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MonaCoin is one of those cryptocurrencies that peaked slightly around July 3 when it reached $ 2.62 / 39475 satoshi. After this he went on a downward path, dropping to the values of $ 1.99 / 25826 satoshi on July 31 st . August saw that it moved into a sideways movement before touching the value of $ 1.43 / 22883 satoshi. This fund did not last long as an inflow of buying volumes led the currency to burst violently toward the monthly highs of $ 2.13 / 33638 satoshi. After an irregular movement and daily volumes that reached a peak of $ 5 million on the 10 of August, the currency has come back and stabilized.
We extracted bionicol to get the daily idea for MonaCoin technicians:
"MONACOIN is a flash pump coin.As you can see, repeat the breakout level again and the main trend line.We can also see that the price is slowly decreasing, while the volume returns and the RSI grows.To it is enough to think that it will be pumped up soon. "
MonaCoin is a currency originally created in Japan ; its creators market it as "the first Japanese cryptocurrency". As such, it is largely owned by Japanese and also its social media accounts and information is mostly in Japanese. This has caused confusion in the past when an English Twitter account bearing the name of @CoinMona announced several launches based on MonaCoin: the projects official Twitter confirmed that this had nothing to do with them and was probably a scam. [19659005] The official account of Monacoin is just this Twitter account. (Please visit https://t.co/glL1NnRRLs)
We have no other SNS accounts.
Probably this is a scam. https://t.co/PlTyjYdQmb
– monacoinproject (@tcejorpniocanom) 9 July 2018
The cryptocurrency itself is a meme coin in the vein of Dogecoin; It was launched in 2014, just when the phenomenon of Internet-based culture-based criptos started to gain ground. The meme on which this currency is based is obviously called Mona and represents an ASCII character similar to a cat that was popularized in the early 2000s by the Japanese 2channel onboard community.
Mona, the meme MonaCoin got its name from
From a technical point of view, this is a currency PoW that uses the Lyra2RE algorithm (v2) and has a block production time of 1.5 minutes. Its algorithm is suitable for the extraction of GPU / CPU and is considered resistant to ASIC. The currency has also activated Segwit and offers support for the Lightning network.
🏆 Other important bitcoin wallets are mentioned in this article.
It is a simple cryptocurrency that originally was forked by Litecoin and wants to support an extensive decentralized network of equal peer-to-peer payments. While his technicians clearly demonstrate that he wants to be a slightly up-to-date Bitcoin, Mona has another connection with the most famous cryptocurrency on the planet: its creator is called "Mr. Watanabe" and, similarly to Bitcoin Satoshi, he decided to remain anonymous.
Even if it has a creator, MonaCoin remains a completely decentralized payment system managed by the client software that can be downloaded from the cryptocurrencies website. The currency has not been pre-mined, which means that the client network of this currency will be responsible for extracting the entire supply of the planned 105,120,000 MonaCoins. MonaCoin readjusts its mining difficulty every block made possible by the Dark Gravity Wave v3 algorithm.
The popularity of currency in the Land of the Rising Sun seems to stem from an old cultural cliche that the Japanese need to have a domestic version of everything. They are known as a country of proud and nationalistic people, so having a Japanese cryptocurrency that they can refer to is probably what has driven many investors to buy MonaCoin. The initial boost to its growth was probably given by the Tokyo TV Network, WBS, which in 2014 ran a news segment about a man who bought a plot of land in MonaCoin.
MonaCoin can be purchased on several major exchanges, including Bittrex, Upbit and Bitbank. It can be stored on the lightweight Electrum Mona client or Coinomi's Android wallet, as well as on the Monappy embedded wallet. Monappy is a website that allows you to use MonaCoin as a rollover tool in online games or as a means of purchase in the integrated Monappy store. According to the MonaCoin website, there are several interesting ways in which the Japanese spend Mona in:
"To give some examples, Monaco users have come up with various types of Mona-based applications and web services, they erected sanctuaries as a sign of Monacoin's appreciation, they regularly play puns when others (known as "monage" ( モ ナ ゲ, lit. "toss mona")), and otherwise use the coin in ways that users of most other coins would never have thought of it. "
Websites such as askmona.org (a text / image card that allows readers to tip MonaCoin for quality posts) and zaif.jp, a fiat-to-crypto exchange that has hundreds of ATMs that allow you to buy crypto wherever you find one of these devices increases the liquidity and usability of MonaCoin.
So while being based on a meme, MonaCoin is definitely not a meme. It is a fully functional and decentralized currency that has so far seen a decent adoption. Similarly to Doge, he showed a propensity not to fluctuate so much, so it represents a solid way of maintaining value during a bear market. MonaCoin may not have enough grit to give you a Lambo and a villa in 20 years, but a quality Subaru and a two bedroom apartment definitely do not seem out of reach.
The writers and authors of CapitanAltcoin may or may not have a vested interest in any of the projects and companies mentioned. None of the contents on CaptainAltcoin is an investment advice nor a substitute for advice from a certified financial planner.
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