Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul
Hello Steemian !!
In this article, I will discuss the homework provided by @wahyunahrul which is about Meme Tokens.
Why Meme Tokens Could Be So Influential In 2021
Memes are something that is commonplace around us, in this era of digitalization memes have started to enter the realm of the internet and have started to be loved by many people. This is possible because many people love the existence of memes, and because memes can make people happy even if it's just words and a collection of randomly edited pictures.
After some time, memes have started to spread to a digital currency market, namely the cryptocurrency market. As we know that the cryptocurrency market is a market where digital currencies can be traded peer-to-peer without any intermediary. The entry of memes into the crypto market begins with the creation of a Meme Coin called Dogecoin which is the first Meme Token created in the cryptocurrency world. This Meme Token was created just to joke about the hype of the prestige of Bitcoin in 2013.
After 8 years later, in 2021 to be exact. The existence of the Meme Token which was initially just not taken into account suddenly became famous and was sought after and studied by many people. This happened because one of the tweets came from a person named Elon Musk who made a post on his Twitter account containing Dogecoin which is a Meme Tokens. Because of his tweet, many people were wondering what Dogecoin was and the price of Dogecoin soared to nearly $1 in the space of a few weeks on May 2021.
This is the beginning of the rising popularity of cryptocurrency Meme Tokens. Shortly after the fame of Dogecoin, people started to create other Meme tokens that made this type of cryptocurrency very numerous. There are new names like Shiba Inu, Dogelon Mars, Safemoon, etc where all these cryptocurrencies are Meme Tokens.
From here we can see why Meme Tokens will have such a big impact on the crypto market in 2021. All of this is because the crypto market is booming with excessive FOMO and FUD. People really like instant things and the crypto market itself is very easily influenced by sentiments on social media. This is the same as the previous lesson from professor @wahyunahrul regarding emotions in the market, where in fact the cryptocurrency that is most affected by these market emotions is Meme Tokens.
Coupled with the increasing popularity of Bitcoin this year, other cryptocurrencies such as Meme Tokens have also experienced this popularity, even the overall popularity of Meme Tokens can compete with the current most expensive cryptocurrency (Bitcoin).
Should Meme Tokens Be Created?
Nowadays, there are various types of cryptocurrencies that have been created and circulated in the crypto market, and one of them is Meme Tokens. In my personal opinion, the presence of Meme Tokens in the cryptocurrency market is not a bad thing.
The reason I say this is because humans like us need entertainment in all aspects, both in real life and in the crypto market, and the easiest entertainment to adapt to the cryptocurrency market is memes that have adapted to the digital world first. Moreover, Meme Tokens is a cryptocurrency that can be traded, not like other memes that are only seen and read for a while, while there is no meaningful value contained in it.
Although Meme Tokens were originally created just for fun and there is no mission in it, the existence of Meme Tokens has made many people become interested in the cryptocurrency market. It is undeniable that Meme Tokens now have a very strong traction so that many new people who come to the cryptocurrency market started from their interest in Meme Tokens.
Besides, now there are a lot of Meme Tokens that are taken seriously and have many clear projects, so even though this is a joke Token but people will start to learn how to spot a good cryptocurrency token and how to trade on the cryptocurrency market.
So in my opinion, as a whole, Meme Tokens are a type of cryptocurrency that should be created and introduced to the cryptocurrency market. This is based on my point of view by looking at the positive and negative impacts provided by Meme Tokens, there will be more positive impacts.
Invest or Trade on Meme Tokens
To answer this question, I will choose to "Invest" with a note within a certain period of time.
The reason I chose to invest instead of trading on Meme Tokens is because now there are many projects of the type of Meme tokens that have started to seriously develop their projects in the long term. The biggest example is Shiba Inu which is a Meme Token that runs on the Ethereum Blockchain.
Shiba Inu is one of the Meme Tokens that so far as far as I know has the clearest project when compared to other Meme tokens. His most famous project is ShibaSwap which is a Decentralized Exchange that allows its users to exchange between ERC-20 tokens.
Then ShibaSwap also offers services in the form of providing liquidity for swap transactions on the platform and everyone who participates in providing liquidity will get a reward that is proportional to the liquidity they have entered.
Not only Shiba Inu, there are also several other Meme Tokens that have good and clear projects such as YooShi, Samoyedcoin, Monacoin, etc. which I will discuss in more detail in the next issue.
In essence, in my opinion, the current Meme Tokens are not the Meme Tokens that were used to be seen and laughed at because of their presence, with the increasing popularity of Meme Tokens, many Meme Tokens developers are aware that Meme Tokens have great potential in the cryptocurrency market and can attract more people. investors to enter this market.
The Fundamental Analysis of a Meme Token (YooShi)
Because I chose to invest in question number 3, so in this last question I will choose one Meme token and do a fundamental analysis of the token to prove that the Meme token I chose is a good Meme token to invest in.
In this example I will take the YooShi token which is the fifth ranked Meme Token according to CoinGecko.
YooShi is a meme token that is on the Binance Smart Chain which means it is included in one of the BEP-20 tokens. So far, YooShi is ranked 395th out of all cryptocurrencies, which is not too bad considering that YooShi is a Meme Token.
When this task was created, the Market Capitalization value of the YooShi token was $132,077,077 with a circulating supply of 366B YOOSHI spread throughout the cryptocurrency market, and YooShi has a maximum supply of 1 Trillion YOOSHI.
If we visit the official page of YooShi then we will be shown that YooShi is a Meme Token which later developed into a game that was decentralized on the Blockchain network. This token project has begun to evolve to create a link between P2E games that will provide a game that is not only enjoyable but also profitable.
In addition, YooShi also created a special market page to sell various NFTs. These NFTs can be bought and traded anywhere in the Binance Smart Chain.
Then we will also be offered a Mining Pool place called Yooshi Farm. In this menu we will get rewards if we stake a liquidity pair that has been provided by YooShi.
If we look at the overall price movement of the Yooshi token, we can see that the Yooshi token has been steadily increasing in price over a long period of time. This proves that YooShi is a good project and is in great demand by many people.
Currently, we can trade YooShi tokens on 4 exchanges namely PancakeSwap, Hotbit, BKEX, and LBank.
Conclusion
Meme Tokens, which is a cryptocurrency created just for entertainment, has begun to slowly evolve into a cryptocurrency that has significant value. Now there are many Meme Tokens that have started to seriously develop and many of these Meme tokens developers have started to be active in developing their Meme Tokens project.
This is a very good thing and must continue to be improved so that Meme Tokens can continue to bring in new investors to the cryptocurrency market so that the crypto market will be more crowded and loved by many people. Then with the development of Meme Tokens, it will reduce the doubts of many people about this type of cryptocurrency, currently there are still many people who underestimate Meme Tokens because they are not taken seriously. But with good projects Meme tokens will make this thought slowly fade or even disappear.
CC:
@wahyunahrul
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