Meme Tokens - Crypto Academy / S4W7 - Homework Post for @wahyunahrul by @okunlolayk

in hive-108451 •  8 months ago 


20211023_210720_0000.pngImage self created on Canva

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

Originally, the word meme simply means immitate. Things that appear to mimic or immitate an original substance are recognized as memes. This word however has evolve from it's original meaning to the extent that a 21st century youngster does not know it as such. The internet in 21st century brought a new use to meme. It is used to convey ideas, humor or emotional state which is built on a modified original substance. It could be a picture or video shared on social media or across the internet to share ideas or express fun.

Memes has been a medium of entertainment, jokes satire and mockery in the internet social community. I can even be concluded that one of the originally shared fun on social media are of memes. The Genesis of the The first meme token is quite a mix of both original and modern meaning. Dogecoin was the first created meme token and it was created to mimic the action of bitcoin and make a fun of it.

However, with the growing popularity of cryptocurrencies, attentions are now being paid to the different form of digital currencies. Meme tokens are now being listed on cryptocurrency exchange platform and is being traded like any other coin that has been listed.
However, the break of the first and popular meme token. Dogecoin was an eye opener for for developers and new meme token are being on the market day in day out.

The first outstanding performance of Dogecoin happened when the Tesla Elon Musk recognized it while sharing on twitter to show his followers. This event created more awareness to people globally and as well recognise Meme Token as a means of financial exchange.
Due to massive recognition of meme tokens the the developers are beginning to see the potential of meme tokens competing with conventional cryptocurrencies and thus pay more attention to it security and economic regulatory protocol. For example Safemoon proves to improve on Dogecoin unlimited supply thus creating a deflating tokenmic model. Meme tokens are now becoming more than a joke but a tradable valuable coin.

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

Meme Tokens are created and as well function just like any other cryptocurrencies but the only difference is that the conventional cryptocurrencies are created to solve real-world problems. For example Bitcoin was created to be a decentralized digital medium of exchange, Eithereum and Tron was created to support development of smart contracts and decentralized applications (DApps); Stellar (lumen)was built as a token of international currency exchange while Binance coin (bnb) was created as a token to pay for transaction fee on Binance platform and many more alike.

Meme Tokens are not created to solve problems but was brought up by incorporating meme being part of the digital world into the Blockchain technology. Just as mentioned earlier memes has been one of the social characteristics of the digital world (Internet) and thus should be allowed to evolve with it as it grows bigger in the adoption of the Decentralized Blockchain technology. If the meme token can be trusted, then it should be allowed to thrive in the contemporary technology.

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.


Investing in a meme coin is more or less like being a part of a Community that promotes a culture or idea. Most meme coin were not created to solve problems and at such not everyone one seems to be attracted to them or see them useful. Meme coin is for fun and satire on the Blockchain. It thrives on the volume of community that finds it funny.

The meme token might be bound stay afloat if the community keeps the meme alive. This has been experienced in the time performance of Dogecoin as the price tends to have surges due to Elon Musk tweets showing his interest in the meme. Meme coin such as Loser coin (LOWB) satirize the money loss investments and the HODL 2.0 was inspired by investors that adopts the Hold On For Dear Life strategy.

A good choice for me among the ocean of meme tokens listed on coinmarketcap is the Baby Doge Coin. It is ranked as #2787 by all crypto listing by coinmarketcap and #26 of the meme token category. Baby doge was created in June 2021 following the surge performance of its father token DOGECOIN. Baby doge was created by a Community of Dogecoin fans that believe there could be an improvement to the structure of the already existing Doge. It was created on binance smart chain and the development was set to be an improvement in areas of inflatory model, speed and additional features such as incentivising holders.

The good part of the story is that Baby Doge came out as an offspring of the already existing highly recognised meme token and as such grows on an already existing community influence. To ice-up the cake Elon Musk who has been an all time supporter of the Dogecoin embraced it in his tweet "Baby Doge, Doo Doo Doo Doo"

Technically, Baby Doge was meant to correct the flaws of it's father coin. Dogecoin supply is unlimited as this is a feature that affects it price in the long run. Baby Doge was created with an hyper-deflationary model to keep it scarce and improve its price value in the long run. Baby Doge also incentivise its holders. This is done by charging a 10 percent fee on every transaction; 5 percent of which is distributed to to holders and other 5 percent is added to a locked liquidity pool. I believe this structure takes it beyond just a joke. The proposed scarcity would help the price grow and the incentive will make the joke last longer.

babydogecoin.com

Choose a Meme Token (except Dogecoin and Shiba Inu) and do an analysis of the Meme Token with the following conditions:

As explained above the fundamental features of Baby Doge Coin that project it as a potential good investment can be summarized as;

  • Hyper-deflationary Model: the baby doge coin is designed to have a scarce supply over time and this would help put the price high in future.
  • Incentivisation: Baby Doge coin distribute half of its 10 percent transaction fee to wallet of its holders as incentives. This could be seen as ROI of their investment in the long run as they earn more baby doge as they hold.
  • Locked Liquidity Pool: Baby Doge distribute half of its 10 percent transaction fee to Liquidity pool on pancakeswap. This is used to reduce its volatility and maintain a continuous increase in price.
  • Speed: Baby Doge was built on the Binance Smart Chain with a very fast blocktime of 5 seconds. This makes it durable for commerce transactions.
  • E-commerce Usage: Baby Doge has been accepted by e-commerce platforms and merchants such as coinpayments, Shopify and woocommerce as a payment tender. Creation of Baby Doge Debit card and Debit Account shows its commitment to attract and satisfy usability in terms of commerce.
  • Committed to Charity: Baby Doge is committed in its partnership and support to charity organizations such as purkids, paw with cause and best friends. This gives its fans community a sense purpose and commitment to Its growth.
  • Outlined Roadmap to the Moon: Baby Doge has a roadmap in six phases to reach the moon. This are outlined target goals and activities that carries itself and the fan community to reach the moon.

To trade Baby Doge Coin here are guidelines to follow.
Baby Doge Coin can be bought on the Pancakeswap decentralized exchange link. To use this exchange we have to be connected to a Decentralized wallet that holds the assets before and after the swap. Here I'll be using the the Trust wallet.

I Opened my TrustWallet mobile app where I have Binance Coin and Smart Chain available in my wallet. The binance coin can be purchased on binance exchange and withdrawn to be held in a Decentralized wallet such as TrustWallet. I clicked on the Connect Wallet button below the home page of the TrustWallet click DApp and locate pancakeswap under popular.

Clicking on the Pancakeswap would open the decentralized exchange page where you can make a swap. Here I am buying 309072000 baby doge coin with 0.001 as filled in the appropriate section and click swap.

I confirmed the details and approve from my wallet.

Conclusion

Elon Musk remarked about Dogecoin that "it was a cryptocurrency that was created as a joke but now it's taking the future". However, this is the reality of the future of meme tokens as they begin to grow beyond just a joke but becoming relevant in the crypto ecosystem.


Cc:@wahyunahrul


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