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- Insights
- Cryptocurrencies
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- Industry
- Geography
Parody Coin (PARO) is a deflationary utility token built on the BNB Smart Chain. It is in its presale phase and has launched as a meme coin that is set to provide multiple ways for investors to make millions and have passive income.
With the adoption of NFTs and the Metaverse last year, investors were cashing in big, but it was the meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) that seemed to draw people's attention the most.
Dogecoin (DOGE) was invented by Jackson Palmer, an Adobe engineer from Sydney, in 2013. Dogecoin is an open-source p2p (peer-to-peer) crypto that uses the Shiba Inu dog meme. In 2021, Dogecoin (DOGE) had the very public backing of Elon Musk who increased the currency's value by nearly 10,000% within a year. It also had a massive following of Reddit supporters.
Shiba Inu (SHIB) was released in 2021 on the Ethereum (ETH) blockchain by an anonymous developer and is the direct competition of Dogecoin (DOGE). It uses a similar picture of a Japanese Shiba Inu dog. As of October 2021, the crypto had increased in value by tenfold and was available on major crypto exchanges.
Elon Musk also adopted the Shiba Inu (SHIB) token and through his public tweets increased the crypto's value by 300%. The token provides NFTs and a Decentralised Finance (DeFi) platform through ShibaSwap, a safe crypto-trading market.
Despite their huge successes in 2021, just like most cryptocurrencies, the meme coin duo has not had the best entry into 2022, but there's still time for them to bounce back and meet their preset goals for 2022.
Parody Coin (PARO) intends to build an NFT marketplace where members can mint and trade parody NFTs. These NFTs will be available for users to purchase with PARO coins. This initiative by Parody Coin (PARO) is meant as a solution to the exclusivity and elitism in the NFT world, which is the cause of the exorbitant floor prices, and to allow everyone to have access to NFTs.
The network also has features that allow you to swap and bridge between other blockchain networks. With ParodySwap, members will be able to swap PARO into other crypto coins and vice versa and with ParodyBridge, members have the ability to transfer their coins to other blockchain networks and to buy and sell elsewhere.
Also, the network has a ParoRewards system which provides great rewards for members who hold the Parody Coin (PARO) in their wallets. There's a 10% transaction fee that users are entitled to for having the token in their wallet and this provides a good source of passive income.
Also, members can decide to stake the Parody Coin (PARO) as a way to protect the network and gain more benefits. Having Parody Coin (PARO) in your wallet will potentially make millions of dollars for investors, especially the ones that invest in its presale as it is at its lowest possible value.
The founders and developers of the crypto are capitalizing on the meme coin trend and potentially following the successes of its predecessors; Dogecoin (DOGE) and Shiba Inu (SHIB).
For More Information
Twitter: https://twitter.com/ParodyCoin
Website: https://parodycoin.io/
Telegram: https://t.me/PARODYCOIN_OFFICIAL
Instagram: https://www.instagram.com/parody_coin/
Disclaimer: The information provided in this article is solely the author's opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
