CRYPTO ACADEMY SEASON2 WEEK6 ASSIGMENT POST FOR @pelon53 by @jimah1k

Hello guys
It’s another week of this season’s crypto academy this week we talked about penny cryptocurrencies after reading the lecture notes and doing my own research I present my assignment post for this week’s homework.

WHAT ARE PENNY CRPTOCURRENCIES

Penny cryptocurrencies I would say they are the cryptocurrencies which value or price is relatively low there are over 200 penny currencies examples of some popular ones are dodge coin, Tron, safe moon, dent and many more now when a cryptocurrency is introduced to the market the value of that asset is less than $1 hence a penny cryptocurrency when it gains attention from the market the value can increase when it increases to a certain value it is no longer a penny currency. let’s take BTC for instance when it was first introduced in 2009 its value was less than $1 so at that time was referred to as a penny cryptocurrency but now the value of BTC has increased so now its no longer referred to as a penny crypto currency. Most investors target penny cryptocurrencies because it’s a very good way to make a lot of profit for instance if you had invested in BTC when it was a penny currency currently you would have made a lot of money.

ADVANTAGES OF PENNY CRYPTOCURRENCIES

Firstly, one major importance of cryptocurrencies is that investors can get a lot of profit in investing in them because the prices of these assets are relatively so when the assets value increases a lot of profit will be made sometimes its over 500% profit will be made meaning you will be getting over 5x your money it takes less amount to invest and the profits are always large.

secondly, investing in penny cryptocurrencies takes little money since their market value is less than $1 the investor can purchase as many as he wants so in the case of an increase in the value of the asset the investor will make a lot of profits

Thirdly, now since the price of penny cryptocurrencies are low or les than $1 the coin is always in demand because many investors will be going for it making the value of the asset to gradually increase and when it does the investor will make a lot of profit

DISADVANTAGES

The first disadvantage we have is that the probability of it given you 5x profit can also become a loss now when this asset enters the market without getting the attention of the market and you invest in the you are highly to make a loss so it is advised you study the asset you want to invest in before going into it investing in penny cryptocurrencies is not an assured way to make money.

Secondly, it is very difficult to predict the outcome of a penny cryptocurrency which has just come into the market with so little price trends so if care is not taken and you invest in the coin the is the likelihood that the coin will crush leading to loss.

WHAT WILL BE THE BEST PENNY INVEST IN 2021

I would say that Dodge coin is the best penny cryptocurrency to invest in I have my reason for saying this one of them is dodge coin is #6 and has a dominance 2.84% as of today level of on the coin market cap and also many more reason bur first let’s know what dodge coin is.
DODGE Coin dodge coin is an open source asset that was developed by Billy Markus and Jackson Palmer in 2013, dodge coin can be mined unlimitedly when this coin was created the developers of this coin used Litecoin technology to power up this asset now let’s take a look at its market statistics

source
DOGE Price Statistics
Dogecoin Price Today
Dogecoin Price $0.3447
Price Change
24h
$-0.0497
12.60%
24h Low / 24h High
$0.3148 /
$0.3965
Trading Volume
24h
$7,847,385,635.80
16.82%
Volume / Market Cap 0.1759
Market Dominance 2.84%
Market Rank #
source

now we all know that one factor that affect the price of cryptocurrencies is when it has the support of a strong personalities backing it up dodge coin is backed up by the popularly Elon Musk who branded himself as the 'Dodge Father' this shows how this coin in the future is going to be a bid deal

source

GRAPH OF DODGE COIN
The all time high value recorded is $0.7 just after Elon Musk tweeted i am confident dodge coin will reach $1 by the end of this year because on the the 11th April it was valued at $0.06 currently it is valued at $0.3 hitting its all time high at $0.7 so i think investors should invest in this penny cryptocurrency.

