MonaCoin is one of those cryptocurrencies that slightly peaked around July 3rd, when it reached the price of $2.62/39475 satoshi. After this it went on a downwards path, falling down to the values of $1.99/25826 satoshi on July 31st. August saw it shift into some sideways motion before a bottoming out at $1.43/22883 satoshi. This bottom didn’t last long as an influx of buying volume led the currency to break out violently towards the monthly highs of $2.13/33638 satoshi. After some erratic movement and daily volumes that peaked above $5 million on the 10th of August, the currency went back down in price and stabilized.
[vcw-full-card symbol=”mona” color=”yellow” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]
We checked out bionicol to get the daily idea for MonaCoin’s technicals:
“MONACOIN is a flash pump coin. As you can see it is retesting the breakout level as well the major trend line. It will hold. You can also see that price is actually slowly going down, while volume come back and RSI grow up. For me it is enough to think that it will pump soon. “
MonaCoin is a currency that was originally created in Japan; its creators market it as “the first Japanese Cryptocurrency”. As such, it’s mostly owned by Japanese people and even its social media accounts and information are mostly in Japanese. This has caused confusion in the past when an English Twitter account bearing the name of @CoinMona announced several MonaCoin-based airdrops: projects official Twitter confirmed that this had nothing to do with them and was likely a scam.
— monacoinproject (@tcejorpniocanom) July 9, 2018
The cryptocurrency itself is a meme-currency in the vein of Dogecoin; it was launched in 2014, right when the phenomenon of internet culture-based cryptos started gaining traction. The meme this currency is based on is obviously called Mona and it represents a cat-like ASCII character that was popularized way back in early 2000’s by the Japanese text-only board community 2channel.
Mona, the meme MonaCoin got its name from
From a technical standpoint, this is a PoW currency that utilizes Lyra2RE(v2) algorithm and has a block production time of 1.5 minutes. Its algorithm is suitable for GPU/CPU mining and is considered ASIC resistant. The currency has also activated Segwit and offers support for the Lightning Network.
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It’s a simple cryptocurrency that originally forked off Litecoin and wants to support a wide decentralized network of peer-to-peer payments. While its technicals clearly show that wants to be a slightly upgraded Bitcoin, Mona has another connection to the most famous cryptocurrency on the planet: Its creator called himself “Mr. Watanabe” and has, similarly to Bitcoins Satoshi, decided to remain anonymous.
Even though it has a creator MonaCoin remains a completely decentralized payment system maintained by client software which can be downloaded from the cryptocurrencies website. The currency hasn’t been pre-mined either, meaning that this coin’s client network will be in charge of mining out the entire supply of the planned 105,120,000 MonaCoins. MonaCoin readjusts its mining difficulty every block which is made possible by the Dark Gravity Wave v3 algorithm.
The currency’s popularity in the land of the rising sun apparently stems from an old cultural cliché that Japanese people need to have a domestic version of everything. They are known as a country of proud and nationalistic people, so having a Japanese cryptocurrency they can relate to is probably what made many investors purchase MonaCoin. The initial boost to its growth was likely given by the Tokyo TV Network, WBS, which back in 2014 ran a news segment on a man who purchased 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 Electrum Mona lightweight client or Coinomi’s Android wallet, as well as on the Monappy built-in wallet. Monappy is a website which lets you use MonaCoin as a tipping tool in online games or as a means of purchase in the built-in Monappy store. According to MonaCoin website, there are several interesting ways that Japanese people spend Mona in:
“To give some examples, Monacoin users have brought up various kinds of Mona-based web applications and services, have erected shrines in appreciation of Monacoin, regularly play word games when tipping others (known as “monage” (モナゲ, lit. “throwing mona”)), and otherwise use the coin in ways users of most other coins would never have thought of.”
Websites like askmona.org (a text/image board which lets readers tip people with MonaCoin for quality posts) and zaif.jp, a fiat-to-crypto exchange that has hundreds of ATM’s which let you buy crypto wherever you find one of these devices increase MonaCoin’s liquidity and usability.
So while being based of a meme, MonaCoin definitely isn’t a meme itself. It’s a fully functional, decentralized currency that has seen decent adoption so far. Similarly to Doge, it has shown a propensity to not fluctuate that much, so it does represent as a solid way of retaining value during a bear market. MonaCoin might not have enough oomph to give you a Lambo and a mansion in 20 years, but a quality Subaru and a two bedroom apartment definitely don’t seem out of its reach.