Description
Monkey Stonk is a cryptocurrency project that has recently introduced an innovative and unique feature called the Automatic Price Protection (APP) Bot. The APP Bot is a hand-coded algorithm that is designed to protect the price of the $MNKY token from sudden market dumps.
One of the biggest concerns that cryptocurrency investors have is the possibility of a sudden market downturn, which can result in a significant drop in the price of their investments. This can be particularly worrisome for investors who have just bought into a project and are yet to see any returns. Monkey Stonk aims to address this issue by introducing the APP Bot, which is capable of buying back and burning $MNKY tokens during a market dump, thereby preventing the price from falling too low.
The way the APP Bot works is simple. During any transaction involving the $MNKY token, 3% of the tax is directed towards funding the APP Bot. This fund is kept in a secured contract that can only be accessed by the APP Bot. In the event of a market dump, the APP Bot will trigger the smart contract to utilize 20% of the fund to buy back $MNKY tokens from the open market. The tokens that are bought back are then burned, which reduces the total supply of $MNKY tokens in circulation. This, in turn, increases the value of each remaining token, pushing the price back up.
The use of a buyback and burn mechanism to protect the price of a cryptocurrency during a market dump is not a new concept. However, what sets Monkey Stonk's APP Bot apart is the fact that it is hand-coded and specifically designed for the $MNKY token. This means that the algorithm is highly optimized and can react quickly to any market changes, thereby ensuring that the price of the $MNKY token is protected at all times.
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