A RIPPLE(XRP) ANALYSIS

A ripple is a centralized platform that that runs on ripple protocol consensus protocol this platform is used for transactions world wide founded by Chris Larsen and Jed McCaleb in the year 2012. now lets look at the market statistics of Ripple

source

XRP Price Today
XRP Price $0.9145
Price Change
24h
$-0.2298
20.08%
24h Low / 24h High
$0.8264 /
$1.15
Trading Volume
24h
$12,016,766,459.43
19.08%
Volume / Market Cap 0.2828
Market Dominance 2.73%
Market Rank #7
source

ANALYSIS FROM GRAPH

Looking at the graph it can clearly that at support level its at approximately $0.9 and at resistance level of $1.9 lets again look at the historical data of this asset

if you look at this data here you can see that the high values recorded between 22 march to 1st April the high values ranged from $0.53 to $0.6 and low values of $0.47 to 0.56 this means that is coin as at that time hasn't recorded a strong fall it is just somewhat stable.

now look at the values recorded from 2nd April to the 11th you can see the increase in the values here the high values range from $0.6 to $1.49 with the lowest value being recoded at $0.56 now this asset has gradually been increasing as of this week the high value was $1.77 and a low of $0.88

would i invest now the answer to this question is YES because if you look at the graph this asset doesn't experience strong falls it recovers from all the falls and right now is the safest coin to invest in i believe lots of profit would be made in the future .

5 PENNY CRYPTOCURRENCIES ASSETS TO INVEST IN

• DODGE COIN

Dodge coin currently is at #6 on the coin market app and also leading the penny assets what males this asset very interesting is that its fueled by Elon Musk the CEO of tesla i am 100% positive that in the future he will announce that tesla will start accepting Dodge coin as payment as he did with BTC which saw it hit its highest peak below is the statistics and graph

Dogecoin Price Today
Dogecoin Price $0.3519
Price Change
24h
$-0.03576
9.23%
24h Low / 24h High
$0.3148 /
$0.3954
Trading Volume
24h
$8,080,403,796.20
0.12%
Volume / Market Cap 0.1763
Market Dominance 2.84%
Market Rank #6
SOURCE

• DENT

DENT is an asset which was founded in 2017 the main reason this asset was established was to solve the problems involving mobile communication it is currently ranked at #127 according to coin market cap with the dominance level of 0.02% lets look at the market statistics

Dent Price Today
Dent Price $0.003598
Price Change
24h
$-0.0005455
13.17%
24h Low / 24h High
$0.003105 /
$0.004266
Trading Volume
24h
$54,751,073.83
5.53%
Volume / Market Cap 0.1549
Market Dominance 0.02%
Market Rank #127
SOURCE

• TRON

TRON is also another asset to invest in 2021 tron is a decentralized platform developed by Justin Sun in the year 2017 currently it ranks ay #24 according to the coin market cap with dominance level of 0.34%

TRON Price Today
TRON Price $0.07642
Price Change
24h
$-0.01216
13.72%
24h Low / 24h High
$0.07117 /
$0.08995
Trading Volume
24h
$2,579,542,451.27
4.18%
Volume / Market Cap 0.4709
Market Dominance 0.34%
Market Rank #24
source

• SHIBA INU

SHIBA INU is a decentralized platform that was established in August 2020shiba is quite similar to dodge coin it is currently ranked at #37 according to the coin market cap with dominance level of 0.18%

SHIB Price Statistics
SHIBA INU Price Today
SHIBA INU Price $0.000007469
Price Change
24h
$-0.000001741
18.90%
24h Low / 24h High
$0.00000658 /
$0.00000949
Trading Volume
24h
$1,464,417,364.86
14.49%
Volume / Market Cap 0.4958
Market Dominance 0.18%
Market Rank #37
source

• STELLAR

STELLAR is a platform that allows transaction to go on it was lunched in 2014 by Jed McCaleb and co what stellar diffrent from other assets is the transaction fess on their platform id very low it is currently ranked #16 with dominance level of 0.69%

XLM Price Statistics
Stellar Price Today
Stellar Price $0.4056
Price Change
24h
$-0.07488
15.58%
24h Low / 24h High
$0.368 /
$0.4896
Trading Volume
24h
$2,222,255,473.64
4.18%
Volume / Market Cap 0.2368
Market Dominance 0.59%
Market Rank #16
source

AN INVESTMNET THAT I HAVE MADE THIS WEEK IN PENNY CRYPTOCURRENCIES

• After i read the lectures notes i found out that importance to invest in penny cryptocurrencies so i invested in TRON below are steps i used to invest

• i opened my binance app on my phone and selected trade from the bottom.

• i wanted to trade USDT for TRX so i selected that option.

• i entered the amount of TRX i wanted to receive which was 80

• i clicked on buy

$6 worth TRX

CONCLUSION

I want to specially thank our professor @pelon53 for this wonderful it has helped me understand penny currencies importance and has broaden my knowledge thank you.

THANK YOU FOR READING