So I was checking gemini website and scrolling through the coins on it to check to see if there is any coin that has a big increase or decrease recently. Well there is a coin named samoyedcoin which of course I never heard of. It shows it's up 70% in the last day or so.
I then took a look and this coin has been out for many years already. The high was about $0.24 and the lowest was $0.001. Now what exactly made this coin suddenly go up like this recently after being out for few years already? Is this coin worth trading short term? But not for holding long term as it probably go to zero pretty much later on?
I think SAMO is a fun and interesting meme coin that has a lot of potential in the Solana ecosystem. It has a good and loyal community, a creative and diverse NFT collection, and a strong and supportive network of partners and influencers. However, it is also very volatile and risky, as it depends on the trends and sentiments of the crypto market. I would not invest in it for the long term, but I might trade it for the short term if I see a good opportunity. This is just my opinion and not financial advice. You should do your own research and make your own decisions. 🙏
So many meme coins are hyping up lately in the Solana ecosystem. I think it's also the reason on why Solana itself is pumping up. Since meme coins like this are new. I won't say for now that they have a loyal community. You already/also said that most meme coins are only for the short term.
It's normal for a meme coin to be very volatile and risky because they are being manipulated, especially by the whales. This isn't easy to do in the large coins, so they do them instead here. IDK if what is the status of this SAMO coin right now but if you still see some activity on it, you better start doing your plans immediately because I'm afraid that by the time you move, you will now get caught out.
