Hello crypto world, glad to be oart of this weeks ckass by professor @wahyunahrul on Meme tokens. Below is my task post. Thank you.
1). Why Meme Tokens could be one of the cryptocurrencies that will have a big impact on the cryptocurrency market in 2021?
Meme tokens are likewise cryptocurrencies developed out of fun making or jokes from the Internet and social media entertainment at large. They are mostly termed as Joke cryptocurrencies but presently today, these Joke coins are making waves and increasely becoming relevant in crypto space. The first created Meme coin is Dogecoin, created by Jackson Palmer in 2013, its invention at that time was just as a meme for the cryptocurrency, but over the years Doge coin has become the most famous meme coin today. Although, meme tokens have no use in real life as compared to other cryptocurrencies used in solving real life issues, but was created out of fun. Of recent the creation of meme tokens are now purposeful and severe as utility token for some blockchains.
If there's one thing I'm sure of this year is that, 2021 is a crypto year and meme tokens as a cryptocurrency has received massive growth and recognition, as such impacted positively to cryptocurrency market this year. Meme tokens have experienced an up-shoot this year, as its recognition and price value have increased greatly, following the the success and growth level of Dogecoin and the high rate of cryptocurrency acceptance into the finance system and the world at large.
Although, the success and growth of meme tokens are also linked to influence and hype of celebrities and crypto market influencers. As we know the world is going global and the social media platform has a great effect in th world today, the constant advertising and promoting of these meme coins made it known to the public and lots of persons got attracted first by the animation looks of meme token and in turn picked more interest on the tokens.
Notably, the rise of Dogecoin in crypto space today is all thanks to Elon Musk, a die hard supporter of Doge meme coin, and also celebrities like Snoop Dogg and Vitalik Buterin who are also advisors of Doge.
These meme coins are created and launched easily and as such they can be extinct in the long term. Most of meme tokens stocks are unlimited, and has a long term impact on their price value. With its recent growth and success rate, many persons now have high expectations about meme coins and are investing and trading on these tokens in a bid of making profits in the near future.
2). Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
I would say, Meme tokens cryptocurrency should be created and further be created with a significant purpose as other cryptocurrencies. Judging from the already existing success and level of acceptance in the crypto market, i think the creation of meme tokens can be a stepping-stone for crypto newbies to learn on how to invest. The creation of meme tokens as a cryptocurrency has also brought about the massive recognition and acceptance of cryptocurrencies in the world and if created will have a greater impact in crypto space, in terms of its price value and other aspects.
For instance, Dogecoin was first created out of fun and entertainment, but over the years it has become well known and also brought other cryptocurrencies to limelight, as many persons have learnt about cryptocurrencies, thanks to the circulation of Dogecoin in crypto market.
The creation of meme cryptocurrency can also severe as an advertisement to attract individuals to be part of a blockchain project, the mere view of meme tokens are catchy and can be a source of relief to must user's. I take myself fir example, I was attracted to Dogecoin because of it's nice look, which got me interested to further learn about the coin. As also, the promotional influence on Meme tokens by celebrities and whales of crypto space, will also boost the price of these meme tokens. However, one should always try to carryout some fundamental analysis on a meme coin of interest before investing in it. Any meme coins to be invested in should have a clear purpose or project.
3). If you had to choose to invest or trade Meme Tokens, which would you choose? Explain your choice in detail and provide solid evidence for your choice.
I will choose to invest in meme coins, reasons been that meme tokens are community driven and backed up by a large supportive community and great investors and whales in finance world.
The support from celebrities and rich entrepreneurs to meme tokens has yielded great success and growth of recent, this is a good sign that meme coins will flourish and do better in time to come, and investing in this coins now will yield great profits for me tomorrow. Even the great Elon musk had earlier this year talked of investing in Dogecoin, since then the price of this meme coin has been on the increase.
Another reason I would invest in meme coin is that, these coins(like Dogecoin) are built on simple technologies associated with cryptocurrencies that allows for easy verification of transactions and has a well secured process of carrying out transactions without any third-party interference.
The recent performance of Dogecoin has outshine Bitcoin's processing speed, as Doge uses Scrypt in for it's alograthm and within a year it's performance level is about 100%. I can say from experience that have made some profits from investing on Dogecoin earlier this year. From the screenshot below, it shows the growth trend of Dogecoin price in the last 3months and 7days time frame.
Also, Shiba inu coin has showed massive growth this year. This is also a great signal for one to invest in meme coins.
1 year time-frame chart
7days time-frame chart
Bearing in mind that investments also comes with some form of risk, one has to take into consideration of doing some fundamental analysis on any meme coins before investing in them.
4). If in question number 3 you choose to invest, make a detailed fundamental analysis of the Meme Token of your choice to demonstrate that the Meme Token of your choice is a good investment tool. (Screenshot required).
I would choose Safemoon coin to invest in, and below is the fundamental analysis of this meme coin.
SafeMoon coin is a Defi coin created with a combination of RFI tokenomics and a protocol that generates liquidity automatically. SafeMoon was created by John Karony(CEO) and launched on 7th of March 2021 with a supply of about 777trillion tokens. SafeMoon coin is built on Binance smart chain protocol and uses the proof of authority.
SafeMoon protocol aims to rewards its users with idea of static rewards, which is to say the more token you hold as a user the more reward you receive. From their white paper, it states that this reflect mechanism used as reward for SafeMoon holders to help them keep their tokens for longer(as in HODL). SafeMoon protocol has a burn strategy also helps SafeMoon token holders to HODL their tokens for a long term.
Also from their whitepaper notes, For every transaction with SafeMoon coin, a transaction fee of 10% is cut into half, 5% of the transaction fee goes to all token holders and the other 5% is split into half again (50% to BNB and 50% to pancakeswap as liquidity).
Fundamental analysis of SafeMoon coin
According to Coinmarketcap.com, SafeMoon token is currently ranked#210, with current price value of $0.000002241,
Market Cap of $1,307,785,895, Fully Diluted Market Cap of $2,240,500,714 and a Circulating Supply of 585,536.37B SAFEMOON, a Total Supply of 1,000,000,000,000,000. SafeMoonSafeMoon coin had an All-time high price of $0.000001399 6months ago( April 20th 2021).
SafeMoon protocol platform
Safemoon has three principal functions at each time of a transaction ; Reflection, Burn and Liquidity Provider Acquisition.
Safemoon coin can also be swapped with any SPMtoken, BSC token or WBNB token, but presently Safemoon can ve swapped to wBNB. Once swapping start feature is fully launched it can be swapped to other tokens.
SafeMoon coin is tradeable in many Exchange platforms, few of which is seen in the screenshot below like;
Meet the Safemoon team
5). Conclusion
Meme Tokens are no doubt the new gold in crypto space, and has created a positive impact on other cryptocurrencies, making cryptocurrencies more known in the market and receiving huge patronage and investments from top notch investors and small investors like me. The recent performance and success level of meme tokens this year is a great signal for one to invest now, so as to make more profits in the future. Meme tokens should be created and should have a concrete purpose or use, with a well developed project, as meme tokens are also headed in the direction of creating NFTs. This will give meme token a good edge to do well in the future.
Cc:@wahyunahrul
Hi @meniya, Thanks for taking my class.
Based on the homework that you have made, here are the details of the assessment you get:
My Reviews and Suggestions:
You have completed the given task well.
In question number 1 you should show a screenshot of the information you provided so that the info is more valid.
You explained well why you chose to invest in Meme Token over trading.
Fundamental analysis of the Meme Token you have chosen is good.
Thank you!
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