"Question 1: Why Meme Tokens could be one type of Cryptocurrency that will have a big impact on the Cryptocurrency market in 2021?
A powerful and significant personality in the world's technology named Elon Musk sent a message using the Twitter social networking service from his Twitter account in early 2021 and the tweet stated that as the boss or director of Tesla company, he has acceded to the procurement of Tesla cars with the use of Bitcoin.
Consequently, this tweet made by this wealthy and influencial figure in the world of technology brought a sudden feeling of enthusiasm on the part of the public who thought that cryptocurrencies had begun to enter the field of technology and could make someone as influencial as Elon Musk enthusiastic about the technology initiated by this Cryptocurrency.
Besides, it is noteworthy that Elon Musk, after a period of time he tweeted about Bitcoin also sent a message using the Twitter social networking service about a certain Dogecoin, which is another Cryptocurrency and also one of the earliest Meme Tokens. In fact, it was at this point that Meme token or sometimes called Meme coin started becoming popular.
Elon Musk, on 15/04/2021, tweeted something about Dogecoin. This tweet moved a lot of people to start wondering what Dogecoin really was and why someone as popular as Elon Musk made a tweet about this coin. As a result of this particular tweet that he made, the price of Dogecoin got hiked up very sharply and of course while this abnormality in Doge price happened in only a short period of time and not once, however, Elon Musk kept on making other various tweets about this Cryptocurrency in question and as a result, it is hiked the more.
Dogecoin has become so popular that it has been categorized among the top Memes apart from being classed among the top 10 as the digital currency with the biggest market cap in the world of Cryptocurrency market today.
Check out the price hike in the charts below.
Therefore, after observing the huge growth in connection with digital currencies related to Meme Token such as Dogecoin, many developers were moved to begin putting heads together to invent some other Meme Tokens with the aim of reiterating the success achieved by Dogecoin.
The inventors of the Meme token reason that if Dogecoin which was initially invented only for jokes and also as a scorn for Bitcoin can be as successful as it is, then they equally can surely attain that success by inventing the same sort of Cryptocurrency with some adjustments in order to get lot of people attracted to purchase it.
After the invention of Dogecoin which is the earliest Meme Token, a whole lot of other Meme Tokens(more than 100) have emerged so far, such as Dogelon Mars(ELON), Monacoin(MONA), Hoge Finance(Hoge), Tiger King(TKING),etc.
To further buttress my point that Meme tokens could be one type of Cryptocurrency that will have a big impact on the Cryptocurrency market in 2021, i would like to touch on a subsequent Meme token which is among the top Memes and it is known as Dogelon Mars(ELON).
This Cryptocurrency is currently recognized universally in the world of Cryptocurrency, occupying a position of being a very optimistic or reassuring crypto. Dogelon Mars is a weighty project with a powerful team in control of the crypto and with great skill or expert knowledge in the field of crypto.
Currently, Dogelon Mars is gradually growing as one of the biggest cryptocurrencies all over the world and possibly this could be partly due to it's alliance with several big companies and it's social acceptance, thus, this powerful Cryptocurrency(ELON) has a very promising, bright future.
Given the above-mentioned points, it would not be out of place for one to conclude that the Dogelon Mars, as one of the multiple Meme tokens, will positively and favorably affect the Cryptocurrency market in 2021 considering it's favorable price prediction. The price is increasing because many individuals are investing in this digital currency.
Reference
Additionally, Meme tokens have risen quickly to a very high level, both in terms of value and diversity in 2021. In fact, after the success attained by Dogecoin, and with the growing and widespread acceptance of crypto, the digital market is thriving with meme tokens.
The popularity of these cryptocurrencies is greatly associated with their links to influencers of social media and celebrities. Because of the awareness created by these personalities through paid advertisements concerning these tokens, the general interest of the public in them is increasing fastly.
Reference
"Question 2: Do you think Meme Tokens is a type of Cryptocurrency that shouldn't need to be created?
For me, i would answer no to this question, Meme Tokens is not a type of Cryptocurrency that shouldn't be created especially considering it's numerous benefits to humans both healthwise and in the area of advanced technology.
For example, the entertaining jokes associated with these tokens relieves stress, anxiety and tension. These jokes go beyond the relationships that we keep today in the natural world such as family,friends and relatives, but rather cuts across the digital world where they are popularly- known as Memes.
