Meme Tokens - Crypto Academy/ s4w7- Home Work Post for @wahyunahrul
Homework Tasks
QUESTION 1
Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
Meme Tokens are cryptocurrencies that are developed with initial intention of joke and for entertainment. Some others were developed with the intention to make mockery and fun of someone or something and they are being promoted on the internet and on all social media by online communities and influencers.
The reason Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021 is because of the growing popularity of Meme Tokens sparked off by the Elon Musk tweet in early 2021, where he announced that his company (Tesla) has accepted the purchase of Tesla cars using Bitcoin and the several positive statements he made about Dogecoin.
These positive statements made the value and price of Dogecoin to sharply increased from $0.1224 to $0.7630 within 23 days and this indirectly promoted the entire meme coin in cryptocurrency market. It also encouraged celebrities and some world personalities to have interest and promote meme tokens.
However, Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021 because of the rapidly development of different types of Meme tokens with some improvements to attract many investors.
In addition, Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021 because the crypto tokens have succeeded in attracting celebrities and some many developers use world personalities to promote their token. One example is Kishu Inu that hired world influential footballer, Ronaldinho as the token ambassador and the token is aggressively advertised.
Furthermore, Meme tokens are being promoted heavily on social media network which is where there are more users, and they massively building interest for the token and many people have started investing in the tokens. This is an awesome progress that has the potential of attracting many larges scale cryptocurrency investors.
QUESTION 2
Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
When I first read about Meme Tokens, I had a feeling that this type of cryptocurrency shouldn't have been created. The reason is because of the idea behind it's creation. We were told that meme creation was inspired by jokes. This is suppose to mean that meme is meant to entertain people and to make mockery and fun of someone or something. So, it has no serious reason to be cryptocurrency.
But when I read about the tremendous success of Dogecoin, it's Market Capitalization and the rate at which other meme tokens were developed and how the tokens are gaining ground in the cryptocurrency market space, my views changed and I became interested in the meme coin.
It is true that Meme Tokens have some downsides, but we should remember that "everything that has advantages has disadvantages". Likewise, "everything that has disadvantages has advantages" too.
If you look at Meme Tokens from the angle that it is created for entertainment or jokes, and that they do not have real life purpose like bitcoin and other alt-coins, you will quickly conclude that they should not be created, but when you look at it from the angle that it is evolving to solving real life problems and providing good investment opportunities, you will see that it is good that they are created.
With the rate at which Meme coins are growing and occupying important position in the crypto market gives hope that in the near future meme tokens will be highly rewarding.
Meme coins are becoming so popular in 2021. Cryptocurrency market is experiencing speedy growth of several types of meme cryptocurrencies and investors are actually buying them. Dogecoin, the first meme token has risen in the crypto space and is ranked among top 10 cryptocurrency with the largest Market Capitalization in the world. This is great evidence that shows that meme Tokens have a bright future.
With meme Tokens, many people were attracted to cryptocurrency. In recent times especially this year, meme tokens have attracted attention and support of celebrities and some world personalities like Elon Musk as well as some cryptocurrency large scale investors.
QUESTION 3
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.
If I am to choose to invest or trade on Meme Tokens, I would choose MonaCoin.
Monacoin is a payment system designed for people who are using Monacoin client applications. It is the first Japanese peer-to-peer digital cryptocurrency named after an ASCII Art character called Mona.
It was launched in 2014. It started as a Litecoin (LTC)fork that is seen as a successor of Bitcoin. Monacoin token is called MONA. It works as a payment platform and social community website where users can get information about MONA.
One of the best feature of Monacoin is it's quick transaction time. Monacoin blockchain creates a block as fast as 1.5 minutes. It is popular and one of the best payment solution coin one can use.
I choose this token because it is simple and easy to use with high security. Another thing I like so much about this token is it's ability to make payment with just few clicks.
Monacoin allows people unlimited access to trade assets for MONA. People can use MONA to buy almost everything on the site. People can also buy MONA and store them in their wallet and use them to trade.
Monacoin is ranked #429 with market capitalization of $96,863,752. It's price is $1.47 USD (as at yesterday that I took this screen shot) with a 24-hour trading volume of $1,176,250.
QUESTION 4
Choose a Meme Token (except Dogecoin and Shiba Inu) and do an analysis of the Meme Token with the following conditions:
If in question number 3 you choose to invest, then do a detailed fundamental analysis of the Meme Token you choose to prove that the Meme Token of your choice is a good investment tool. (Screenshot Required)
If in question number 3 you choose to trade, then do trade using a small capital or using a demo account. Show how you trade based on the information you get and explain the supporting indicators you will use. (Screenshot Required)
Investment and trading on cryptocurrency market place is a very risky venture. To invest or trade on any meme coins needs careful and proper analysis before venturing into the business.
I choose to invest on Monacoin because I believe it has the potential to yield good profit.
Monacoin is the first Japanese peer-to-peer digital cryptocurrency named after an ASCII Art character called Mona. It was launched in 2014 and It"s token is called MONA. It works as a payment platform and social community website where users can access all information about MONA.
Market Capitalisation:
Monacoin is currently ranking #429 on coinmarketcap with market capitalization of $96,863,752. It's price as at yesterday 22nd October 2021, when I took this screenshot is $1.47 USD with a 24-hour trading volume of $1,176,250.
Monacoin Online and Offline Store:
MONA has ans online store called Monappy. This is an online platform where users can store and exchange their coins for digital assets, such as coupons, electronics, laptops, magazines, etc. It also offers easy and immediate access for payment in some offline shops and online stores. Monacoin is one of the few cryptocurrency that can be used to purchase products online and offline. In Japan, Mona can be used to buy products in shops, even restaurants now accept Monacoin in the country.
Light Network:
Monacoin is currently working on implementing Light Network (LN) which helps block-chain currency transaction to be very fast. This will make transactions to be instant.
Like Bitcoin, Monacoin uses the Proof of Work (PoW) system.
MONA is a very nice virtual currencies that can produce good profitable return on investment.
CONCLUSION
Meme Tokens which was initially created for entertainment and fun have in recent times gain popularity in the cryptocurrency market space. This has actually attracted celebrities and some world personalities to support and promote them on social media network. They have also attracted some cryptocurrency investors.
Meme Tokens have great potential cryptocurrency investment. Investing in meme token can be profitable. But is advisable that before venturing into the business, that one should properly carry out technical analysis.
Thank you very much professor @wahyunahrul for the lecture. God bless you.