What is Mongoose?
Mongoose (MONGOOSE) is a unique meme token that has gained popularity in the cryptocurrency world. Meme tokens or meme coins are cryptocurrencies that are inspired by memes or internet jokes. While they are not meant to be taken seriously, they can gain momentum and increase in value when a prominent member or celebrity of the community trades in such a meme coin. Once the meme coin gets popular, retail investors tend to jump on board to boost its value even further.
According to its website, Mongoose is a community-led token named by a sitting US congressman. The project aims to build decentralized finance named MongFi, which will be open publicly. The community intends to lead the project further, and they plan to release a lite paper followed by a whitepaper to help people understand the motive and use-case of the token.
The project aims to become the next major meme coin as it was named by Congress and is now run by the community. The community is called mongress, and the Mongoose native token is denoted as MONGOOSE, which is an ERC-20 standard token that works on the Ethereum blockchain. Ethereum is an automatic liquidity-providing protocol that pays out rewards to the holders of MONGOOSE via smart contracts. Smart contracts are digital protocols that run on the blockchain, just like regular contracts.
The MONGOOSE token also has a unique feature where six percent of every transaction goes to the liquidity pool to strengthen the project. These tokens sent to the liquidity pool are then burnt, meaning they are lost forever, to reduce availability and increase the market value. Cryptocurrency burning is a common practice among blockchain-based projects to maintain scarcity and increase the value of the token.
Mongoose (MONGOOSE) was named by a member of the US House of Representatives, Brad Sherman, on December 8, 2021. The founders behind the project are Will, the technical lead and developer, and Rob, the developer and designer. The total supply of MONGOOSE is sixty-nine sextillion coins.
In conclusion, Mongoose is a unique meme token that has garnered attention in the cryptocurrency community. While it is not meant to be taken seriously, it has the potential to gain momentum and increase in value, attracting retail investors. With its community-led approach, Mongoose aims to build decentralized finance named MongFi, which will be open publicly. By burning a portion of its tokens, Mongoose seeks to maintain scarcity and increase its market value.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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