Coins by Cryptorank
Insights and analysisEditorial office

DOGE’s business rival? Monkeys Token soars by over 50% after reduced transaction taxes

Andrew Zhoao

News editor

May 16, 2023 at 07:05

Monkeys Token (MONKEYS), one of the few business-related meme cryptocurrencies along with Dogecoin, rose by more than 50% overnight. One of the possible reasons was the project team’s decision to reduce transaction taxes from 3% to 1%. What’s the cause of this, what’s the essence of the project, and how not to buy a fake “ape” asset carelessly? We’ll tell you below.

Elon Musk’s only Twitter list: what is the Monkeys Token?

Yep, it’s about the head of SpaceX and Tesla, Elon Musk, again. The creators of Monkeys Token call him the “king of memes”. And, apparently, for a reason, the businessman is already firmly anchored in the crypto industry as one of the main forces behind this particular type of digital asset.

We will not once again provide evidence that Musk, having a certain weight in the media space, can influence the value of certain cryptocurrencies. You can read about that in one of our last articles at the link. In this case, it seems that token creators themselves are attaching a businessman to their projects, thus trying to get more attention.

The brand new newsletter with insights, market analysis and daily opportunities.

Let’s grow together!

Thus, the creators of Monkeys Token saw Elon Musk’s Twitter list called Monkeys as a special sign to act, which resulted in the launch of a token with the same name. It is worth noting that at the time of writing, there are no tweets in the list yet, so we will not claim for sure that the head of SpaceX is not connected to the project in any way.

“Get ready to monkey around with Monkeys Token, the decentralized finance project that will have you going bananas! Our fearless leader, Elon Musk, has unveiled his personal Twitter list, Monkeys, and we’re here to bring that same level of unpredictability to the crypto world,” say the project’s creators.

Judging by the chart on CoinMarketCap, the launch of the token took place on April 9, 2023, which is likely to become the main driver of the entire ecosystem. If one is created in the future. In the meantime, Monkeys Token offers potential holders of its asset the following:

  1. Community. The creators are committed to following the wishes of the community members in Telegram, getting feedback from them, and conducting updates based on them.
  2. Transparency. This implies constantly providing financial, marketing, and development reports about the project.
  3. Resources. The implementation of high-quality resources” is planned in order to improve the quality of the final result.
  4. Dedication. All team members are focused on the long-term project development and will try not to exit until the ultimate success of Monkeys Token.

The following experts, not only in the field of Web3, are working on the project to make it a reality:

Taxes and listings: Reasons for Monkeys Token growth

Examining the price chart of the asset, it is immediately noticeable that it did not start to grow until almost a month after its launch. However, it must have been worth the wait, because since then the value of the Monkey Token has only been growing, forming more and more all-time highs.

At the time of writing, the asset is trading at $0.00007598, which according to CoinMarketCap is a 50,87% difference from the previous day.

Monkeys Token to USD chart
Monkeys Token to USD chart

Given that the Monkey Token chart has only been rising, the asset could be a good investment for those who bought in at the start. Thus, early investors who still hold the coin now have x70 of the invested amount.

As for the current bull run, there are several reasons for that. First, on May 16, the project team announced the decision to reduce transaction taxes from 3% to 1%. On their Twitter page, the developers explained that they had planned to do so after the number of transactions in the network exceeded the threshold of 20K. And at the time of writing, there are already more than 26K.

The second reason for the growth is that the exchange started to add tokens to their platforms for trading. On May 6, the creators published a post in which they asked sub-users which exchange would be the first to list Monkeys Token — OKX or MEXC Global. However, subsequently, BitForex became that exchange, which could also affect the growth of the coin’s value. So, since May 16, the asset is available on the platform in pair with USDT

And now there is a probability that the listings will not end there, and if Monkeys Token develops as a project in the same tone, we can expect other listings in the near future. For example, according to unofficial reports, the token listing on MEXC Global could take place on May 17.

MONKEYS’ “feature” is already DOGE’s current weapon

During the current alt season, in which meme tokens mainly stood out, no one is surprised anymore. New assets come out every day, and only some of them probably provide some value and can be considered in the long term (e.g., Pepe). However, there is something about Monkeys that sets them apart from other meme coins.

It has a business orientation, which is also unique to Dogecoin. What is meant here is that the token is seen not only as a tool to manage the project ecosystem but also for implementation into massive use. For example, many companies already accept DOGE as payment (Twitch, Spotify, Tesla, etc.), which often has a positive effect on the value of the asset. Recently, rumors began to spread that McDonald’s may introduce the token as payment in its fast-food restaurant network. According to some experts, this could raise the value of the asset to the desired $1.

However, until the creators of Monkeys Token declare something similar or even better, it makes no sense to talk about competition with Dogecoin.

How not to buy a fake MONKEYS

Cryptocurrencies are being minted at an incredible rate, so there is always a chance of falling for the twin of the original project. Some use similar designations by accident because the plethora of projects makes it more likely that something similar will be created. Others may purposefully make a clone to mislead investors, take their money, and get away with it

For example, two tokens labeled MONKEYS can be found online. One of them is the one to which this article is devoted. The other one appeared a few days after the “original” one, and it is copied everywhere. You can find a number of posts on CoinMarketCap saying that it is a scam twin of Monkey Token.

Monkeys' twin
Monkeys’ twin

In addition, the creators of the asset themselves say that clone accounts appear on Twitter, which can attract users. They can arrange giveaways, announce non-existent updates, and promise unrealistic X’s, but if it happens, it can appear only on the official page of the project.

In any case, this is not a call to invest in any of the projects described above; both may be unreliable for investment or, conversely, successful. It is a reminder that any cryptocurrency project is an opportunity to both earn and lose money. That is why it is always very important to study everything thoroughly beforehand.

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

Home » Insights and analysis » DOGE’s business rival? Monkeys Token soars by over 50% after reduced transaction taxes

Your complaint has been sent to a moderator