Meme Tokens - Crypto Academy/s4w7 - Homework Post for @wahyunahrul
Hello Professor @wahyunahrul, thank you for this wonderful lecture on Blockchain technology jokes. Below is the solution to my assignment:
The reason why Meme token will create a big impact in Cryptocurrencies market is because of the influential statement by Elon Musk. His interest in Cryptocurrency brought about an increase in the world of technology.
If you notice, after he made a statement about Bitcoin, and equally make a Tweet about other Cryptocurrency like Dogecoin, this is when Meme Token began and became famous because of Elon Musk statement tweet.
Nobody knew what Dogecoin was all about and many persons were wondering why someone with a high reputation will tweet about it.
Though because of his constant statement, the price of Dogecoin reached the all time high which was from the initial price of $0.1224 to $0.7630.
If this movement was to be converted to percentage, we will see that its increased was about 523.61% and this increase was for just three (3) weeks and two (2) days.
Because of Elon Musk several statements makes the price to increased several times. In the capitalization market, Dogecoin is ranked among the 10 with the largest Cryptocurrency market in the world.
Apart from Dogecoin, there are other Meme token which has been developed. Such as Shiba Inu and Kishu Inu.
Shiba Inu is created on the Ethereum Blockchain which is one of the Meme token created. Since 2021, Shiba Inu has experienced a rapid increase in price of over thousands of percent and this increase was a short time, a few months ago. According to statistics, Shiba Inu will reach $0.50 in no distance time. Shiba Inu has entered the top 20 as a Cryptocurrency that has the largest market capialization in the world.
What you should understand is, Shiba Inu is the first Meme Tokens that is listed on the largest exchange in America.
This was because of the acceptance of Shiba Inu to the official Twitter account of Coinbase into its market place.
Now that Shiba Inu is listed on Coinbase and equally listed on the largest exchange in America as one amongst Meme tokens because of its increase in price, this will encourage many investors to invest on Meme token and more Meme token will be created as other exchanges will equally accept it.
In my own perspective, I don't think that Meme Token shouldn't be created because of the following points:
√ We can see that Shiba Inu has gain acceptance and was listed in the largest exchange in America.
√ Coinbase has equally accepted it to be listed in their market place
√ The price of Shiba Inu has increased over a thousand percent during a short period of time.
Because of this facts, many Meme Tokens has been encouraged to be created. Note Meme Token are equally known as Meme Coin.
This cryptocurrency is created on the Blocckchain technology which aims for entertainment or jokes on the Blockchain technology.
Dogecoin was the first Cryptocurrency which was created as Meme Token by Billy Markus and Jackson Palmer in 2013.
The reason for the creation of the Meme Token is to educate users on how to conduct Peer-to-Peer transactions in order to eliminate third party (middlemen) interference.
With the creation of Meme Token as a Cryptocurrency, it will encourage the Pee-to-Peer transactions in the Blockchain and equally eliminate the third-parties and this will equally eliminate fraud in the system.
As an investor, if I want to look into Meme Token, I will like to invest in Shiba Floki. Meme Token as I earlier discussed, was created for jokes.
However, below are the evidence of my choice of investing in Meme Token:
√ Community: When you look at Shiba Floki network, you should understand that the network was build by fans and members of the Shiba Inu community and it's because of the influence of Elon Musk.
√ Floki Shiba came up through a new birthed by members and since its creation, it's now recommended as the world's best community Meme Token. Its tricks was learned from Dogecoin which is regarded as its Meme father.
√ Uses Cases : Since Meme Token are created at random without specific purpose, one thing you need to understand is majority of these Tokens which are held by investors, are for various uses. For example, you can look at Shibaswap which is the Shiba Inu project and this Meme Token currently has value unlike Floki Shiba with $0.00000000005 current market price with a trading volume of $92,975.2722.54% in last 24 hours as at the time of writing this post.
√ Social Media Promotion: As an investor holding Meme Tokenlike Floki Shiba, when ever a tweet pops up by an influential person, this can make an increase or decrease in the price of Meme Token. So as an investor, once there is a tweet and you noticed a price increased, you have to sell some of your Meme Token. This Tweet should be a positive one. Positive social media expression can make Meme Token to increase time without number.
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)
The fundamental analysis of Floki Inu is seen below:
Floki Inu is a very good investment based on this, I will encourage investors to hold this Meme Token. When you look at Meme Tokens, you will discover that Floki Inu is the third biggest Dog Meme Coin. This is because of its official partnership with a charity company known as Million Gardens movement, and it is run by Kimbal Musk, the brother of Elon Musk.
Insecurity fight against food insecurity among other global issues in the major concern of this company.
There are three utility projects which Floki Inu itself is working on:
√ A content/education platform, this platform is known as Floki Inuversity.
√ An NFT gaming metaverse, this is equally known as Valhalla
√ An NFT and merchandise platform, which is known as Floki places.
Floki Inu is been advertised in London by over 300 buses. The idea of Floki Inu marketing campaign is set at $2 million aside for advertising purposes.
By investing in Floki Inu, you would have gained or have sufficient knowledge that there are about 25,000 holders of Floki Inu Token currently.
This fundamental analysis is in accordance with the coinmarketcap's data. But if you are opportune to visit the website, you will notice that there are over 110,000 holders of Floki Inu Token.
Floki Inu can reach a massive increase in price and equally the number of holders. This will happen when there is accomplishment in the marketing goals.
Floki Inu price has been moving upwards for a period of time now in a slow and stable manner.
At this point, if the support level is found, this means the buyers or investors will invest more to enjoy higher movement in price in the nearest future.
Shiba Inu is listed on Coinbase and equally listed on the largest exchange in America as one amongst Meme tokens because of its increase in price, this will encourage many investors to invest on Meme token and more Meme token will be created as other exchanges will equally accept it.
With the creation of Meme Token as a Cryptocurrency, it will encourage the Pee-to-Peer transactions in the Blockchain and equally eliminate the third-parties and this will equally eliminate fraud in the systemm.
Floki Inu is been advertised in London by over 300 buses. The idea of Floki Inu marketing campaign is set at $2 million aside for advertising purposes and this will yield increase in the price of Floki Inu Meme Token.
Thanks for viewing my post.