[Beginner's course]"Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul"
Hello everyone,
I trust we are doing well today.
Today I will be working on the assignment for professor @wahyunahrul on meme token.
please sit back and relax as I take you on a wondrous ride towards exploring these interesting questions.
designed in pixellab app
sourceThe term "MEME TOKEN" is no more new and strange to our hearing anymore,because literally everyday we come across the word.
Meme token just like the name, sounds funny to me considering the recent and popular trend associated with the word on social media.
Jokes and comedy are often associated with the word "meme" on social media which make use of pictures and text to dispicts funny stuffs.
I just got to know not long that there are actually some crypto tokens known as "meme" coins...all thanks to this class.
Yes,meme can be deciphered as jokes and funny illustration, however we can't dispute the fact that it doesn't have only one meaning.
Meme can also be said to be a system or way of life/behavior transferred from one person to another by limitation or by other genetic means..do well to google it.
But before I finally delve into the Crux of stating reasons why I think meme token could have an enormous impact on the cryptocurrency market in 2021,it is only imperative and methodical of me to first elucidate what meme tokens are and what they mean in order to make things crystal clear as we proceed further in our walk towards doing justice to this question.
MEME TOKEN are cryptocurrencies that are often times associated with joke on the internet and social media and never taking serious by people,the first ever meme coin was created as a parody,based and named after an internet meme.The founder created it just to mock bitcoin...now you see why it is assume a joke.
It is most times pigeonhole into a very narrow scope which is joke!
But surprisingly,the cryptocurrency have unexpectedly gained popularity within a short period of time prior to it emergence with doge coin having a market value of more than $6 billion.
We can't have a conversation on meme coin without mentioning "DOGE" coin which was created in 2013.
Doge coin which is a meme token,happened to be the first and most successful meme token in the world today,it is the coin that set the pace for other meme coin to follow.
I personally call it the pioneer coin!
Now having elucidated that,we can now proceed to the main thing which is the reasons why meme coin could make huge impact in the cryptocurrency market in the year 2021.
I will be listing them below:
•Firstly, considering the fact that influential and well-known people as well as reputable individual and figures have came out openingly to embrace and canvass support for this token is alone a pronounce evidence that the meme coin will undoubtedly make huge impact in the year 2021,because this will kind of strike curiosity in the mind of their fans and followers and anybody in general to check it out and know what meme coin is all about.
•secondly,another reason why I feel meme coin could make huge impact in the year 2021 is the fact that meme coin like kisba Inu has recently made one of the most reputable footballers in person of Ronaldinho their ambassador.It will create a massive surge and increase in the number of people that will likely want to know more about these tokens, taking into consideration the fact that football has one of the biggest fan base in the world if not the biggest in the world with so much lovers and admirers.
•Furthermore,since meme token is often associated with jokes and comedy which happens to spread fast on social media network,this will create a kind of global awareness and exposure for meme token.
Not also forgetting the fact that media influencer, celebrities as well as individual are also paid to publicize and advertise the meme token on the social network.
•And lastly,Doge coin which happen to be the pioneer coin has already experience massive and unprecedented success within a short time frame,it is already rank among the top 10 cryptocurrency on the coinmarket with a very large Market capitalization.This is proof that meme token will inarguably do well in the year 2021.
I personally feel meme tokens was destined be be created just like bitcoin and other coins because if it wasn't destined to be created then I suppose it wouldn't have been recognized and embrace by people like we see today.
Meme token such as doge coin is doing really well today in the cryptocurrency market and it success is an evidences that it was worth being created.
So the buttom line is that I think meme coin is a type of cryptocurrency that was needed to be created and was worth the creation just like Bitcoin.
Therefore my answer is capital NO
sourceOf course,I would definitely choose to invest my fund in meme tokens such as doge coin which is doing considerably well than other meme coin and also the first of it kind.
Recall I said doge coin is the first ever meme coin with the 9th rank on the coinmarket and a market domination of 1.29% and a very large Market capitalization,so I think Investing in doge coin isn't a bad idea.
Why I choose to invest
•Popularity &Large Market cap:Doge coin which is a meme token has a very large Market capitalization of about $32,090,194,494.64 and is also rank number 9 on the coin market and market dominance of 1.29%,taking these aforesaid factors into consideration,I feel investing in meme token isn't that bad afterall.
