CRYPTO ACADEMY WEEK 14-HOMEWORK POST FOR [@Pelon53]||PENNY CRYPTOCURRENCY||

PENNY CRYPTOCURRENCIES
A look at the cryptocurrency table shows the existing cryptos and their prices in dollars.Bitcoin has always been on top of the list.Some cryptocurrencies like Bitcoin, Ethereum have higher prices in dollar than the other ones.Notice that from the table some cryptos have values greater than $1 while some also have prices less than $1.

source

Penny Cryptocurrencies therefore means those cryptocurrencies whose values/prices are less than $1...Examples of Penny Currencies
are Tron,Dogecoin etc.Of course,you can bear with me that Dogecoin is one of the Penny coins that has done so well this year.

One good thing about Penny cryptocurrencies is that the price can double or triple within a short period of time.

ADVANTAGES OF PENNY CRYPTOCURRENCIES
•Penny Cryptocurrencies are very much cheaper to buy.This cheap nature make it easy to buy in large quantity with just a little amount of money.

•Penny cryptocurrencies can easily make someone rich because its price rises easily(sometimes by x10).

•Penny cryptocurrencies helps me to increase my portfolio with just a little amount of money.

DISADVANTAGES OF PENNY CRYPTOCURRENCIES

•Some Penny cryptocurrencies comes to the market and fades away within a short time:they don't stand the test of time.

•Most times it takes years for penny crytos to rise to a reasonable value.

•They easily become shit coins making the holders to even sell off at a great loss or keep hold of a worthless coin.

•When there is bearish season,they may tend to $0.000.

BEST PENNY CRYPTOCURRENCY TO INVEST IN 2021
For me I suggest that the best penny cryptocurrency to invest in 2021 is Dogecoin.Dogecoin as started as a joke in 2013 but today it is n longer a joke.At some points this year it got to $0.73...

Why I say that Dogecoin is the best Penny to Invest in 2021

Dogecoin has a whopping market Capitalization of $53 billion and a trading volume of over $13 billion and it is ranked number 7 among all the cryptocurrencies I'm the world.

Screenshot from CoinGecko

Before one considers investing in any coin,he has to to look at the:
•Technical Analysis:Which involves studying the history or past performance of the coin.When we look at the past performance of dogecoin over the past few months,you will notice that the price is moving higher and higher.As at February and March 2021,the price of Dogecoin was below $0.2 but within April through the month of May,it got to an all-time high of $0.73.Imagine if someone bought about $1000 worth of Dogecoin at a price below $0.2 in March,by May 8th,when the price was $0.73 the person would sell at a price that is more than triple of the his capital.This is real deal.

Dogecoin since last year till May,2021 from CoinGecko

•Fundamental Analysis:
Here involves looking at other factors like the utility, whitepaper and popularity of the coin.Dogecoin is used extensively for making payment,it is also used for trading physical assets.

•Sentimental Analysis:
Elon Musk has said that we would use dogecoin to pay for Space X....and has also expressed his desire to use to accept dogecoin as again Bitcoin that it's high mining energy usage is not eco-friendly.We all know how influencial Elom Musk has been in the crypto world.

In summary you can see that Dogecoin has a good reputation in terms of Technical Fundamental or Sentimental Analysis and as such is a top deal for 2021.

RIPPLE (XRP) ANALYSIS:
Ripple is a blockchain with XRP as its native cryptocurrency.It was created basically to solve the problem(high cost and delay) of transferring funds from one country to another without the permission or interference of any third party like banks.

Transactions on the Ripple blockchain is Peer-to-Peer and one can even use another currency to pay for another Currency without going to banks or exchange houses to convert the Currency.

RIPPLE ANALYSIS OVER THE LAST 7-DAYS

Screenshot from CoinGecko

From the chart above,XRP started at around $1.3 and it began to rise up until $1.6 around 16th May...On the 17th of May it came back to $1.3(a very good time to buy),thereafter it took off again and rose to above $1.7 between the 18th and 19th of May(good time to sell).

However,on the 20th of May,the price dropped to almost $1....at the moment of taking this screenshot is hovering at $1.2 and even dipping to $1.17.

As for me,I would NOT buy XRP at this moment.It might be heading to a serious dip because it has fallen bow the $1.3 that it started from according to my chart.

INVESTMENT OF PENNY CRYPTOS
At the moment the main Exchange I use is Roqqu and it supports only Bitcoin, Ethereum,BNB,XRP,STEEM, DOGECOIN and TRON.

I have coins in the two Penny coins(Dogecoin and TRX).I believe this two coins will do well this 2021.

Of course Dogecoin has a market Capitalization of $53 billion and a trading volume of over $13 billion and it is ranked number 7 in the crypto market.

Tron(TRX) has also shown good promises this year,it had an all-time high of $0.23 earlier this year.At the moment TRX has a market Capitalization of over $6 billion and a trading volume of close to $4billion.

Both Dogecoin and Tron have all had their all-time high this year.This is a big reason why i have both penny coins in my portfolio.

INVESTMENT OF PENNY COIN OVER $5 THAT I MADE THIS WEEK

Like I said earlier on.Dogecoin my preferred penny coin because Technical, Fundamental and Sentimental Analysis all in it's value.

This week i bought around (73 Dogecoin) at a price of $30.....I bought it through Roqqu Exchange and I hope the price will go up soonest.

How I made the purchase of 73 Dogecoin

•I Log on to Roqqu Exchange

•I Click on Instant buy

•I chose the Currency that I want to buy

•I was asked the amount to buy,Roqqu is a Nigerian Exchange Platform and so buying must be in (NGN) our local fiat.So I entered the NGN value.

•I spent about 18,400NGN and the exchange took a service charge of 368NGN and the process gave me 73.799 dogecoin which is around the region of $30.

•I then entered my password and completed the transaction.

CONCLUSION
Penny cryptocurrencies are determined by virtue of the fact that their prices are less than $1.They are plenty in the market today.
However,a coin could a pennycoin today age will experience a bull season tomorrow as so wouldn't be a Pennycoins where some of them would end up as a shit coin.

Thank you professor @pelon53 for this class and the homework.