Money is evolving fast, bringing new investment options, we all have heard about cryptocurrency, and one of those cryptos is called Monarch Coin – heard of it? This blog is your best bet to know about Monarch Coin. We’ll simplify the tricky world of cryptocurrencies, shed light on this crypto coin’s nature, and highlight its possible rewards and risks.
After reading this, you’ll know if Monarch aligns with your investment goals.
So, let’s jump right in!
The story behind Monarch Coin (MNRCH)
Monarch Coin, or MNRCH for short, is a new face in the world of cryptocurrency. It’s not just another digital currency like Bitcoin or Ethereum though. This coin dives into the world of non-fungible tokens (NFTs) and gaming like (Axie Infinity AXS: more about this NFT later), offering a unique crypto interaction.
But where did it all start? There’s not a lot of info out there about Monarch’s beginnings or who’s behind it. Their site, https://monarchwallet.com/, briefly discusses something called “gamified ERC404,” but skips over details about the people behind the scenes. Just so you know, ERC404 is a technical standard for certain token types on the Ethereum blockchain, more on that later.
Sure, the mystery of its birth might spark queries but let’s stick to what we actually know: MNRCH Coin’s main plan is to combine NFT ownership with a playful experience. So, being an MNRCH owner is more. It’s not just about having a digital asset. It’s about being a part of something. It’s about potentially increasing the worth of your coin by holding.
How to buy Monarch Coin (MNRCH)
How to buy Monarch Coin (MNRCH)
So, you’re drawn to the idea of a gamified NFT with MNRCH. You may be asking, how do I get some of these coins? It’s not quite like buying some cryptos directly with a credit card. Monarch is a bit different. Here’s the scoop:
- Decentralized Exchanges, or DEXs: Your primary route for getting MNRCH is through DEXs. These web-based platforms let users swap cryptos directly, bypassing the need for a middleman like a bank.
- Supporting Wallet: You’ll require a crypto wallet compatible with MNRCH before using a DEX. Popular options are MetaMask or Trust Wallet. These wallets are like your private crypto-bank, enabling you to store, dispatch, and accept digital currencies.
- Getting the “Base Currency”: MNRCH isn’t directly tradeable with regular money (like US dollars) or most DEXs, so you’ll need another crypto first. This “base currency” is then used to buy MNRCH on the exchange. Ethereum (ETH) is usually the base currency for MNRCH trading.
- Choosing a DEX: There’s a range of DEXs available, and some might have better deals or features. Uniswap V2 and Uniswap v3 are popular for MNRCH exchanges.
- The Trading Process: After setting up your wallet and securing your base currency, you link your wallet to your chosen DEX. Using the DEX interface, you can pick MNRCH and decide the purchase amount with your base currency. Be aware of any related transaction costs before finalizing.
The thing to remember is the domain of cryptocurrency holds complexities and risks. Before leaping in, do your own research about Monarch Coin, DEXs and the chosen wallet. Security fees, and user experience should be considered when picking a platform. Remember, only invest what you’re comfortable losing.
MNRCH 3M Chart (Source: CoinGecko)
Monarch Coin (MNRCH) Current Price
Let’s dive into Monarch Coin’s ins and outs. It’s not as well-known as popular cryptocurrencies, so finding information on its current price might take extra effort. What you should know is this:
- Limited Access: MNRCH isn’t on, main exchanges like Coinbase or Binance due to its new status and unique nature. Instead, it’s on specialist websites covering a broader crypto scope.
- Keep an eye on Price Tracking Sites: You can its latest price in USD and other local currencies. They also show past price graphs to give you a picture of how MNRCH has performed. On this date June 10, 2024, the MNRCH price is roughly $2.44 (Source: CoinGecko). Also, remember that cryptocurrency prices can swing widely, so this might not be the price when you’re reading this.
Monarch Coin Price Prediction
Cryptocurrency is like a rollercoaster ride, so predicting price is hard. There’s not much past data to rely on because cryptocurrencies are new. Even knowing this, we can still think about how the price of Monarch Coin might change. Let’s think about the following things:
- How the Project is Going and Who’s Using it: Prices can change depending on how successful the project is and how many people are using the coin. If the people behind MNRCH keep their word and make a fun NFT game that a lot of people like, more people might want MNRCH. This could make the price go up.
- Crypto Market Health: The bigger cryptocurrency world can impact the price too. If other coins are doing well, Monarch might too. But, if things go bad, the price of MNRCH might drop.
- Competition: Other similar projects can affect how well MNRCH does. If there are other coins that offer the same thing, Monarch Coin might not grow as much.
Please note: Don’t forget, these are only thoughts and opinions and not promises. If someone tells you they know for sure what the price of MNRCH will be, they’re probably not being honest.
Potential Benefits and Drawbacks of Monarch Coin (MNRCH)
Let’s talk some more about Monarch Coin now. We’ve checked out its history, how to buy, and its price. So, what are the good and bad of putting money into it?
Benefits:
- First, it combines owning NFTs with a fun gaming feel – a new idea in the crypto world. If the gaming part is done right and is fun, it can make people want to hold on to their MNRCH coins. This could make the value go up because more people want them.
- The next benefit, Monarch Coin is pretty new in the market. Because of this, it has a chance to gain advantages for being an early bird in the gamified NFT field. If it gets noticed and makes its mark before tough rivals come up, it could make a helpful spot for itself.
- Growth Chance – Cryptocurrency is still changing, and Monarch might see a big rise in price if the project becomes a hit. The chance of big profits can pique some investors’ interest.
Drawbacks:
- High Risk, Big Gains: With great growth comes great risk. This is true for any new digital coin, like MNRCH. It’s new, with not much known about its makers. This can make people worried about its strength and future.
- Limited Swapping: MNRCH isn’t in big exchanges yet. This means it may be hard to trade your MNRCH fast. That could slow your response to market shifts.
- Relies on Project Success: Monarch Coin’s fate is tied to the gamified NFT project. If it falls short or hits a tech snag, MNRCH value may drop.
- Unsteady Market: Crypto markets tend to rock and tilt. Monarch Coin’s price might dip a lot, which could mean losses for you.
Do remember these benefits and drawbacks before deciding. If MNRCH fits your goals and risk tolerance, go for it. But keep in mind, crypto is a guess game and you should only put in what you are comfortable losing.
Axie Infinity (AXS): Similar to MNRCH
Similar Coins to MNRCH
Monarch Coin stands out with its game-like NFT idea. But may find other digital currencies interesting. Let’s look at two more:
- Axie Infinity (AXS): An already known pay-to-play game that uses NFTs as in-game items. Although different from Monarch, it combines gaming and digital currency in a similar way.
- Decntraland (MANA): This online platform lets users buy and possess land areas shown as NFTs. Even though it doesn’t focus on gaming, Decentraland presents a different approach to merging NFTs with a virtual experience.
These are just some examples. You might find more options that match your liking with a little more research.
Conclusion
Monarch Coin is a relatively new idea in the crypto world, yet it’s quite risky due to its newness. Now that you know the story behind the project, how to purchase MNRCH, plus the possible benefits and drawbacks. You’re prepared to make a wise choice yourself.
Keep in mind, the crypto market changes fast. Monarch is a fairly new entry. Research yourself, think of your risk level, and only stake what you’re okay losing.
Maybe you’ll risk it with Monarch or try something else, but either way, the exciting crypto world awaits!
Until next time, fellow investors, Ciao! 🧑💻
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