Mongoose is a meme token. Meme tokens or meme coins are cryptocurrencies inspired by a meme or internet joke. Such cryptocurrencies are not made to be taken seriously but seek to gain momentum when a prominent member or celebrity of the community trade in such a meme coin to become a part of it. Once the meme coin gets popular, and the spike is seen in its value, retail investors jump on board and boost the coin to gain more value.
According to the website, Mongoose is a meme coin named by a US-sitting congressman. The characteristic of the mongoose coin is that it is a community-led token. Congress named the token, but the community intends to lead it further. The project seeks to build decentralized finance named MongFi to be open publicly. The project aims to release its lite paper and then a whitepaper to make people understand the motive and use-case of the token.
Further, the project aims to be called the next major meme coin as it was named by Congress and is now run by the community. The project calls such a community as mongress. Mongoose native token is denoted as MONGOOSE. It is an ERC-20 standard token. The Mongoose works on the Ethereum blockchain. According to the website, Ethereum is an automatic liquidity-providing protocol that pays out rewards to the holders of MONGOOSE via smart contracts. Smart contracts are like normal contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on Blockchain.
Further, six percent of every transaction goes to the liquidity pool to strengthen the project, and such tokens sent to the liquidity pool are then burnt. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase the market value.
