Steemit Crypto Academy Season 4 Week 7 | Home Work Task by Professor wahyunahru- @Meme Tokens - Blockchain Technology Jokes
INTRODUCTION.
I am excited to be a part of this week's academy task and it is amazing to find out about new insightful topics that are been presented every day. Special thanks to professor @wahyunahrul for an interesting and educating topic this week.
Question 1- Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
Meme tokens came into existence when Richard Dawkins wanted to spread the culture of a group with other people, this goes way back to 1976. overtime, the concept of meme became the process of combining words and pictures together in order to entertain the viewers.
Social media has become a very good way for the promotion of memes, it has become a platform for the spread of this meme idea and currently, there are over a thousand memes out there being shared over the internet.
Meme token is a part of the numerous blockchain tokens that have been in circulation ever since the wide acceptability of blockchain projects started. Meme tokens were not considered as really serious tokens until Elon Musk tweeted about Doge a few months ago, precisely April 5 2021 and consequently he had more positive things to say about the token and this resulted in a great increase in the price of doge tokens after investors started were drawn to the token as a result of the tweet.
After the success of Doge tokens, more meme tokens have come to light bringing the popular opinion that no token or coin is completely useless. Huge attention has been drawn towards Dogecoin since then and the bid to get involved in meme tokens has been on a huge rise.
With the drastic attention drawn towards meme tokens by investors, it will be quite safe to say the industry is booming very nicely as this major announcement drew a lot of investors into the crypto world. The success of meme tokens definitely made a huge impact in the crypto world.
Question 2- Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
Tokens are usually created to solve a particular issue and to give access to life applications but meme tokens were simply created to serve the purpose of fun. However, this will not be enough reason to say the tokens should not be created because there are lots of lined-up importance that the creation of meme tokens has provided for us and will still provide.
Considering the huge number of investors that have been drawn to the knowledge of cryptocurrency this year alone through meme tokens, then the token is not a mistake.
These meme tokens like other crypto tokens have the ability to have an increased price within a short period, therefore, increasing the fortunes of investors within the shortest possible time.
Even if these tokens were not created with the intention to solve lifetime issues, they could be transformed into a token that will be able to solve life issues sooner or later.
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 of your choice.
Banano is a great meme token that is doing pretty well at the moment. According to the report on Coinbase, within the past seven days, Banano token has risen by 15.15% which means investors are really getting interested in the token.
Source
Banano token has a current circulating supply of 1,333,373,871.688 BAN.
History.
The idea that Banano tokens bring is to provide every user with its own blockchain. Banano token is a fork of Nan and this fork happened around April 2018. Most of the people who possess Banano tokens today got it through free distributions like Airdrops, games, Faucet which is usually a way to promote a new token.
Features.
The token is powered by DAG technology and the token runs on some of these features:
The project is a meme-based one and various memes will be found littered on the home page of their website.
Carries out instant and feeless transactions.
The system runs daily airdrops for users.
It is a community-based project.
Banano's website is a community-based one.
Why I think Banano will be a good investment.
With the Banano token being priced at 0.00945 USD this month, the revenue is expected to give around +556.08% in 5 years' time. This means an investment of $50 now will be worth $328.04 in five years to come.
Question 4- Choose a Meme Token (except Dogecoin and Shiiba 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).
In question 3 above, I choose investment in Banano tokens amongst other meme tokens because it has great features attached to it.
Banano is a fork of NANO and it came into existence April 2018. This token can be accessed either through a mobile wallet or a web-based option.
Transactions on Banano are extremely fast and the charges attached to it are really low. The team boasts of having a purpose of making cryptocurrency easier for users and of course wants their users to have fun in the process as well.
The fun aspect of Banano makes it easy for the blockchain platform to attract a lot of users. People go through stress every day and a platform that promises funds and increased rewards at the same time will attract a huge customer base easily.
This chart shows that Banano tokens indeed have a great future and it is definitely worth investing in because it has a huge capacity to survive whatever the future holds.
Conclusion.
Meme tokens might have been created for the purpose of fun but we cannot ignore the fact that meme tokens have turned a lot of people into millionaires. I appreciate the opportunity to participate in this week's contest because it is filled with increased knowledge and I am grateful to @steemitblog and professor @wahyunahrul as well for the opportunity to participate.