Some might argue and make a valid point that Meme coins are useless and that their individual value is never really ever high. They say they are merely a necessary evil in the Web3 meme culture….
This is partly true because you can’t technically do anything with them! However, let’s set the record straight from the start! With Meme coins, it certainly does not need to make sense in order to make money. And yes, you can make A LOT of money trading them fairly quickly!
Gm to all the mfs who are not rich from meme coins yet… our time will come
— Hawks (@NFTHawks) May 9, 2023
Amen.
However, this is not based on biblical science but rather a game of luck and wait! Are Meme coins incredibly high-risk? Absolutely. Will you make a guaranteed sure profit if you invest in them? No.
With coins, FOMO is a real thing. For example, when the Pepe coin was released, one person bought 2.52T $PEPE (Pepe coins) for a mere 0.013 ETH or $25. Today, this guy is a millionaire… Imagine you contemplated and decided against investing in $PEPE, how would this story make you feel?
1/ This guy is really good at trading shitcoins!
He bought 2.52T $PEPE($816K currently) with 0.013 $ETH($25), which made him a 32,000X profit.
He has traded 3,000+ shitcoins in the past 2+ years and probably realized ~$2M in profit.
Here are partially profitable tokens. pic.twitter.com/dKzoK4xK4h
— Lookonchain (@lookonchain) April 20, 2023
And even though the Pepe coin is crashing today, this space has proved time and time again that it is here to stay. You may even call it the parasite that can never be truly and completely eliminated.
What is a Meme Coin?
In a nutshell, Meme coins are a cryptocurrency genre built on memes and internet jokes that are so viral online that they pave the way for their very-own community and cult-like following… They can take up many shapes and forms from animated characters to animal memes.
As a result, the attention a Meme coin receives is firstly based on it having exuberant online community support that will in turn push forward the currency’s growth. Once it gets popular and spikes in value, retail investors sometimes jump on board and further boost the coin.
Top Meme Coins By Market Cap Today
#1 Dogecoin (DOGE)
- Release date: December 2013
- Market Cap: $10,155,648,451
- Value of one coin: $0.07292
- Coin Trading Platforms: Binance, Coinbase, KuCoin, Bithumb, Kraken, Bitfinex
#2 Shiba Inu (SHIB)
- Release date: August 2020
- Market Cap: $5,248,467,826
- Value of one coin: $0.000008911
- Coin Trading Platforms: Binance, Coinbase, KuCoin, Kraken
#3 Pepe (PEPE)
- Release date: April 2023
- Market Cap: $757,716,258
- Value of one coin: $0.000001937
- Coin Trading Platforms: Binance, KuCoin, UniSwap, Gemini
#4 Floki (FLOKI)
- Release date: June 2021
- Market Cap: $336,646,282
- Value of one coin: $0.00003463
- Coin Trading Platforms: Binance, KuCoin, BitFinex, UniSwap, PancakeSwap
Things To Take Note of Before Investing in Meme Coins
Volatility
High volatility in the market since Meme coins are largely dependent on outside influences like the community and influencer/celebrity promotional tweets.
Scams
Don’t fall for any new release you might come across because of FOMO! There is an incredibly high risk of pump and dump scams in the space that you MUST look out for. Be cautious of coins that have no background or are difficult to find information about.
Don’t believe the hype, as even the most talked-about currency can be a scam. Look out for warning signs such as a lack of a whitepaper or a whitepaper filled with typos and vague claims.
Technical Aspect of Meme Coins
The process of investing might be a tad bit technologically complex for some users. So, make sure to take your crash courses before venturing into the Amazonian forest that is Web3.
Final Words
The prospect of generating a substantial profit by investing in meme coins, whilst feasible, is surely not without its risks. Meme coins, with their unpredictable nature, are even more volatile than their mainstream counterparts, and as such, their value may precipitously plummet overnight.
A prudent investor must exercise caution and exercise due diligence before investing in meme coins, recognizing that the financial market, particularly in the realm of cryptocurrency, can be a perilous journey full of potential pitfalls. So, our advice to you is to do your thorough research before going into meme coins just like you would any other financial investment!
It’s worth noting that Meme coins are relatively cheap, so keep in mind that investing a small amount may only yield a small return. But, you should never go overboard and invest more than you can afford to lose!
As always, stay tuned for more!