It is based on an algorithm called Lyra2RE (v2) and is based on a hard fork of Litecoin. Mona Coin users constructed various MONA-based web applications and services due to the strong fanbase, considerably increasing the project’s usability. However, we must maintain a sense of focus towards the value and substance that cryptocurrency and Web3 offers. If meme coins continue to suck up much of the attention, this could play into the hands of regulators who might be looking for reasons to impose strict controls, and leave rulemakers with preconceived notions that all crypto is nonsense. Uniswap recently listed SpongeBob-inspired $SPONGE, a meme token that has since soared over 500%, marking its territory among trending tokens on CoinMarketCap and Dextools. The colony on Mars is one of the biggest dreams of SpaceX’s founder. This meme coin depicts a dream of Elon. Recently the prices of Dogelon Mars skyrocketed and the ELON coin jumped into the list of the top 200 coins by market cap. Another Mars project by SpaceX can boost the value of the Dogelon Mars token.
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Sentiment is still the main driver of cryptocurrency movements, as we saw during the summer’s bear market rally, when investors briefly kidded themselves that the Fed was set to take a more dovish stance. The S&P 500 briefly sparked into life. So did Bitcoin. Bitcoin was launched in 2009 and helped spearhead the explosion of the cryptocurrency market. Despite the token now being well over a decade old and cryptocurrencies, in general, having made huge strides in adoption and acceptance, the crypto space is still somewhat akin to the Wild West. As the crypto winter persists, meme coins are also having difficulties. In the past day, Dogecoin lost 5% while Shiba Inu lost 2.77%. Both still exhibit very high volatility. Furthermore, greater regulation of the crypto market could see institutional funds, such as retirement funds, open up investment into Bitcoin. This could potentially unlock trillions of dollars in retirement funds that are currently disallowed from investing in Bitcoin. Currently, Fidelity is the only major US 401(k) plan provider to offer Bitcoin investment.