Memecoins: Not all that glitters is gold

[sokani]

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars, simply by buying memecoins such as DOGECOIN, SHIBA or PEPE when they've not really gain popularity and later sold at a big marketcap. While this may seem very tempting to some persons, the bitter truth is that these investors fail to tell their audience how many times their hands were burnt and the losses they suffer.

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

[Ambatman]

Quite sad
This is why DYOR is adviced.
A reputable personality saying something doesn't necessarily mean it's true.
Pump and dump schemes are the worse but most individuals especially newbies still involve in them cause of greed.


Unfortunately even with these evidence and experiences most would still continue
Believing they would be different.
Mind you people become millionaires from it
But how many and what happened to the funds at the end.

[Findingnemo]

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Investing million dollars on a random shit coin? That guy must be extremely rich.

Not just memecoins any coins that has low marketcap value is extremely risky to invest cause they can slide into wrong direction in no time and that is the good platform for the pump and dump schemers.

Investors should stay out of these traps and make their investments worth something by doing the right things.

[hugeblack]

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars,

Are these stories real? Turning a few dollars into millions of dollars requires a huge price pump especially if we are talking about a short-term investment which is something that does not happen in any investment in cryptocurrencies. You can think of Memecoins in trading with small amounts and a stop loss order otherwise it is the fastest way to lose your money.

[Charles-Tim]

There was a topic that was created about it on scam accusation board on this forum two days before this month begins. Millions lost as Mbappé’s hacked account promotes $460M crypto scam

I think I have Mbappe to be blamed for this. People's account hack on X is very common and this celebrities know that. They should use 2FA apps or security key to protect their account. Also I have people to be blamed as they are greedy. All those meme tokens have been seen to be scam. You will see them pump it and later dump it as usual.

[Porfirii]

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars,

Are these stories real? Turning a few dollars into millions of dollars requires a huge price pump especially if we are talking about a short-term investment which is something that does not happen in any investment in cryptocurrencies. You can think of Memecoins in trading with small amounts and a stop loss order otherwise it is the fastest way to lose your money.

Yes, they are: according to CMC, DOGE started costing around 0.0001$ and peaked above 0.50$ (thanks to Elon's pump I think), which means that somebody who invested 200$ and sold at ATH made a profit of around 1M, if my maths aren't wrong.

Well, 200 are not exactly "a few" dollars, depending on who you ask, and 1M isn't "millions of dollars" either. And we are talking about one of, if not the most, remarkable cases of successful memecoins. But yes, in such a volatile market, you can make a lot of money (at a much higher risk of losing it, like the recent case mentioned here).

[Peanutswar]

New investors just came into the crypto space and asked a questions which how they will earn a lot of money in crypto, some of them see the potential of the meme coins and other degen coins because they can easily make a quick flip their mindset is to buy with the coin and wait for the release in the market and make an instant sell but this is not the reality they need to consider a lot like the team behind on it, roadmap, the current marketing strategy of the project including the community engagement so if they see its already a dead project its not worthy anymore to make an entry. Also there's a lot of bot right there make a position to sell their asset with this meme coins.

[Pandorak]

[...] My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains. [...]

There is a saying that experience is the best teacher, in the end i realized that it was useless to do anything or give input to people with bad egos, these people are basically greedy, and just let that greed teach him/her a lesson. Even so, we still have to continue providing education, because that is part of our efforts to mitigate a worse scenario.

Never mind, i'm tired, i'm tired of explaining to anyone that the gold (bitcoin) they are looking for is actually near or in front of them, but they prefer to be blind on purpose to feed their ego.

[Ruttoshi]

Quite sad
This is why DYOR is adviced.
A reputable personality saying something doesn't necessarily mean it's true.
Pump and dump schemes are the worse but most individuals especially newbies still involve in them cause of greed.

There is no amount of research that you will do to know a new coin that is not a scam because you will still not know if it is or not. So many meme coins are out as usual and the devs are creating them to rug pull their investors. This is why I don't like investing on them but only bitcoin.

Anyone that feels he loves to try this new projects should only invest with the amount that he can afford to lose because you are gambling, so that you don't regret and lose your funds like the guy OP talked about.

[Helena Yu]

Lol.

I believe the $1 Million he get was from flipping meme coins, he think that he will be lucky in this time since Mbappe is really popular after he join Real Madrid, so he believe Mbappe coin will go to the moon.

But, huge return will require huge risk, unfortunately he's not lucky this time.

After all, he might able to flip his $9K back to $1 Million in Meme coin again.

[Barikui1]

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars, simply by buying memecoins such as DOGECOIN, SHIBA or PEPE when they've not really gain popularity and later selling when they might have hit a big marketcap. While this may seem very tempting to some persons, the bitter truth is that these investors fail to tell their audience how many times their hands were burnt and the losses they suffer.

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

Most investors have fail to understand that meme coin or shit coin as we usually call it is more like gambling, something created for gambling purpose where some investors might decides to gamble and make a fortune out of it,  and majority of them get burnt due to the fact that the chances of getting burnt when invested into shit coin is way much bigger than the chances of making something out of it.

so in my own opinion, for an investor to think of risking his hard earned money on on shit coin, it's mostly because of greed, though their are some investors that invested in it due to the fact that they were uninformed, while some were misinformed, so I believe that ignorance or lack of knowledge is also a huge factor and an important player that makes most investors invest in shit coin, not just greed.

