Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul
As I am the very old holder of meme tokens like Shiba and doge. I really like to thank @wahyunahrul to provide the resources to study the meme tokens. Let's begin with the homework question.
1). Why Meme Tokens could be one type of cryptocurrency that will have a big impact on the cryptocurrency market in 2021?
As we all know meme tokens were created as they are linked to the memes and when we talked about the meme tokens Doge coins image first comes in the mind. As we all know a meme is a small kind of joke which is available on the internet. We can say memes rule over social networks. Sometimes memes are just joked some memes are created for social awareness on current affairs. It's quite obvious if the crypto coins that are connected with the memes or meme token are easily reached to the people. After all the crypto coins prices are increased when its demands are high and demand only that time comes when peoples know about this token. When I firstly know about dogecoin in early 2020 I bought that coin straightly as I know if the coins are related it will definitely increase the value in the future.
So the reason behind the meme tokens impact is higher on the cryptocurrency market as it reached to the people very quickly as it related to the meems and because of that, we will see the huge demand for that coins and also we saw some celebrities like Elon musk are Twitter for the mems token than the meme tokens really have the huge demands in the market.
2). Do you think Meme Tokens is a type of cryptocurrency that shouldn't need to be created?
I didn't think so as I am one of the oldest investors of the dogecoin and Shiba Inu coin and now I am also holding a huge amount of tokens of baby dogecoin. As earlier I get a tremendous profit in both coins and I really wanted to invest in meme tokens. As we all know meme tokens or fastly reached to people through memes on social networks. As you know memes are the small image, videos which strongly influence the peoples. Meme tokens have huge potential for future growth.
Meme tokens are not only the tokens that are linked to the memes but those projects also work on the partnership with bigger e-commerce platforms so coin holders will be able to use that coin on platforms like Shopify woo commerce in the future. So in the future, we will see some bigger surprises from the meme tokens.
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.
Every year I choose one meme token for my portfolio as In early 2020 I choose to invest in dogecoin and In early 2021, I choose to invest in the Shiba Inu. Now I am choosing baby dogecoin for my portfolio. For the last 2 months I am studying baby dogecoin and here are some interesting facts I will share with you all.
As you saw in the above image you will know that baby dogecoin holders automatically receive the 5% of every transaction fee and this you will find in the official website of the baby dogecoin and 2nd is that more than 29% of tokens are burned and will see more burned tokens in the future.
The more interesting thing is the baby doge is a partnership with Coinpayments which allows the baby doge token holder to do transactions on the major e-commerce platform like Shopify and Woocommerce. This partnership also attracts more people to these tokens and will see better future growth because of this partnership.
As we all know if we saw more tweets from the celebrity like elon musk we will definitely saw some hikes in the price of the baby doge coin.
4). Choose a Meme Token (except Dogecoin and Shiba Inu) and do an analysis of the Meme Token with the following conditions.
a) 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)
Ambitious aims:-
As I am going through with the website of the baby dogecoin I found their 6 ambitious steps of the project and in that, they completely show their roadmaps to all the people currently are in the 3rd phase that is walk and they achieved their 3rd phase very quicky as this token is launched at June 2021. In the 3rd phase, we will see the baby doge Swap Credit Card For Crypto Integration.
Crypto exchanges of baby dogecoin
Baby dogecoin is currently listed on the below exchanges.
Currently, it's the very new token in the market, and in the future, we will expect that it will spread over all the exchanges.
Special Rewards For the investor or buyer of baby dogecoin.
As I explain to you earlier in this post Investors of baby dogecoin will receive the 5 % transaction fee which is also a good thing to attract individuals and 2nd one will be they burn over 29 % of the token which also helps to increase their demand in the market.
Baby doge current supply and market cap
Currently, it has 420 quadrillions of the total supply and 268 quadrillions are self-reported the supply simply means the 125 quadrillions have been removed from the network to the dates. 424,480,648$ is the total market cap of the baby dogecoin.
Partnerships and promotion
The most interesting thing about the baby doge is it is promoted by some of the celebrities in the very early phase of the token. As baby doge is also featured on the NASCAR and Elon musk also tweeted about the baby doge. It's nice to see this token gets the attention of a few celebrities in the very early stage of the coin. Also, they did charity events where they donated money for animal welfare.
Baby doge coins also make some tremendous partnership and It will give the power to its investor to do transactions by using the baby dogecoins on the major e-commerce platform.
b)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)
As I told you earlier I am looking for the baby doge for my portfolio and because of its fast development and a good amount of demand for the tokens, I choose to buy the baby doge coin. I bought this token using the pancake swap exchange.
I saw the tremendous growth in the price of the baby dogecoin in the last few days and its A/D indicator trend line shows that this coin is in an uptrend and when we saw the price action of the baby doge coin we observed that it is on the sideways and as considers the volume it will definitely explode and shows tremendous growth in the price.
As you saw in the above chart you will clearly identify that the price is now between the resistance and support level. and once it breaks the resistance level we will see the next all-time high very soon.
5). Conclusion.
In today's post, we will be able to learn more about the meme tokens as most people think are just related to the memes. But every meme token project has own roadmaps and own aims and they are doing the really great job with their fast development and this meme tokens are pretty popular in the peoples as a meme is just non-removable part of the social media network and because of the meme's popularity in the people all the meme tokens has the great demand and because of that, it will give you huge return in a very short period of time.
#club5050 😀