Against all odds, the virtual currency market has recorded another stunning performance with the newly launched Nasdaq420 (NASDAQ420) token. NAS recommends that over the last day, the value of the trading symbol NASDAQ420 rose by 29.22% to $0.001887; the news caused a stir among the crypto community.
Nasdaq420, which is currently in 3679th place in the global cryptocurrency chart, has increased the capitalization to $ 1,890,834. This spike in value has come as a shocker given that most meme tokens have periods of thin trading that is characterized by huge volatility.
The values of token trading volume also hope in the last 24 hours by increasing by 65.94% to $111,490. This kind of trading activity can be associated with the growing interest by different types of investors including the retail and institutional ones who always eye on the possible high-speed gains in the NASDAQ420 in the optimistic market.
However, the fact that has drawn my attention the most is the tokenomics that Nasdaq420 has to offer. In NASDAQ420 supply is fixed at 1,000,000,000 NASDAQ420 tokens same is it total and maximum supply give it a chance to be a potential victim of the scarcity theory. The circulating supply is equal to the total supply, meaning that token distribution is complete, and transparent tokenomics of the project are observed.
Even amongst authorities looking into Nasdaq420, the reasons that brought about an explosive price hike remain debatable. Some credit it to the general bullish run across the cryptocurrency market, and others to the rising trend where retail investors are hunting for obscure altcoins that may be the next Dogecoin.
The emergence of Nasdaq420 comes at some rather opportune timing as the market for Crypto in general is experiencing a renewed surge in interest. Traditional coins like Bitcoin and Ethereum have been displaying good signals, which tends to increase the attention towards other coins as well as meme coins.
But market analysts have scenario that the rise in Nasdaq420’s price might not be sustained for long. This means that meme tokens have constantly experienced high fluctuations in their prices and investors should avoid investing in such. This is evident for meme tokens that lack real value investment attributions and market expectations can fall as they surge.
Nevertheless, the enthusiasts of the Nasdaq420 community do not heed the warning and remain optimistic about the token. Crypto forums associated with the token are now filled with discussions about memes and potential future prices. That’s why grassroots enthusiasm often becomes the basis of sentiment that results in the growth of meme tokens.
They said that even the name “Nasdaq420” is an indirect reference to stock exchange and weed culture which seems to have helped in attracting young people. But still I have to state that it has nothing to do with the actual Nasdaq stock exchange or any real finance company.
As is characteristic of many meme tokens, Nasdaq420 is not exempted from questions on the sustainability of its growth… Some opponents tend to describe these coins as promotional tokens and state that they have little to no functional value. On the other hand, proponents of meme tokens think that memes are communities and people will have to find utility in them as time goes on.
The volume to market capitalization ratio of 5.95% means a sound trading activity as a share of the project size, which means that there is demand and liquidity in order to NASDAQ420 tokens on the NASDAQ. This metric is usually employed by analysts in order to understand the flow of trading activities in a cryptocurrency and it could also pass as an efficiency measure.
Moving forward, Nasdaq420 will need to take another leg forward and navigate the risks of being a meme token and expanding from there. It seems ironic but truly funny that many highly-ranked cryptocurrencies have begun as mere jokes or meme-based before turning into realistic projects with functional uses.
Thus, all the attention is paid to Nasdaq420 at the current stage as it continues enjoying the result of a breakthrough. Hodlers, traders, and regular enthusiasts will be waiting with bated breath to see if this meme token will stay as relevant in the world of cryptocurrencies or will be but a passing fad, like most others out there.
The case of apps such as Nasdaq420 as meme tokens is still contentious with the emerging growth of the cryptocurrency market. While some consider them to be an entertaining and possibly lucrative part of the overall crypto space, others consider them to be a waste of time and resources and more worthy and innovative blockchain initiatives.
That being said, even if one is skeptical about meme tokens, thus, the presence of Nasdaq420 equally proved that the Cryptocurrency markets are unpredictable and most of the time operate on the principles of irrationality. Again, as it has been pointed a number of times, any potential investor should do his/her homework and work under the assumption that investing in digital assets is always at our own risk.