[robelneo]

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit,

I always advice people to dig deep on every meme coin that they are going to invest, these meme coins developers knows how to hype their project they always claim to be the next big thing, there are some who makes profit from these memes but that's only a handful compared to the huge numbers of losers.

Memes is a deceptive investment because they do not have use case they just copy their predecessor they don't even need a whitepaper or usability, so you have to know how risky investing in memes before you plan in pouring in a lot of money.

[Kelward]

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Many newbies into cryptocurrency gets carried away when they see any cryptocurrency that has affiliates with their favorite celebrities. They will lose all sense of reasonings and invest their hard earned money into the project, in the end it'll turn to shitcoin and their money will be burnt. A top celebrity in my country launched his token and many people bought into it because of his image as a superstar, it didn't take long before the token became dead and so did investors funds.

Memecoins generally are risky and the earlier that investors starts to understand that they're gambling their funds to buy them the better for them. It's true that all that glitters is not gold and anything that promises very huge profits on a very short term is most likely a scam. So DYOR and take your chances or invest in a long term crypto like Bitcoin.

[cryptoaddictchie]

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

Well this works for some but not work for everybody. The investor thought he can easily bag another $1m but instead his the one got milked in the process. If his not too greesy he will only lay off few bucks to a shitcoin compared to other tokens with utility. Thats a grave news everyone could have the same situation is pretty depress for sure.

[Hatchy]

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

The main reason newbies hesitate to listen is greed. They want to get rich overnight, forgetting that wealth takes time to build. It's sad that many people still fall for pump and dump schemes. New memecoins will continue to flood the market, luring investors with initial price surges. I knew someone who received $DOGS USDT tokens from a recent airdrop and wanted to hold them long term. I advised him to sell while he could, but he wouldn't listen.
This is the problem... they lose too much money on worthless tokens and coins because they fail to listen to advice. Investing your time and money on a coin with future potential is the best idea right now.

[Ojima-ojo]

There was a topic that was created about it on scam accusation board on this forum two days before this month begins. Millions lost as Mbappé’s hacked account promotes $460M crypto scam

I think I have Mbappe to be blamed for this. People's account hack on X is very common and this celebrities know that. They should use 2FA apps or security key to protect their account. Also I have people to be blamed as they are greedy. All those meme tokens have been seen to be scam. You will see them pump it and later dump it as usual.

It only take a few step for a verify account to get recoverd if ever it get hacked like said in this discussion, regarding mbappe x account being used to promote the shit coin that turn out to be a scam, so I wonder why didn't the star player not report the issue all the while waiting until the account is used to promote a scam coin.


I think something is possibly not too right with the whole game, since he has not yet issued any public statements also about the condition of his x account, and haven't denied the alligation of being involved with the memecoin.

[MainIbem]

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars,

Are these stories real? Turning a few dollars into millions of dollars requires a huge price pump especially if we are talking about a short-term investment which is something that does not happen in any investment in cryptocurrencies. You can think of Memecoins in trading with small amounts and a stop loss order otherwise it is the fastest way to lose your money.

Most of these stories are too good to be true, one thing about all these paid influencers is that they'll always tell you the good side of a project and even sugar coat their words to attract ignorant investors to invest on those shitcoins without letting them know what they could encounter on the long run, but someone who has experience in Cryptocurrency should be familiar with their games and understand that memecoins are a joke in the Cryptocurrency space and investing heavily on a mere joke is a waste of funds and time since they're mostly pump and dumps you can't think of long-term investment with them as an investor else you could be making one of the biggest mistakes, and you're right to say that it's the fastest way for investors to lose their money, the best digital asset every investor could think of should always be Bitcoin.

[Pokapoka124]

This is not the first time hackers have targeted the twitter account of an influential person. I can recall a similar incident happened in 2020 where the twitter accounts of Bill Gates, Warren Buffet, Elon Musk and others including and former President Barack Obama were hacked and used for a bitcoin giveaway scam. A lot of people fell for the  and the scammers made away with over $100k in less than 6hours. I’m surprised scammers are still using the same format and it is even more surprising that there are people who fall victim to the same scam.

Elon Musk, Jeff Bezos, and Bill Gates appear to have had their Twitter accounts hacked as part of a bitcoin-giveaway scam

[Questat]

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Investing million dollars on a random shit coin? That guy must be extremely rich.

Not just memecoins any coins that has low marketcap value is extremely risky to invest cause they can slide into wrong direction in no time and that is the good platform for the pump and dump schemers.

Investors should stay out of these traps and make their investments worth something by doing the right things.

He must be rich indeed. To the fact that he don't even know whether he's investing in a potential coin or not, that's when putting his funds at risk when he invest for nothing.

If he can invest in shitcoins with no bright future, then the more that he should invest in bitcoin because it's the blood of the crypto. Maybe if he takes time to DYOR before investing, then he won't end up investing in the wrong coins and lost all of a sudden his million dollars.

[nakamura12]

This person must be rich when he invested in a random memecoin. I honestly didn't even know that shittoken he invested until today. This is why many people always tell that you to make your own research about what you are going to do especially when you want to invest. After all, doing research is for your own benefit and security because if someone didn't do it then what happened to this guy is going to happen to yourself even the person who made a research also experienced although he make some research.