We also can't rule out the fact that people will likely look into the meme token such as doge coin because of these aforementioned factors and then invest in it or trade the coin which will inturn make the coin more prolific and profitable for business.
•Acceptability & Recognition: Taking into consideration, the fame and recognition enjoyed by meme tokens through the "doge coin" all thanks to the notable figures that came out to drum support for the coin,I believe lot of investors would want to give it a trial and by this increase the market cap and dominance of the meme tokens as well as other factor that will inturn boost business activities around the meme token both in investment and trading of the coin.
•Scaling capacity/scalability: Doge coin is a kind of coin that make use of the SCRYPT algorithm for it operation.This has inturn make transaction process swift and faster unlike the Bitcoin.
Scalability is one of the reasons I chose to invest in doge coin.
sourceI chose to invest in question 3, therefore I will be running a fundamental analysis on Mona coin which also happens to be a meme token just like doge coin on why it is a good investment tool.
Fundamental Analysis On Mona Coin
To carry out the fundamental analysis on mona coin,I will be making use of some factors in this operation,such as
•Mona coin white paper
•Tokenomics
•Market capitalization
•Liquidity and trading volume
•Circulating supply
•Transaction fee and value.
• Financial and project matrics.
Now let's butress these aforementioned factors in regards to Mona coin.
•White paper
Mona coin was created in the 2013 and was launched in January 2014 by an anonymous founder known as Mr Wantanabe,just like Satoshi the anonymous founder of bitcoin.
Mona coin happens to be the first ever Japanese cryptocurrency that is acceptable as a means of payment and medium of exchange both online and in the physical in Japan.
Mona coin project name was derived from a Japanese base meme ASCII having a cat-like figure.
It uses the proof-of-work {PoW} consensus mechanism to confirm new block on it blockchain.
One of the major milestone hit by this coin is the approval it recieved from the Japan's financial service agency{FSA}which distinguished it from other coin that only got resistance from the government.
•Tokenomics
Mona coin uses the proof-of-work consesus mechanism and very swift in operation.
| Factor | figures/results |
|---|---|
| • Algorithm | LYRA2RE |
| • Block reward | 25 Mona coin |
| • Block time | 1.5 minutes |
| • Total coin/max supply | 105,120,00 Mona coin |
•Market capitalization
Mona coin has a market capitalization of $95,113,093.23.
screenshot from coinmarketcap.com
•Liquidity and trade volume
Mona coin has a trading volume of $1,305,406.33 and also liquidity of about $431.66k,bid price of $169.67k and ask price of about $261.99k as at the time of making this post.
It is also listed on 5 exchange platform with about 8 active market.
screenshot from livecoinwatch.com
screenshot taking from coinmarketcap
•Circulating supply
It has a Circulating supply of 65,729,675 coins,total supply of 65,729,659 coins and maximum supply of 105,120,000 mona coins.
screenshot from coinmarketcap•Transaction fee and value
Mona coin can be traded in different exchange platform such as bitfly,coinEx,bitbank etc at a very low transaction fee.
A minimum order size to buy or sell Mona coin is as low as 0.00000001.
•Financial and Project Matrics
Mona coin is as a project is inarguably one of the best meme coin in the cryptocurrency market today with a rank of #436 in coin market and a trading volume of $1,305,406.33.
it operates on a peer-to-peer transaction network and the current price is $1.45 in USD.
it has a potential prince of $4.23 and expected profit of about 188.4%.
screenshot from coinmarketcap
Meme token are cryptocurrencies that are inspired by jokes and comedy on the social media..
Soon,it starting experiencing success and people started taking the coin serious.Doge coin happen to be the first ever meme token and is inarguably the most successful one so far.
The reason behind the success and emergence of the meme token isn't far fetched,it can be traced to the fact that public figure and notable entities like Elon musk,Snoop Dogg and the likes came out openingly to drum support for the meme token.
I wouldn't fail to appreciate and acknowledge professor @wahyunahrul for this wonderful and eye opening lesson,I'm glad I took part.
Thanks for reading 🤗