Here Come The Meme Coins — VAULT Cryptocurrency Blockchain News #29
Is the world going crazy? Vaccine mandates for children. Approval for 4th booster shots. Supply chain crisis. Proposals to pay $450,000 to families separated while trying to illegally cross the US border. Inflation reaching new highs.
The craziness also extends to crypto news this week. If you look up the definition of memecoin you will find they are defined as, “A cryptocurrency that is associated with some theme, often as a joke rather than a serious product.”
These “joke coins” are seeing massive popularity on social media and people are pouring massive amounts of money into them. Last month the popular trend was to chase massive quick gains by putting money into low-res rock Jpegs. This month the focus has switched to coins with dog pictures and other memes.
This week, Shibu Inu passed Dogecoin and many memecoins saw gains of over 100%.
A popular show on Netflix has recently inspired a new memecoin. The Squid Game token is up 86,000% in 1 week.
'Squid Game' crypto is up more than 86,000% in a week
The SQUID token can be used only in the Squid Game project, an online game that's set to start in November. A $20…
Unfortunately, those that bought the coin were unable to realize any gains as the coin was not associated with the show and couldn’t be sold.
It is important that you ask yourself why are you investing in cryptocurrencies. Chasing the popular and trendy coins has traditionally not been a good idea in the past. I could list thousands of “pump and dump” projects that have popped up over the past 10 years. Remember, if it looks too good to be true, then it usually is. Nothing is going to go up forever and most will crash and burn as soon as you invest your funds in them.
Warren Buffet was recently asked why people couldn’t just copy his investment strategies and become billionaires. His response was that very few had the fortitude and self-control to follow the strategies and slowly accumulate over 44 years.
Applying Buffet’s stock investing concepts to crypto would indicate that chasing the FOMO coins is a recipe for disaster. If you are looking for long-term wealth accumulation, consider staying with cryptos that provide stable, consistent returns.
VAULT Crypto News This Week
Update from the 9th VAULTility VAULT Reserve Board (VRB) Meeting
Thursday, the VAULT Reserve Board concluded its 9th monthly meeting to discuss and decide VAULT coin’s Minimum Guaranteed Price (MGP) for the next MGP period.
VAULT coin price has remained above the MGP* of 10,500 sats.
Ian| VAULT.Investments proposed holding the MGP at 10,500 sats until November 25th and the VRB agreed.
The current status:
VAULT coin MGP 10,500 sats until November 25th, 2021
Currently 96%+ of VAULT coins are locked
Public VAULT Reserve 600%+ AUM
*MGP is the safety net and not the price investors typically trade at. In recent months, trading prices have ranged above our safety net!
You need 500 CRYO VAULT to join VAULT Investors, and 1000 CRYO VAULT to join VAULT Club and VAULT Reserve Board, which also gives you access to higher APR levels in the BTC% program.
Soon we will launch the new Stronghold Diamond Hands, which adds more use and support for VAULT coin with 100 unfrozen VAULT coins needed to participate and limited spots available!
Monk (MONK) Delisting Notice
After the recent increase in MONK node collateral and future raises still to come, we have been forced to take the decision to delist Monk from VAULT platform on November 4th, 2021. We recommend that all MONK holders withdraw those coins from their VAULT platform accounts as soon as possible as we haven’t updated to 12k collateral and are not receiving rewards to distribute. We will take note of any remaining holdings and they can possibly be retrieved in the future by submitting a support ticket.
We would like to wish Monk success for the future.
VAULT Investments provides a service to clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR.
VAULT Investments Team
VAULT Coin’s Market Performance This Week
We finished out the week at $6.77, which is down from last week’s price of $6.96. We had a high of $7.63 on Monday, and our low for the week was $6.15 on Wednesday.
We saw an average of $1,781.70 traded daily. This maintains us above the $1,000 daily level and is below last week’s number of $1,859.85.
The Minimum Guaranteed Price https://vaultility.vault.investments/ buy wall of 969.48 VAULT at 10,500 Satoshi was maintained on SouthXchange.
The current price average on all exchanges is 11,034 Satoshi (0.00011034 BTC).
In addition to the platform, products, use and demand, VAULT continues to benefit greatly from being tied to and backed by Bitcoin. This week BTC had a modest gain of 0.1%.
Bitcoin (BTC) Update
Bitcoin has been holding strong and is set to close its third week above $60,000. We also saw Ethereum hit a new all-time high.
With so much uncertainty in traditional financial markets, we are seeing quite a bit of funds being transferred into cryptocurrency. The problem of fees continues to be a limiting factor for Ethereum. Where would Ethereum price be if fees were not so outrageous?
The fact that many NFT cryptos and memecoins like Shibu Inu continue to see price increases despite huge Ethereum fees shows that people are spending a lot of money to acquire them at a premium price.
Will we continue to see more funds move into cryptocurrencies? Projects that generate trustless interest are a major advantage. VAULT not only moves with Bitcoin in price but generates ~24% ROI and allows holders to accumulate more coins with daily staking rewards.
Cryptocurrency News This Week
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using is holding 1,000 VAULT with 0.1 BTC invested in the BTC% program (check it out here).
I wanted to show you what kind of returns you could be earning weekly and cumulatively.
1,000 VAULT with current ~24% ROI generated 4.76 VAULT blockchain rewards this week for a total of $1,153.42 VAULT over the past 30 weeks if you compounded your daily rewards with 100% reinvest on the VAULT platform. Total is now $1,153.42 VAULT. The total dollar value earned is $1,038.65 at VAULT’s current price of $6.77 (0.00011034 BTC). The total BTC value earned at VAULT’s current price is 0.01692.
Investing 0.1 BTC in the BTC% program earns you 11% APR, giving you a weekly return of 0.00021089 BTC. Over the last 30 weeks, this would be worth 0.006327 BTC with a current value of $389.32.
The current total value of your potential returns over the past 30 weeks would be $1,542.74 or 0.023247 BTC.
We Are Here to Help You DYOR (Do Your Own Research)
I hope this week’s update on memecoins and how to avoid being drawn in by FOMO has been helpful.
If you have any questions, please feel free to post or contact me Bobtilladhun or any team member on VAULT Investments Discord server:
This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. The views and opinions in this update are my views alone and are not necessarily those of VAULT investments or its administration. Users should always DYOR. Invest at your own risk.
About the Author:
My Discord handle is Bobtilladhun.
I’m a long-term crypto investor. I bought my first Bitcoin in 2016 for $700. I sold 1/2 my BTC when the price doubled to satisfy my wife that I wasn’t going to lose all our money and made my initial investment back. Since that time, I have used my remaining Bitcoin stack to HODL and invest in interesting projects. I am a founding investor in VAULT and have accumulated a significant number of VAULT coins through holding my coins in CRYO and taking advantage of the compounding interest VAULT provides.
I was asked by Ian and the VAULT team to provide a weekly update on VAULT’s performance and current issues in cryptocurrency.
I hope these updates provide you with a quick overview of what is happening with VAULT and in the world of cryptocurrency.
Please contact me on Discord if you have any comments or suggestions.