Why Indians are the second biggest buyer of Meme Coins?

[Bureau]

Coingecko has been posting a lot about Meme coins on their blog. The simple reason being the hype and trend. You can check how much it is trending by checking it on Google trends. I have posted a screenshot for the last 12 months below.




In one of their blog post I found the list of countries that are behind the crazy succes of Meme coins.



I was not suprised to see India as the second biggest marketplace for shit coins project. There are two reason behind all this crazyness:

1. Meme Coins are damm cheap - As Indian we only buy what is cheap and that come in large quantity. That simple logic can be applied for Meme coins. They are very cheap and can be bought in large quantity at very less price, which makes them pocket friendly.

2. Quick Rich dream - The dream of majority Indian is to become rich quickly. Meme coins can help them achieve their dream as they have shown the potential for higher returns. A month back I joined a Telegram channel of one of the influencers wherein they were discussing about PEPE before anyone knew about it. I can only imagine the return some of the users of that telegram channel might have earned.

Due to their high volatility & scams there is a risk involved. Then I believe that this generation of Investors due to their urge of earning money fast is comfortable in taking such risk.

What do you think is the reason behind all this FOMO & hype?

As per the article Shiba Inu & Baby Doge coin are some of the popular coins in India.

[elevates]

Great analysis and sensible reasoning. Shiba Inu craze is more than Doge coin. I know a few friends of mine who have been holding Shiba Inu for quite sometime. I had once asked them why not invest that same amount in Bitcoin or Ethereum. They answered the profit from Shiba would be invested in one of those. It is true meme coins are easy on the pocket. If the projects rugs and pull then a small amount is lost. Thanks to Elon Musk the hype will continue for quite sometime.

[Bureau]

Actually, you are correct I have seen a few YouTube influencers who have dedicated their channel to the Shiba Inu meme coin. PEPE is another meme coin reaching a 1 billion market cap in 19 days that has penetrated the Indian crypto community after Shiba Inu. In the future, you might find a few crypto influencers based in India shilling this coin.

[pawanjain]

I was not suprised to see India as the second biggest marketplace for shit coins project. There are two reason behind all this crazyness:

1. Meme Coins are damm cheap - As Indian we only buy what is cheap and that come in large quantity. That simple logic can be applied for Meme coins. They are very cheap and can be bought in large quantity at very less price, which makes them pocket friendly.

2. Quick Rich dream - The dream of majority Indian is to become rich quickly. Meme coins can help them achieve their dream as they have shown the potential for higher returns. A month back I joined a Telegram channel of one of the influencers wherein they were discussing about PEPE before anyone knew about it. I can only imagine the return some of the users of that telegram channel might have earned.

After a long time I am seeing an interesting post about India I didn't know of.
I am really surprised to see India on second rank of meme coin buyers.

I really thought that after the high taxation of cryptocurrencies in India there wouldn't be much traction in the crypto space.
But I guess I was wrong because PEPE coin was recently launched and seeing India on second rank shows how much involved the people are.

Your reasoning is logical and I think there are no other reason why Indians are buying this shitcoin.
I have seen a few friends of mine buying Shiba and Doge back when Elon was pumping it on Twitter.
They said it's cheap and more profitable and won't understand the potential and value of bitcoin- and so I didn't bother to explain them as well.

[elevates]

Your reasoning is logical and I think there are no other reason why Indians are buying this shitcoin.
I have seen a few friends of mine buying Shiba and Doge back when Elon was pumping it on Twitter.
They said it's cheap and more profitable and won't understand the potential and value of bitcoin- and so I didn't bother to explain them as well.

I have no clue why Indians are so into meme coins. They have no logic or have any future, they are the real shitcoins and Indians are heavily investing in them. Shiba Inu has some crazy support in India. Just found this Tamil YouTube channel, almost all his videos are based on Shiba Inu. I have zero idea what he is talking about but he does gets decent views.

[Bureau]

This craze will go up! We Indians have a tendency to find jugad (finding solutions) for getting rich fast and smoothly. Ultimately most of us fail, that being said crypto was an easy way to accomplish that goal. Nevertheless most who started before 2017 were able to achieve it. At the moment meme coins are the only way Indians feel they will again achieve their goal.

This just reminds me that there was a time when Indians were reluctant to adopt anything new in their lives. At this point they are the front runner on adopting any technology which is new and can help them to lead a good life.

[pawanjain]

Your reasoning is logical and I think there are no other reason why Indians are buying this shitcoin.
I have seen a few friends of mine buying Shiba and Doge back when Elon was pumping it on Twitter.
They said it's cheap and more profitable and won't understand the potential and value of bitcoin- and so I didn't bother to explain them as well.

I have no clue why Indians are so into meme coins. They have no logic or have any future, they are the real shitcoins and Indians are heavily investing in them. Shiba Inu has some crazy support in India. Just found this Tamil YouTube channel, almost all his videos are based on Shiba Inu. I have zero idea what he is talking about but he does gets decent views.

