Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul by @rexxalo
Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
Meme tokens!!!! Who doesn't fancy a well-executed meme or a joke, I mean we all make one or two every day, some of us are even jokes to each other, so why not "cryptolize" memes and jokes? There is an industry dedicated to the production and relaying of jokes and memes, and we can not overlook the fact that this is a huge aspect of life and it is something that everyone can relate to. So why not support tokens and coins that were built off of memes? Below, I will give some points that will show why meme tokens are likely going to continue making a huge impact in the crypto space.
⬛ The success of Dogecoin gives space for other meme tokens
Dogecoin is the first-ever meme token or coin created, and how did it go? It turned out very well. Dogecoin was created in 2013 from a popular meme featuring a Japanese native Shiba Inu dog, leading to the dogecoin logo being a Shiba inu dog. The dogecoin after being created saw huge support and gained a wide publication. This is highly related to the fact that the dogecoin looked like a more "jovial" version of bitcoin.
The dogecoin got the attention of Elon Musk, who is one of the richest men in the world. He took a liking to the project and made tweets about the project, which made the price of the token reach new all-time highs because of how influential Elon musk was and the belief that he was supporting the project as his tweets suggested. The awareness of the project also grew, bringing in new investors into a token that started as a joke. The price of one dogecoin at the time of making this article was $0.2411 with a large market capitalization of over 31 million dollars.
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The dogecoin's success has shown that all other meme tokens and coins can also be a success, and so since then, there has been new meme token launches like the Shiba Inu token launch and the kishu inu token launch. One thing that we have to be sure of, for us to conclude that the meme tokens can be of impact at all is its feasibility, and dogecoin has shown a positive report in that regard. Meme coins are doing great in general and are evolving with time, it's great to watch!
⬛ The large meme community
One thing that sustains a crypto project is the social support it receives when launched. Some crypto projects try to raise awareness and gain support from the masses by creating airdrops where they give out some of the tokens in question for free.
This is to show how important the community of a crypto project is to the relative growth of the token. Now we know that memes are generally shared on every social media platform. The community that meme tokens have been seen to possess is usually very impressive when we judge it by population and effective support. They defend their token very jealously on social media platforms and promote its growth by broadcasting upcoming projects that are about to be taken up by the cryptocurrency system run by the meme token. This most times is not inspired by airdrops, and we can then say that the love shown by the meme token supporters is similar to what they can show to support a legendary meme.
⬛ The new prospective projects
More promising meme tokens are springing up, which entails that meme tokens are actively increasing in number and power. an example of a new meme token project is the new Doge 2.0 project which has been doing very well since its launch in August 2021! which is pretty rapid. The price has seen a considerable percentage increase. At the time of making this article, the price for one doge 2.0 token was $0.059529351196. The report has it that "doge 1.0" is displeased at how quickly the doge 2.0 is growing. this shows that there is even competition between meme tokens and a healthy one at that.
Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
In my opinion, meme tokens are a welcome development, as they increase market capitalization and number and also improve system orders. The first meme token being doge had a very huge problem, which was that it is inflationary, meaning that the availability of the token is very high, as its circulating supply is ranging around 131billion dogecoins! ordinarily, the new meme tokens would follow suit as some meme tokens are even getting to 600 billion tokens in circulating supply.
From the screenshot above, I have highlighted tokens with a very huge circulating supply and they are the Dogelon Mars token and the Tiger king token and if you can notice, you will see the result in the price of one token of these meme tokens. But take a look at the mona coin, which has the lowest circulating supply on that list, its price is over $1 and is the most expensive on the list.
So the point is anti-inflationary meme tokens have a higher chance of doing better in my opinion than inflationary meme tokens because they balance the demand and supply law. Meme tokens surely have a long way to go in improvement, but over time, they have shown promising growth, with the likes of Shiba Inu and Dogelon Mars Elon tokens making huge percentage increases. This is mostly because of the support they have and the investors willing to support the tokens too. The meme tokens have shown promise, even though they are highly volatile, I still believe that we need more of these tokens but with better purpose and improved white papers, this will ensure a better and long-lasting investment plan for investors
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.
Well to decide whether to trade or invest in meme tokens or coins, we would have to consider the meme tokens in general, and find out what is common within a collection of meme tokens. Now there is something we sure know is very common about the price action of meme coins in the market. Taking a look at Dogecoin, who has a very volatile market, the meme coins can be assessed the same way.
The rate at which meme tokens are affected by the slightest news is overwhelming, and this is because investors who are not really into the idea of meme tokens and don't believe in projects born out of a meme or joke would quickly withdraw assets or sell-off their assets or tokens with any little sign of distress to the system. This is a huge disadvantage for meme token traders, and I would not like to be involved with a volatile market.
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Another thing is, Trading is riskier than investing, as investing gives more opportunities like staking of tokens to earn even more or even swapping for the token's indigenous NFT. Most meme tokens do not really have a plan or solid roadmap that governs the system, some just survive on their community, and whatever happens with this community, even if it is a slight problem might result in huge losses in trading if the trader is analyzing the market more technically than fundamentally. I am not denying the fact that even investing in the tokens is also risky, I believe that trading it is even worse. Of course one can manage to place the right trades once in a while, but investing wisely into a meme coin that has a strong background and looks strong and formidable is the safer option for me. I have shown above, the total ROI of three meme tokens, Mona coin, Shiba Inu, and Tiger King token. I have highlighted their ROIs and for the case of shiba inu, we can see that there is a 17,000% profit from investing in the shiba inu token at launch. That is if a token holder bought shiba inu tokens worth $100, by this time, his 100 dollars should definitely be 17,000% more, amounting to $17,000. But imagine he had been trading the Shiba inu market, with its many spikes and dumps, it might have not gotten up to this profit with so little investment.
