Memecoins: Not all that glitters is gold

[Myleschetty]

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.

Yes, it is quite sad, but I think that every enthusiast for cryptocurrencies should be aware of these kinds of things, particularly in light of the fact that institutional banking now offers spot ETFs for Bitcoin and other cryptocurrencies, which has led the whales to use the meme coin ecosystem as a new platform for their pump and dump schemes. If not, individuals like Justin Sun won't have to enter the meme coin market.

[Hamza2424]

__SNIP__

Hmm, I'm not sure you are aware of it or not, but meme coins is a proper category in the crypto market while Bitcoin falls into another category how a person who is investing in memes can be compared to a memecoin investor?

I'm sure those who invest in cryptocurrencies know that they are going to take risk to increase their rewards ratio, Bitcoin is reliable, but the returns compared to memes are much lower. So the whole thing depends on who much risk you can afford and what kind of strategy you are gonna apply while making investment.

My advice to newbies is you can invest in memecoins but you should know the risk, at the same time you can go for reliability and lower returns ratio with Bitcoin or in any other top coins.

[Ojima-ojo]

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.

Many have Fallen for this kind of scam projects, and most times those that are mostly effected are they rich gullible fans who does not know the in and out of coin development and how the market work's with so much laziness to do a little bit of research on they own, this is what affected them most times and at such they tend to become highly regrettable turn out of events such as this one.

Why should anyone invest in a coin simply because it is being said to have been sponsored by a player's and promoted my his Media handles when we know how social media and fake identity work's, I think people need to be more guided on the kind of things they Believe in on social media most especially when it comes to cryptocurrency investment.

[Alpha Marine]

When I hear stories like this, I have no one to blame but the victim, and I hate blaming the victim. It should be common knowledge by now that meme coins are scams; he should know better. You don't risk an amount as high as that on a meme coin; that's just stupid. Investing in memecoins is no different from gambling. Gambling at least lets you know you're gambling and could lose your money while memcoins lie to you that you're investing while someone is somewhere plotting how to rip you off.
I have never seen anybody who got rich by investing in memecoins, even the stories they tell, if you look closely those guys were already rich. If that investor had made a huge profit from that coin, people would have said he made hundreds of millions with a few dollars while he did it with a million. An investor that can invest $1 million is already rich.

[Samlucky O]

Well your advice seems to be a nice and educative one, and I am glad this kind information is given to the newbies to be careful of the kind of investment they do, to avoid being scammed of their hard earned money. Although not all newbies will fall to such scam but everyone needs to be careful including the old investors because the case of The man who invested $1m and loses  is not a newbie. I blame that man so much for not being careful to have invested such an amount. In as much as we are looking toward making profit, we should also think of the downside of it and minimize the Risk. Such an amount shouldnt have been invested in shitcoin at the first place. But anyway we learn everyday.

[348Judah]

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.

The crypto market is unpredictable, if you're considering on the market or the particular coin or token, then there is much to do before arriving on anyone of them, the beauty of it all is that everyone has his own story to tell, some started well, some had a rough start before making it back on track, while some never see the opportunity of getting back on track to where they have started from due to loss, but we shouldn't be moved by what we see, they could be deceiving a times, we may need to make more extra steps on research or waiting before going for them.

[nakamura12]

Why should anyone invest in a coin simply because it is being said to have been sponsored by a player's and promoted my his Media handles when we know how social media and fake identity work's, I think people need to be more guided on the kind of things they Believe in on social media most especially when it comes to cryptocurrency investment.

People shouldn't believe what people share on social medias especially those streamer or content creator because many of them are unbiased on what they uploaded on the social media as long as they completed what they are going to do in order to get paid by the social media plus getting paid by the platform like casinos for example. In my country, there are lots of social media influencer but enever bother doing own research because this person includes a gambling site that is called 1xbet until to this day that's why I said people shouldn't believe all that they will see on social media.

[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.

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.

DYOR would make you realize how risky such tokens are.

Exactly, I find it hard to believe someone would invest a million dollar on a shitcoin project
That's just having balls of steel.

Such an amount shouldnt have been invested in shitcoin at the first place. But anyway we learn everyday.

Unfortunately experience is not an affectionate teacher.
Imagine the benefit they would gain from doin DCA in bitcoin through the month of Sept.
But alas we want to get rich or in this case wealthy in an hour.

[Ojima-ojo]

Why should anyone invest in a coin simply because it is being said to have been sponsored by a player's and promoted my his Media handles when we know how social media and fake identity work's, I think people need to be more guided on the kind of things they Believe in on social media most especially when it comes to cryptocurrency investment.

