Meme tokens in their way have made the blockchain to be more interesting. Thanks for your teaching professor, I will provide my answer to the homework you gave us through this post.

Question 1: Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?

So far in the year 2021, the meme tokens are part of the tokens that have gotten the attention of famous people and celebrities and this has brought the coin to the limelight because of the influence that these celebrities have on and off social media and in the world at large.

The most successful meme token which is DOGE cut the attention of one of the richest men in the world and leverage that to gain its popularity not only that influencing the cryptocurrency market.

After the creation of DOGE in 2013, many developers see not many reasons for them to move into the development of meme token but after DOGE token hit an all-time time high in 2021 due to the interest and Twitter from Elon Musk, developers now pick a good interest in meme tokens and this year, tokens like Safemoon was launched in March 2021, Shiba Inu was launched in April 2021, Boss Token, Tiger King, Samoyedcoin and many more were launched in this year.
The cryptocurrency market is being flooded with a lot of meme coins and a lot of people are developing interest in this coin, buying it and making use of it some of this project comes with additional functions and good intentions apart from just the jokes.

Question 2: Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?

Meme tokens inspire jokes on the internet, which is a good one. Everyone needs time to laugh in fact laugher is good for health, people in our society, paid thousand of their currency just to be in an atmosphere of jokes and to have good fun, so bringing this same atmosphere to the blockchain is good for an individual and the blockchain. Anybody that wants to take part in the joke on the blockchain can buy the meme tokens. Another thing about meme coins is that they can also appreciate and increase in value allow the participants in the joke to earn more money in return. When we compare the meme (joke) in blockchain to the one that we pay money to attend physically (comedy show) we will discover that in a comedy show you pay money and apart from the laughter and the fun you received, nothing is included but for meme tokens on the blockchain, you will enjoy the joke, fun and also earn more money if the token appreciates. To me, I believe that this is a good reason while creating these types of coins on the blockchain is not a waste.

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.

Samoyedcoin (SAMO)

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If I am to invest in a meme token, then I will go for Samoyedcoin, currently, the SAMO coin trading volume is 6,903,285 USD and the current price is 0.029721 USD. The coin has a lot of potentials and for the last 24 hours, the coin has moved up to a 17.56% increase.

Samoyedcoin was designed as a Solana meme coin to create fun and help in growing the ecosystem. This coin just like many meme coins was inspired by Dogecoin success which leads to Sam Bankman and Anatoly Yakovenko co-founder of Solana coming together to develop this project. The coin is listed in coinmarketcap, ranked 479 and some of the available exchanges that one can trade this token are Orca, Bitrue and Raydium. For now, supply is not available but the token already has 2,728,946,647 SAMO supply circulating in the market with a market cap of 81,105,885 USD.

The reason for going for SAMO token looking at it on the technical basis is because the price and volume have a logical alignment, the volume increases as the price increases which make it highly sustainable and the second reason while I feel like investing in SAMO token will be a wise choice is because from the chart the price posture is suggesting that we might have a more bullish formation.

Just a few months into this meme project the Solana community already experienced some strengthen and the SAMO is growing largely appealing to a lot of people.

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) and 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)

I use the RSA indicator and I discover that the token has not experienced the oversold or undervalued condition for about two months now, the only time that the RSI read 37.65 was on 19th September 2021. Currently and as of today, the RSI is reading 80.2591. Although it looks like the token is been overvalued and a reversal in the price may take place but I see that not occurring for now because as the price increases the volume increase so we might just experience that high RSI value for some time.

The fact that the lowest RSI value so far for about two months now is 37.65 shows that we are currently in a bullish position which makes it a good time to invest in the token.

In my illustration, I will trade my USDT to buy SAMO tokens using Bitrue exchange.

Step 1: I open my Bitrue exchange and click on Market

Step 2: Because I want to use USDT to buy my SAMO token so I click on USDT and then select SAMO token.

Step 3: I click on Buy so that I can purchase some of the SAMO tokens with my USDT

Step 4: with my 11.34USDT I was able to buy 343.87 SAMO at a limit price.

Step 5: Finally the money is showing in my wallet.

With the way the price is going I will still buy more of SAMO.

Conclusion

In conclusion, the success of this meme token in the crypto world in the year 2021 has increased the meme token that will have and SAMO tokens on its own have to evolve more than they originally design to become Solana's ambassador. It has helped to bring new solutions and exciting things into the Solana ecosystem.

@wahyunahrul