Meme coins are a subset of cryptocurrency having their birth and development linked to social media memes, viral jokes, or any piece of media that the audience finds interesting enough.
Since the inception of Dogecoin, the first-ever and one of the biggest meme coins, many more have joined the list in order to become prominent in the industry. And MonaCoin is no exception to that.
It is the first Japanese altcoin based on a popular cat-like character, Mona, which began as a joke in 2013. This article will take you through a potential MonaCoin price prediction guide that covers the coin, its use cases, and one of its better alternatives.
MonaCoin Price History
Let’s discuss the record of MonaCoin before diving into its price prediction. MonaCoin, or MONA, is a decentralized cryptocurrency designed for peer-to-peer digital transactions that are not controlled by a single entity or a centralized authority.
It has also been described as a meme coin and was called the first Japanese cryptocurrency by its founder, Mr Watanabe, an anonymous person who has never been formally identified. Monacoin was created in December 2013 and officially launched on January 1, 2014.
It is based on Mona, a popular cat-like character often represented in the form of ASCII and intended for Japanese usage. MONA is a hard fork from the Litecoin (LTC) blockchain and is mined through a standard issue proof of work consensus mechanism.
Regarding its market price, MonaCoin was sitting between $0.02 and $0.10 for four years from its launch in 2013 to 2017. In December 2017, its price surged quickly and aggressively and it was traded for an all-time high of $16.45.
However, the high was short-lived, and the price of MonaCoin gradually went downhill in the following years.
From October 2020 to January 2021, the price of the coin revolved around $1.30. But, at the start of February, it went on an upward trend and reached $2.82. Even though it kept fluctuating, its price eventually touched the $4.02 mark in April 2021.
The price continued to meander in the following months but was quickly followed by a general downward trend. By early 2022, it began trading again at around $1.00. However, May 2021 witnessed a further decline, and its price spiraled back down to $0.60, following the downtrend in the global cryptocurrency market.
2022 was a harsh year for the entire crypto space, which made MONA trend around the $0.4 level for the entirety of that year. The token then entered 2023 at $0.35 and soon moved to break the $0.6 barrier and reach $0.67 before retracing. The current regulatory issues have pushed the value of this token back to its 2023 entry price of $0.4.
MonaCoin has a relatively small total supply fixed at 105,120,000 tokens, of which 62% have already been mined, accounting for almost 66 million. All of them are circulating in public because MonaCoin was launched with no pre-mine process. This also means developers and users are on equal terms to receive MONA.
Here’s a brief review of what we have discussed about MONA’s price history so far:
- For the first four years, i.e., 2013 – 2017, MonaCoin remained below $1.00.
- In Dec 2017, it was at its all-time high price of $16.61.
- By early 2022, it was back to the $1.00 level.
- In May 2022, it went down to $0.60 and started a long downtrend.
- The start of 2023 proved to be bullish for MONA, as it pumped by more than 100%. But this growth, too, was instantly shot down, and the token came back to its previous price range.
- Post the announcement that SEC would be suing Coinbase and Binance, the entire market has suffered, including MonaCoin. The token dipped further and is currently trading around the $0.4 range.
MonaCoin Price Prediction 2023
Much of our MonaCoin price prediction for 2023 is predicated on the token’s backing from Japan. Because the Mona image and meme are used widely across the Japanese economy, MONA’s price is likely to stay stable and may even become lucrative. However, the current stats are downright opposing.
Transactions execute much faster in Monacoin than in Bitcoin, even though both use the proof-of-work (PoS) mechanism. It is because Monacoin was one of the first coins to implement a SegWit upgrade in its Blockchain.
Not only this, but MonaCoin has a greater maximum supply than Bitcoin or Litecoin. It is mined through the proof of work consensus mechanism, and its difficulty gets adjusted with every mined block, just like Bitcoin, making it more challenging to mine with time.
All these functionalities were enough for this coin to grab the attention of Japanese crypto users and miners. And eventually, it became one of the most used cryptocurrencies in Japan despite originating as a meme coin.
However, the current time is especially difficult for the crypto space when you consider the regulatory aspects of it. SEC’s recent lawsuit against Coinbase and Binance has caused Bitcoin’s price to pull back, which has hurt the market. MonaCoin was trending comfortably around the $0.5 mark, and now it has dipped closer to its $0.4 level before bouncing.
If the macroeconomic conditions stabilize and regulatory powers start to mobilize to stand for crypto, there is a possibility that MONA will hit $0.6 by the end of 2023.
MonaCoin Price Prediction 2024
Our MonaCoin price prediction for the upcoming year is again based more on its continued use in Japan than any other factor. This is because MonaCoin’s use is mostly limited to Japan only. Considering this fact and its strong association with Japan, MonaCoin could still be largely considered as the national crypto asset for this country, like Auroracoin for Iceland.
Much like Bitcoin and other cryptocurrencies, MONA is being used as a distributed payment system to transfer funds in Japan – but that’s about it. The project is aimed at replacing fiat currency in Japan and will be focused on the same in the upcoming years as well. As such, our MonaCoin price prediction estimates the token could cross the $1 mark by the end of 2024.
MonaCoin Price Prediction 2025-30
Finally, our MonaCoin price prediction 2025 is based on a few other factors, such as MONA’s accessibility and its community.
First is the escalating adoption of MonaCoin in Japan and its popularity among crypto users. To date, the project’s Reddit has reached around 2,823 members and over 23,691 Github commits. However, even though it is listed on a few Japanese crypto exchanges, such as Zaif and bitFlyer, it is largely unavailable on non-Japanese exchanges.