He's basically saying to invest in meme coins through a dex platform to invest around $50 to get $5000 profit.
I watched his first youtube short video which was investing in PEPE. As more and more people talk about these meme coins I start hating them more.
No wonder why people call crypto a scam. These fools invest in meme coins and lose money and call it a scam.

[TheUltraElite]

Just consider an average Indian's monthly salary and compare the price of 1BTC or 1ShitCoin (substitute that for any one of those).

You will immediately realize that the cost of buying 1BTC is close to (or even more) a full month salary - how do you expect them to go for that when instead they could just buy tonnes of that shitcoin. After all for the inexperienced newbies, bigger number of units = more profits. They dont get it that bitcoin even in fractional amounts need to be accumulated and that 1BTC is a huge number anyway.

But explaining this to the younger generation who lack patience and the habit of doing back ground research is tough. Add on top the shitcoinFluencers and you have a hot cake to sell.

[teosanru]

I think Indians are always at the top when it comes to get rich quick schemes. For us in a country with population of 1.3 billion, low literacy and limited incomes in households, getting rich quick is the only way to fulfill your dreams. Also the power of hearsay is very strong in India as well. So due to both these things, what happens is you end up having a huge population which constantly wants new ideas to get rich quick. Shitcoins especially memecoins is a gateway to that so it was obvious India is so ahead in the league.

[pakhitheboss]

I assume this big number is because of Gen Z. They are mostly college going kids and those who have started their jobs. They are the one who want to have a lot of money in a short span of time. I won't blame them of having such a mentality. The amount of competition these guys are facing is nothing compared to the millennials.

That is why they are investigating their pocket money and a part of salary in such cryptocurrency. We all know investing in Bitcoin or other hig value crypto will not help them in achieving their goal in a short term. Shit coins are the ones which might help them financially but they do come with a lot of risk. As they do not have any responsibility they are willing to take such risks.

[pawanjain]

Just consider an average Indian's monthly salary and compare the price of 1BTC or 1ShitCoin (substitute that for any one of those).

You will immediately realize that the cost of buying 1BTC is close to (or even more) a full month salary

The cost of buying 1 BTC is around 22 lakhs and no average Indian has a monthly salary of 22 lakhs.
In fact less than 10% Indian citizens have a salary of 1 lakh per month and so the average Indian gets less than that.
It would take around 2 years for an average Indian to buy 1 BTC assuming the price doesn't increase more than this.

Ofcourse, 1 bitcoin is expensive but they don't have to buy a whole coin.
The issue is they think the more quantity they have the more profit.
It's hard to explain them to invest in potential projects and not in shitcoins.

[Bureau]

Just consider an average Indian's monthly salary and compare the price of 1BTC or 1ShitCoin (substitute that for any one of those).

You will immediately realize that the cost of buying 1BTC is close to (or even more) a full month salary

The cost of buying 1 BTC is around 22 lakhs and no average Indian has a monthly salary of 22 lakhs.
In fact less than 10% Indian citizens have a salary of 1 lakh per month and so the average Indian gets less than that.
It would take around 2 years for an average Indian to buy 1 BTC assuming the price doesn't increase more than this.

Ofcourse, 1 bitcoin is expensive but they don't have to buy a whole coin.
The issue is they think the more quantity they have the more profit.
It's hard to explain them to invest in potential projects and not in shitcoins.

Of course, the cost of buying 1 BTC is not in the range of an average Indian middle class. Buying meme coins is comfortable and is within their reach as long as it does not exceed 10k. I do not agree 10 percent of Indians have an average salary of 1 Lac. Our population is so big that it is impossible to find out the average salary of an Indian. There are many sectors the government is still unable to control and bring into the tax slab.

For example, I am considering a betel leaf seller with a good business. He does take UPI payments for his business. He also gets cash for any purchase from his shop. The ratio of cash vs UPI might be different and still, he earns more than a lac every month from cash. The amount he earns from UPI is taxed. What about the cash?

There is more than 10 percent of our population that are earning more than a lac every month. There is a big chunk who are struggling to earn 25k a month. It is a fact, and you cannot deny it.

[RajeshKarwa]

As per my knowledge, India had seen significant interest in the meme coins. (As we can see in graph posted above.) There are few reasons why we Indians have been prominent buyers of meme coins:

1. Growing interest in cryptocurrencies: India has witnessed a surge in interest and adoption of cryptocurrencies. Cryptocurrency trading platforms and exchanges have gained popularity, allowing individuals to easily invest in various meme coins.

2. YouTube influencers: Indian YouTube influencers have big role to guide teenage audience with small amount of pocket money which they can invest in cheap meme coins.

3. Potential for quick profits: Meme coins often experience significant volatility, and some people may be attracted to them due to the potential for quick and substantial returns on investment.

4. Lack of strict regulations: Cryptocurrency regulations in India is not yet fully established, which allows people to participate in the market with relatively fewer restrictions.

[ananyabushra]

I reckon the second reason is the most accurate. It could also be true due to a large number of Indians being involved in the crypto industry.