Actually, as time passes, people started to feel that Memes are fusions of words or pictures in form of jokes to amuse people via online or internet networks.
In summary, since Meme Tokens is a type of digital or Cryptocurrency invented on blockchain technology and is aimed at entertainment or jokes on blockchain technology, i think it is not a Cryptocurrency that shouldn't be created or invented.
"Question 3: If you had to choose to invest or trade on Meme Tokens, which would you choose? Explain your choice in detail and provide strong evidence for your choice.
If i had to choose to invest in Meme Tokens, i would opt for Hoge Finance.
Being a decentralized finance Meme currency, Hoge is an ERC-20 token fair that was initiated as a Doge and is based on Ethereum blockchain. What i personally appreciate the most about Hoge Finance is the deflationary or reducing circulating supply of this asset, which makes for a feasible or viable investment.
To accomplish this feasible option, the originators of this Meme Token(Hoge Finance) proposed or put forward a 2% tax on every transaction, which is divided between the burn address and all the Hoge holders. This token redistribution process is termed by the originators as autostaking, which is a process that requires that holders of Hoge Finance only have Hoge in their wallets and nothing more , in order to get rewards.
Interestingly, burning the tokens boosts the value of the remaining supply, whereas autostaking encourages the holders of Hoge to make use of it frequently, as every transaction benefits everyone. Additionally, like in the case of several other Meme tokens, Hoge is being influenced by active community contribution or involvement such as public discussions, art creation, etc. This community contribution, is bolstered by Hoge in several ways such as gradually growing the NFT platform, opening the gaming lab for public game creation, establishing or initiating eSports community with the hope of developing the network even further.
Analysis
Hoge price as at 22/10/2021
"Price: $0.0001802
Vol 24h: $631828.19
Rank: #511
market cap: $70,051,987 (-9.54%)
Fully Diluted market cap $173,282,972 (-9.54%)
Circulating supply: 494.263 HOGE
Low: $0.0001674
High: $0.0001913
Volume) market cap: 0.01009
Total supply: 404,263,537,258
"Question 4: Choose a Meme Token (except Dogecoin and Shiba Inu) and do an analysis of the Meme Token with the following conditions:
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)
Analysis of Garlicoin To Prove that it is a good Investment Tool
Being a new coin and also a decentralized cryptocurrency, Garlicoin's process of validating transactions and securing the network lasted for a period of not less than four years. Now what are the benefits of Garlicoin that make it a good Investment Tool?
Since Garlicoin is a decentralized cryptocurrency, it is not subject or given to inflation, thus, it is deflationary. Hence, this implies that the amount of Garlicoin on the market will never exceed 69 million GRLC.
The second benefit of Garlicoin is it's extreme speed, thus, all the transactions are being made without delay - unlike Bitcoin and other altcoins.
Finally, Garlicoin is a very suitable type of payment. The coin has it's own wallet, and it is Handy on Android, implying that this Meme token(Cryptocurrency) in question, will always be in the pocket.
In fact, Garlicoin focuses on entertainment or amusement, thereby making financial activities an interesting way to spend one's time. No wonder it's market capitalization rises greatly by the day.
"Analysis
Garlicoin price (GRLC) statistics
Garlicoin price as at 22/10/2021
Garlicoin price: $0.05814
24hrs low : 0. 053
24h High: 0.058
Trading volume 24hr: $2411.28
Volume/market cap: 0.001436
Circulating supply: 65,071, 981 25 GRLC
Market rank: #1387
Garlicoin market cap: $3,476,431 (-7 .74%)
Fully Diluted market cap $3,686,283 (-7.75%)
Question 5:. Conclusion
Advanced technology is not an obstacle to the jokes and fun that are innate in all human creation. In fact, Meme Tokens is enough to prove how a fun or joke can translate into the current technology that a lot of people can use and equally benefit from it directly . Granted, these meme tokens were at first invented irregularly and as a joke tool to mock the advert about Bitcoin that was the talk of the Town back then.
However, there are Meme Tokens, more than 100 of them that have been invented, according to statistics. But then, caution should not be thrown into the wind when it comes to this type of Cryptocurrency such as Meme tokens, especially as there are many individuals who may be carried away by the joy of the price increase of a meme token so much that they invest in it in large amounts, and many who are affected by harsh , unfavorable market prices end up losing their money.
Cc:
@wahyunahrul