot from the official source of the Meme Token you chose. This is to validate the data information you entered.
Thank you!
Please check my Achievement 2. https://steemit.com/hive-172186/@michael71/achievement-2-basic-key-and-securities-in-steemit-by-michael71