MEME TOKEN - CRYPTO ACADEMY / S4W7/- HOMEWORK POST FOR @wahyunahrul/ BY @gi-de-on/
GREETINGS EVERYONE
INTRODUCTION
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[image created in the official https://www.canva.com/ site]
As already stated by the topic MEME TOKEN, Meme in it simple sense simply means JOKE. This simply lays the background to the definition of the term MEME TOKEN.
Meme Token can simply be defined as meme coins or cryptocurrencies that are simply a product of joke. To backup the definition more, meme coin are very broad group of tokens/cryptocurrencies which are been bounded together by the very existence memes (Jokes). A major example to reference on is the DOGE COIN which was created back in the year 2013.
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1). Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
The meme token has really proven to be a coin/cryptocurrency over time, since the Advent of the DOGE COIN. This meme token has indeed found it self to be among the top 10 cryptocurrencies to keep our head high and look at. This is indeed a blast for the classes of the meme token.
We all noticed that this year 2021 has been a major turnup for the meme token, there have metamorphous and skyrocketed in ways that are very much visible to man which are both in their variety and price. All this growth are traceable to Dogecoin.
Meme token is one type of a token that has will go big been that there are many influential men who are all been paid to advertise this new meme token. With the influence of the advertisers, that not withstanding, many attribute the rise of meme token to ELON MUSK, who has stood to be one of the biggest supporters for the DOGE COIN.
SOME POPULAR MEME TOKENS
This section will help me explain vividly, the height in which the Meme token has attain in the recent years mostly 2021. There are numerous numbers of the meme token that has been introduced an some are pumping.
THE DOGE COIN:
The Doge coin is simply referred to an altcoin but majorly what is know as the Meme coin. This token was simply lunched which has a dog as its logo.
image source
In recent times, as stated by the Coinmarketcap, Doge coin is one of the world 7th large cryptocurrency as shown by market capitalization. Hence, as more investors/traders continue to trade the token it is likely to still attain more height and be on their list of most trader token.
All this is been said to illustrate the height at which the Meme token have already gotten in the year 2021.
There are other Meme token such as:
- Safemoon (SAFEMOON)
- Shiba Inu (SHIB)
- HogeFinance (HOGE)
- MonaCoin (MONA)
Hence, the major reasons why the meme tokens has risen and flourish this year(2021) are;
Due to the large figures of advertisers who make popular the coin by simply speaking about them on social media platforms this makes investors/traders to demand for the coin. One of the major public figure is no other person that
ELON MUSKwho is one of the major supporter of theDOGE COIN.Personally I think base on the liquidity of the meme coin this had led to the up rise of the various meme tokens. This is to say the more the investors the more the profit gotten and also this is applicable to the meme tokens, there will also be an increase in the price of the tokens.
Also, one of the reason to hold onto, it might be funny but through, the meme coin been considered as a joke coin has had it trend simply because it is a meme. this is because there isn't anybody who doesn't like jokes so for the coin been considered as a joke coin has it trend on social media and other trending platforms.
2). Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
From the look of things, I Strongly Agree (SA) that the Meme token is a cryptocurrency that should be continuously created. With the recent developments of the present meme tokens like the SHIBA INU that is presently pumping. This shows that the meme token is really gaining popularity from investors and traders and it wouldn't be nice to stop the creation of more meme token now.
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For me, with the creation of more meme tokens this would give small investors/traders the opportunity to be able to buy and hold the token for most of them are likely to come with a very low price as the case of the SHIBA INU. This will be a thing of Joy for all traders and hence be as a means of encouragement for more energy to be put into cryptocurrency trading.
This reason might not be strong enough but it is worth it. The social media today is a whole lot loaded with different kinds of memes this is to say people like meme (jokes) there are all in when it comes to what makes them laugh/smiles so why hold that away from them. You will agree with me that the DOGE and the SHIBA INU coins are a product of meme, the fact that there are a product of joke does not stop them from gaining good grounds in the crypto market.
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 been given the opportunity to choose a meme token to invest on I will definitely go for the SHIBA INU. This would definitely be my first port of call. There are numerous reasons why any one will definitely will want to invest on the SHIBA INU coin.
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REASONS WHY I CHOOSE THE SHIBA INU TOKEN
- Considering that the token is still very low, this would give investors/traders an edge to accumulate more of the coin. Since this coin is very much still at a stage where it can be afforded by everyone it would therefore bring more investors/traders to the market and this would help in rise of the token and increase the liquidity of the SHIBA INU Blockchain. Hence this is considered a win for the meme tokens.