For instance, Bittrex and CoinEx are the only US exchanges where this meme coin is available. This again shows the prominence of MONA in Japan, however, it is still an infant cryptocurrency in other countries. Considering our research and analysis, we can estimate that Mona could cross the $2 mark and might touch almost $2.50 by the end of 2025.
Talking about the MonaCoin price prediction for 2030, the coin seems to have the potential to show an upward trend in its charts. However, it depends on whether it remains a predominant currency in Japan or makes a place for itself outside it as well.
Potential Highs & Lows of MonaCoin
As we’ve successfully discussed the price prediction of MonaCoin, it’s time to hop onto the next section. But, before that, let’s recap its key price predictions with the below chart for the individuals desiring to buy it:
|Year||Potential High||Potential Low|
What is MonaCoin Used For?
This section of our MonaCoin price prediction is all about its use cases, covering all the information so you can make a well-informed decision.
MonaCoin is commonly used for the following purposes:
MonaCoin is widely used in Japan as an alternative to fiat currency. MonaCoin was designed to be a payment token rather than a speculative investment and aimed to replace the fiat currency of Japan.
Further, it has been approved by the Japan Financial Service agency as well, giving it a much-needed push. The Financial Services Agency (FSA) is a Japanese government entity responsible for developing Japan’s banking, insurance, securities, and exchange policies.
Most Japanese stores, whether online or offline, and ATMs allow Mona to be used as a mode of payment.
Mona-based Applications and Services
Most of the world perceives crypto as a speculative investment, however, the MonaCoin was designed to be a payment token.
As per the official website of the MonaCoin project, MonaCoin users and its fanbase have come up with MONA-based web applications and services. They have even erected shrines in appreciation of this meme coin.
Moreover, the MonaCoin is used through third-party mobile applications for tipping in online gaming communities.
Monappy is known as the unofficial hub of the MonaCoin. It is an online platform where the coin holders can store and swap MONA for different items such as coupons, electronics, and more.
Monappy, due to its shortcomings, was once exposed to hackers and fifteen million yen (approx $110,000) worth of MonaCoin was stolen by an 18-year-old from over 7,000 Monappy users. In fact, in 2018, hackers also stole cryptocurrency worth $60 million from the Japanese virtual exchange Zaif.
What Drives the Price of MonaCoin?
Various factors can influence MonaCoin’s price, just like any other altcoin in the market.
Let’s take a closer look at some of them:
Minimal acceptance across the world
As previously mentioned, MonaCoin is popular mostly in Japan. And as the crypto world has significantly evolved since 2017, MonaCoin fails to stand out from the other digital assets worldwide.
This non-acceptance of MONA outside Japan makes it less volatile and prevents unnecessary price fluctuations. However, this also makes it a Japan-restricted coin, stunting its long-term growth.
Wide acceptance across Japan
As mentioned earlier in the guide, MONA is Japan’s first cryptocurrency. And even though it has its roots linked to the meme world, it aims to be Japan’s all-time favorite digital currency.
The approval by Japan’s Financial Services Agency (FSA) enables users to trust MONA, consequently increasing its adoption throughout Japan, allowing MONA to give a tough fight to other cryptocurrencies in Japan.
Unavailability on Crypto Exchanges
You can only find MonaCoin on Zaif and bitFlyer among the Japanese crypto exchanges. Only the Japanese version of bitFlyer had MonaCoin, not the US version. Moreover, in the United States, MonaCoin is available only on Bittrex and CoinEx.
Such non-availability of MonaCoin across the world puts an abrupt halt to its worldwide growth and acts as another pointer that impacts this coin’s price.
Is MonaCoin the Best Coin to Buy in 2023?
MONA remains a highly sought-after cryptocurrency, but only in Japan, as discussed throughout our guide. Now the question is – if MonaCoin is not adopted worldwide, can it still be considered one of the best emerging coins this year?
To answer this, it’s wise to consider where you are based. If you are in Japan, you may consider investing in this coin due to its surging popularity and other use cases.
In the long term, however, if it is not accepted worldwide there may not be much price fluctuation – which is a good sign for regular users of the coin, but potentially a bad sign for speculative investors. Wild fluctuations would make it difficult to use MONA for everyday transactions and replace fiat currency.
For such instances, it is always a great idea to consider new, innovative cryptocurrency projects that could get adopted globally, thereby experiencing growth in price.
Wall Street Memes
The final alternative of MonaCoin would be a memecoin that already has an established following. With over 1 million followers spread across major social media platforms, Wall Street Memes is a memecoin project that is constantly engaging the crowd and sharing memes.
And that spirit flows into the crypto asset that it represents – WSM. WSM is not a utility token. It is a memecoin inspired by Wall Street Bets, designed to give the community the power to mobilize the market and create wealth even through assets like memecoins – that are generally perceived by many as useless tokens.
This project’s strength comes from the community. And through the unique roadmap it is following, it is developing a circular economy where all that share across its social media platforms are rewarded in some way. Furthermore, even Elon Musk, the biggest hype man of Dogecoin, has interacted with its Twitter page.
Wall Street Memes is currently running a presale, and it has already raised more than $6 million. Check out this video by Jacob Crypto Bury that further deconstructs the value that this token can bring to investors.
MonaCoin Price Prediction – Conclusion
To conclude, our comprehensive guide has talked about the price prediction of MonaCoin, covering other major aspects that influence the coin’s price.
Even though the coin has been hugely adopted in Japan, its price charts show a downward trend since the start of 2018. There is little activity overall, and investors looking for an alternative to MonaCoin could consider Wall Street Memes, which is currently on presale.
Wall Street Memes (WSM) - Newest Meme Coin
- Community of 1 Million Followers
- Experienced NFT Project Founders
- Listed On OKX
- Staking Rewards