#MoonShotMonday | Episode 1 – $MONG
Crypto
DISCLAIMER: The #MoonshotMonday series is for entertainment purposes only and IS NOT investment advice. #DYOR Happy reading!
One of the many things people love about investing in Crypto, is being a part of a community.
Community-driven tokens such as DOGE and SHIB – otherwise known as meme coins – manifest the power of the people, and can quickly gain popularity overnight due to online endorsements and FOMO.
While cryptocurrencies like the Anjo Gold token are created as a means of solving real-world problems, meme coins on the other hand are often created with no real utility whatsoever. They simply exist as a cryptocurrency that’s attached to a meme.
There are usually 3 reasons people choose to put their hard-earned money into a meme coin:
1. To be part of an inside joke, movement or underground community.
2. The potential massive gains if the coin takes off. (Beware, investing in Meme Coins comes with high risk).
3. FOMO.
Presenting #MoonShotMondays
#MoonShotMondays is a new weekly series where we take a look behind the scenes at the meteoric rise of some of the most popular tokens in the cryptoverse.
This is a new initiative from the Anjo team – and it’s just for fun. We all know the first golden rule of Crypto investing – DYOR.
So without further ado, let’s get started and take a look at a token that’s making headlines this week…
$MONG
Mongoose Coin.
On Wednesday, during the Crypto Congressional hearing in the United States, Democratic representative for California Brad Sherman joked about how ridiculous a “Mongoose Coin” would be — and by Friday it had become a reality.
What started as a rhetorical joke has spawned the creation of a bunch of Mongoose-related tokens overnight.
“Named by Congress. Made by the Mongress,” states the coin’s Twitter bio.
According to Crypto Potato, the coin has surged 80,000% due to astronomic meme-inspired gains, as meme traders rallied around these tokens hoping for a surge.
The strength of crypto communities and its self-mocking nature goes to show
Meme stocks live and die by attention – and the rise of $MONG is a classic example of this phenomenon. The more culturally relevant or attention-grabbing a coin’s name, the more people will want to rally around it.
Like an inside joke, once enough people have bought into the “joke”, the token can go viral, pushing the price rapidly upwards.
And remember, while the rapid gains may seem enticing, projects with little utility or long-term vision represent a high risk investment and are likely to come crashing down before you can pull your investment out.
If you’re interested in learning more about the story, check out this article by
We hope you enjoyed the first edition of this series, and we look forward to bringing you more coverage of trending tokens as part of #MoonShotMonday. Let us know which token you’re curious about!