[screenshot taken from https://roqqu.com/ apk]
I decided to do a little trade where I decided to buy and hold the SHIBU INU token.
It will be important to know that the SHIBA INU token was formally known as the shiba token. This token is simply a decentralized cryptocurrency/meme coin which was created in August 2020 by some group of persons know as the Ryoshi
With the creation of this token, in the recent time the token has risen up over 55% and it values keep on rising with increase of 240% in recent weeks.
[image was taken from the https://coinmarketcap.com/ official site]
You will notice that from the image above, the Shiba Inu token is Rank as number 20. This is really big for the meme token struggling to be on the top and it therefore shows that with continuous patronage on the token it will definitely go far and hence worth every investors time and money.
[screenshot from https://coinmarketcap.com]
[screenshot from https://coinmarketcap.com]
With the recent pumping of the shiba inu coin it has gotten the price to where it today and there is still hope and believe that the coin will still do very well.
[screenshot from https://coinmarketcap.com official site]
The above image is simply the chart of the shiba coin based on the SBD. In a nut shell, there is big hope for the SHIBA INU COIN and the entire meme tokens.
SHIBA INU
| Price | $0.00002856 |
|---|---|
| Rank | 20 |
| Market Cap | $11,239,629,698 |
| Token | MEME |
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).
In my question 3 I had made use of the SHIBA INU coin to do a little investment. In regard to the question 4, I will be using a different coin and present a detail analysis. The coin I will be explaining is the SAFEMOON TOKEN.
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The safemoon is simply a meme token that is been created on the Binance Smart chain in the year 2021. The fact that the Safemoon is been created on the Binance block chain makes this an interesting fact to look at and hence makes it a good meme token to invest on. This is hence one of the most important features of the coin that makes it so unique. Thinking of a coin to invest on without fear for security this is the one to go for.
Also, another interesting features of this token is it reflective nature. That holds that every transaction made on the coin, there is a 10% fee that is been charged for the transaction and hence redistribute 5% to the token holders and 5% to the direct wallet of a different currency which is the Binance coin (BNB) which is also controlled by the coin author and it is therefore referred to the tokens liquidity pool.
A DETAIL ANALYSIS OF THE SAFEMOON TOKEN
The safemoon token is simply based on a Safemoon Protocol which could be a community-driven and along side a Defi-Based Token. Unlike other mem tokens, the Safemoon token undergoes three(3) main process which are: Reflection, The L-P Acquisition and lastly Burn.
The safemoon token is characterized by three (3) features which are:
- Community Driven
- RFI Static Reward
- Automatic Liquidity Supply Mechanism
COMMUNITY DRIVEN:
This simply means that the coin is cheaper to accumulate and there is rapid growth for traders and both holders of the cryptocurrency.
On the other hand, this feature of the safemoon token provides control of the developmental process, the resources and decision making authority directly to the various groups in the community.
RFI Static Reward:
This simply refers to the 10% deducted from every transactions made which on the later, 5% is redistributed to the Safemoon tokne holders and the other 5% is also sent to direct wallet of a different currency which is the Binance coin (BNB) which is also controlled by the coin author and it is therefore referred to the tokens liquidity pool.
In a nut shell, the reward paid to the safemoon stackers is simply this RFI static reward.
Automatic Liquidity Supply Mechanism:
Under the umbrella of the Safemoon token, each transactions that is been performed, the liquidity needed is simply Mechanically provided.
THE MARKET PRICE FOR STEEM.
[screenshot taken from https://coinmarketcap.com/ site]
[screenshot taken from https://coinmarketcap.com/ site]
The safemoon price has risen in recent time has really pumped. As shown in the screnshot above.
[screenshot taken from https://coinmarketcap.com/ site]
The above shows the market chart price in USD of the safemoon token.
[screenshot taken from https://coinmarketcap.com/ site]
The above simply shows the market cap of the safemoon token.
CONCLUSION
In a nut shell, the Meme tokens are really gaining their grounds and are rising on a daily and this is really a break through for the meme tokens.
The meme token been the product of a joke is a good thing but there is no absoluteness that all the tokens will go far, so one must know which of the meme token to invest on. There are varieties of meme tokens available on the crytocurrency market. It will be very wise to check a meme token in-toto before going into investing on them.
I will submit by saying the class was a blast and made a very fruitful impact. All thanks to Prof. @wahyunahrul for such a wonderful class.
THANKS FOR READING
BEST REGARDS @gi-de-on.
CC:@wahyunahru