Hello Steemians,
I hope you all are doing great in your life and learning from @cryptoacademy. It's a great platform for the growth of beginners. I am honored to be a part of this platform. Before I proceed with the task, I want to thank professor for his efforts to make us learn a lot.
Q. Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
- Meme token introduced for the very first time in the year of 2013. But it is known to many people until having the support of the richest and technology expert person Elun Musk. He gives an influential statement regarding cryptocurrencies such as Bitcoin and Dogecoin equally, However If you noticed after his statement Meme Token became famous all over the world.
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The popularity of Meme Token in previous years increased as people in social media such as influencers and celebrities connected with these meme tokens like Doge coins and it will get more popularity and fame in coming years as meme tokens supported by more influencers.
No one was aware of Dogecoin before the constant statement given by one of the known richest persons Elun Musk added the high value which reached from $0.1224 to $0.7630 in a few weeks.
Moreover, Dogecoin ranked among the top ten largest cryptocurrency market all over the world in which Elun Musk's tweet statement plays a vital role.
Shiba Inu and Kishu Inu are other meme tokens that are being developed. Shiba Inu was created on the Block chain of Ethereum cryptocurrency having a rapid growth in its prices in a very short time period. As it’s price increased around $0.50 in a short period which made it the top 20 largest cryptocurrency all over the world.The largest exchange of america listed shiba inu to be the very first meme token After the acceptance of Shiba Inu meme token in the official coinbase account of twitter. It encourages many investors and traders to invest more in meme tokens as its prices are increasing.
Q. Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
According to my understanding and point of view It should be created because in this growing world of crypto currency prices and the interest of influencers celebrities and retail investors are increasing day by day.
It is created to educate users about the process of P2P transactions which eliminates the intermediaries involvement.
We are seeing that meme token Shiba Inu has listed to the largest exchange of America and has a high acceptance rate. Furthermore, it is increasing day by day.
It is equally accepted by the coin base and listed on its marketplace. However, its price gets higher in a very short time period.
Meme tokens are created to entertain the investors, traders and influencers as it is created on the Blockchain network.
Furthermore, Meme tokens are generating profit for the investors and traders to earn more. It becomes the attraction towards the influencers and people.
Q. 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.
There are more than 100 meme tokens created and are being created daily. It is very risky and difficult to select one for investment. As per my learning of meme tokens I would choose to SafeMoon the newly created Meme Token. I have mentioned below some of the evidence of choosing SafeMoon.
SafeMoon has become the one having the largest number of tokens as SafeMoon created in 2021 as a DEFI Token. The best part is, it offers its holders APY passive rewards up to 80%.
There are upto 70% of the token down in the last two months however, In the past four months, SafeMoon has grown over 6,000%.
Furthermore, The SafeMoon token appears to have a very interesting feature. When a transaction is made with the token, a fee will be charged and the fee is divided between token holders. This is extremely beneficial to the SafeMoon token holders.
It encourages individuals holding tokens to collect higher payments as a percentage of all tokens owned, thus reducing the due to adopters selling their coins.
Moreover, Its reward amount is based on the transaction volume, reducing the likelihood of early adopters selling their coins.
One of the good reasons to choose SafeMoon is, Binance smart chain use consensus mechanisms as a proof-of-authority It might appear to be a centralized blockchain, since they pre-approved validators, Binance is a highly trusted blockchain and its consensus mechanism is also trusted However SafeMoon is created through Binance smart chain.
Q. 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)
SAFEMOON:
SafeMoon’s unique feature attracts investors to invest in it as The safemoon token stacker rewards are paid in a way that 10% fee is charged to anybody who sells their token. Following that, 5% of this fee is distributed to alternative SafeMoon holders.
Members of the SafeMoon development team have been claimed to have burned off and their shares removed from the cryptocurrency cycle, making it much more publicly traded than before.
SafeMoon’s developers see SafeMoon as a long-term investment, and the holders are earning passive rewards over the time, while penalties demotives selling. SafeMoon current price is about $0.000002 with the Market cap of $981.88 million having 212 Rank in the market.
Below are the Statistics of SafeMoon.
Conclusion
Meme Token's prices are increasing day by day and are becoming well known to the influencers and celebrities. These are generating high amount of profits and are attracting people through their names and features. I want to thank the professor @wahyunahrul gives the deep knowledge and made us learned.