Bitcoin
Here’s One Simple Reason Why Memetic / PepeCoin (MEME) Should Keep Running
On December 11, 2017, Memetic / PepeCoin (MEME) went for $1.22 and registered a market capitalization of just shy of $23 million. Right now, the coin is down to $0.85 a piece, having declined 30% from the just mentioned highs, with a market capitalization of $15.8 million.
So what’s going on? Perhaps more importantly, is this dip an opportunity to jump into the market in anticipation of the current action proving to be nothing more than a temporary correction and – in turn – serving up the chance to grab some discounted tokens?
We think so.
Here’s why.
First, for anyone new to this one, it might be worth a quick explainer.
This one is called most commonly Memetic but it’s also called PepeCoin and was launched initially back in 2016 (although it’s undergone a whole host of development advances since then). The reason for the change from PepeCoin (which was the original name) to Memetic was rooted in the image of Pepe the frog, on which the name is based, being linked to various alt right causes and it’s ultimate (yet invalid) affiliation with racism.
MEME Daily Chart
Anyway, that’s now pretty much all in the past and the coin is called by both names, depending on the exchange. At CoinMarketCap, it’s listed as above (so, Memetic / PepeCoin).
So the concept is that this is a coin based on a blockchain, within which users can store images and various information anonymously, securely and – importantly – by way of a proof of ownership type mechanism. The coin itself is something of a hybrid of a host of other types of coins and is both proof of work and proof of stake in nature.
Put simply, if you want somewhere to store your memes, this is it.
So why is the coin running right now?
Well, because the company behind all this, named Memetic, has created a platform called KEKDAQ, which is a decentralized asset exchange. It’s the first true protocol fork of Counterparty that lives on the PepcCoin blockchain (Pepecoin ANN) and its aim is to provide a place to preserve memes and the “rarity” of said memes to meme creators.
You can use the platform to create assets (memes), trade them, share them, whatever.
Again, though, why is the token running right now?
Here’s where things get a little tricky but stick with us. In order to use the KEKDAQ platform, you’ve got to own a cryptocurrency called KDAQ. The only way to get hold of some KDAQ is by exchanging it for MEME by way of what’s called a proof of burn mechanism. This basically means that you trade your MEME for KDAQ and once the trade is complete, the MEME is burnt (so it’s no longer counted in the circulating supply).
This then becomes a simple case of supply and demand economics. The more people use KEKDAQ, the more MEME will be burned. The more MEME that gets burned, the lower the circulating supply of the cryptocurrency. A reduced supply translates to an increase in price.
And it’s in this that our thesis is rooted. Price should continue to appreciate as user participation in KEKDAQ increases and – as such – we think that the current dip in MEME pricing should serve as a nice opportunity to pick up some discount coins ahead of the market recognizing and reflecting the above-outlined economics and – in turn – reversing price to the overarching upside momentum.
Simple.
We will be updating our subscribers as soon as we know more. For the latest on MEME, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of PepeCoin
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