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 I had to choose to invest or trade on a meme token, I will choose to invest in the Tiger king coin token for some reasons I will be mentioning shortly. I would prefer to invest because most meme coins are highly volatile and can often move against technical analysis due to unprecedented events. I was formerly writing on two other meme coins, but I realized some traits that might be big disadvantages in the near future, like the Monacoin which I did a little research on seemed to be concentrated on the Japanese market, and use the proof of work consensus and also the relatively new dogelon mars token, which seemed like it was a coin without a proper plan for the future. So now I will be making research on the tiger king token, and will relay the reason why I have chosen to invest in it.
The TKING Token
The tiger king token stood out for me at first because of one major reason, which was the fact that the project puts a lot of effort into increasing its use cases, but then looking deeper, I realized that his meme token is actually more planned out than the others. The token was inspired by memes based on the netflix documentary on joe exotic which was named "The Tiger King".
It also has a lot of drama behind it's establishment, as joe exotic who is the founder of the token is in prison for a lot of charges of which he has denied and pleaded innocent, his sentence is said to be ending in 2022, and if from prison, he has taken this token thus far, then surely the Tking token is definitely destined for greatness when he gets out.
For now, the Tking token is run by his team, who have done a great job thus far. They have implemented the token into a lot of decentralized apps and some centralized exchange platforms. The Tking token has also taken so much space on social media, as the movie's streams increases, the popularity of the token relatively increases. The Tking token has also featured in a lot of media activity, with Fox business and Forbes featuring the project severally.
The Tiger Season!
One reason I decided to invest in the Tiger King token is the fact that they have plans for the future, like the Tiger Season plan which is anticipated to start by February 1st of 2022. The tiger season is the season where the project is hoping to expand its outreach to the Asian part of the world, as that is the region with tigers! thereby meeting the cultural needs of the Asian region, giving it a more cultural feel for the Asian people whenever they make use of the token.
Mind blowing partnerships
The partnerships of the Tiger token are also very impressive. Asides from the fact that they have an unspoken bond with Netflix and the sequel that inspired the project creation, other centralized exchanges and decentralized apps that it has partnered with are very impressive, and this shows that they are really promising in terms of return on investment.
They are in partnership with Tango Hotel Charlie Group who is their official "joe exotic's official cannabis brand" vendor and are sponsored by the Tking project for further promotion. Also, the partnership with the hotel has created a small but strong community for the token's development. They are also in partnership with Web satchel, which Is a site for making online copies of other websites.
Token economics
Even though the circulating supply of the Tking token is outrageous! the team of the cryptocurrency have ensured that they put in measures to ensure a sense of control for inflation. From the picture above, we can see that the tokens have 16% allocated to the Tking team, ecosystem and founder (Joe Exotic), and the remaining 84% is shared between the token holders, the liquidated tokens and tokens to be burned. This means that not all the tokens available are accessible to the masses.
Tiger King Nfts
Another thing that made me interested in the tigerking token, and it is that the Tking token is also interested in the NFT market and have been actively creating and selling Nfts and selling them on different NFT markets like the opensea and rarible which helps them publish the NFTs better as there is a wider outreach on these NFT platforms.
The prices of these NFTs on display are very impressive to me considering that this is Tking's first trial in the market, and I believe that they are going to improve in the making and advertising of their NFTs, this has led me to choose to invest with them. The creativity on this team is so impressive, and the fact that the main brain behind this token is still in prison and the token is still doing this well shows a lot of promise in the future in my opinion.
New Projects and Social support
The TKing project has caught the attention of so many people through social media, and even though the project is relatively new, its social media page on Twitter is growing at a steady pace. The Tking token has about 7000 followers on Twitter as I have shown in the screenshot. We have established the fact that a vibrant and strong community contributes to the strength and formidability of a meme token, and the Tking is growing impressively steady.
On October 13th, The Tking Token showed that it is still hungry for even more partnerships and use cases. This is impressive also, they announced an upcoming partnership with exnertwork capital which is a network devoted to supporting blockchain networks and decentralized projects. This would probably mean that the system is going to get better as this partnership might bring in new investments, raising the market capitalization of the Tking Token.
The support for the token is so strong on Twitter and is growing. The screenshot above shows a comparison between the Tking token and Shiba Inu and Floki, which are also meme tokens. The post showed the number of holders, Daily volume and Market capital of these three tokens, and the Tking token's values are very impressive, even with a low market capital when compared to Shiba Inu and Floki, it still puts up a fight, and I was also impressed by these values.
These facts that I have discovered through thorough research have shown that the Tking token is solid enough and has a bright future ahead. This is why I would invest in this meme coin, after confirming that it has plans and a good list of partnerships and strong social media support. This doesn't mean that it is 100% safe to invest, it just means that the token is a surer bet than others without these requirements.
CONCLUSION
Meme tokens are great! some might not agree with me, but I believe that if a token made out of a joke can unite people to render support and gain recognition in the crypto world, then that is just pretty awesome. We need to lighten the mood of things once in a while and I am grateful that the meme tokens have brought that spark of humor into the crypto-mania. Thanks to professor @wahyunahrul for the great lecture which he included very stimulating memes that I took note of, maybe you should make a meme token to @wahyunahrul, I would surely support it. Thanks for reading through Adios Amigos!