People shouldn't believe what people share on social medias especially those streamer or content creator because many of them are unbiased on what they uploaded on the social media as long as they completed what they are going to do in order to get paid by the social media plus getting paid by the platform like casinos for example. In my country, there are lots of social media influencer but enever bother doing own research because this person includes a gambling site that is called 1xbet until to this day that's why I said people shouldn't believe all that they will see on social media.

I have also noticed similar ways of advertising here in my country also, must of the online gambling sites here have content creators and any social media influencers in they pay roll and for that those casinos advarts Plays in between their video and each time you stream they channels, those Casino's advert are out into our faces.


Some we know them as known scam partner such as 1xbit and 1xbet, while 1xbit is a well known cryptocurrency casino scam, the other versions is a fiat online casinos, and both have similar ways of operations and template which make us believed that, their are own and run by same set of team Same thing goes with altcoins investment most especially following the trend and the hype.

[PrivacyG]

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.

And often a strong panic occurs and the person ends up selling on an incredible loss, then the Price recovers and they purchase less.  Then it is an awful cycle that seemingly never ends.  Psychology is hard to beat during unexpected stress.  But this should all be expected I believe.  They must have been simply deluded to put that much Money into a Shit Coin and not expect the possibility of something bad happening.

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.

You are giving advice but wrong yourself too.  Bitcoin does NOT ensure a positive end of the story 'no matter how deep the chart gets'.  Bitcoin is not a savior, nor is it a miracle.  It may seem like it if you look onto a historical Chart, but this does not mean it is a forever loop of turning everybody Rich.  Be realistic.  Bitcoin can drop any time too.  Only because it never happened yet does not mean it is impossible.

[Maslate]

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.

People still insist to invest because of greed. And where there is greed, that’s when they rush into decison without proper analysis and thinking. Lucky are those who still made short term profits with meme coins, but as we say not all that glitters is gold, meme coins in the end eventually lost its value and end up as dead coins. That only goes to show that meme coins have actually no real potentials to succeed in the future, they may be good for short term hodling but for long term, it’s always been bitcoin and nothing else.

[reagansimms]

In most cases that occur in Memecoin investments, the investor's fate will end very badly, one example is what happened to an investor who invested $1,000k in MBAPPE coins. The glitter of Memecoin is very tempting to anyone who sees it, but not all that glitters turns into a gem, which is why I don't really believe in Memecoin because the level of manipulation is still very high. Most Memecoins are trash because the market capitalization value is very low, obviously I will not take big risks due to greed wanting to get big profits in an instant because investing requires knowledge so that the investment will be more valuable in the future.

[NotATether]

Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

[Z390]

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.

It is possible, a $100,000 worth of marketcap do turn 20 million when loads of buyers comes into a new token, imagine you are one of the early buyers? I know a guy who use $20 to invest in many meme coins, he got lucky with Bonk,Pepe and others around 2022 till 2024 and man, this guy made a lot of money, I have always advice against this idea but to my surprise it favoured him.

Still I don't have the courage to do the same, because it is gambling like, no one knows what will happen but to try, I guess that's his case, if he is ready to lose these money then it is fine, though o made a lot of losses, and that's $20 per meme coins but one good turn can make huge  changes.

By all means I don't encourage this.

[Alone055]

Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

Well, I wouldn't say the ones getting rich off of meme coins are only their developers but it's a 1/100k sort of odds which means only 1 person out of a 100k tends to gain unreal profits from meme coins, so the odds are always against investors in this area but the fact that it does have the possibility of providing people with unrealistic returns, investors tend to go for it. You are right, it's just like gambling because it's the possibility of winning that makes people gamble.

Those who invest in meme coins need to keep in mind that the money they are using can be gone for good, so they need to use their money moderately so that they don't have to face unbearable losses.

Newbie investors don't understand these things, this is the reason why we see hundreds of people posting their failure stories over social media after investing their money in either meme coins or newly launched tokens.

[sokani]

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.

It was a silly move. I think Mbappe's hacked X account that was used to shill the memecoin made it even more convincing because he must have thought the Madrid star was really the one behind the memecoin, not knowing his account had been taken over by a scammer. The dude eventually learnt the hard way.

Hmm, I'm not sure you are aware of it or not, but meme coins is a proper category in the crypto market while Bitcoin falls into another category how a person who is investing in memes can be compared to a memecoin investor?

I'm sure those who invest in cryptocurrencies know that they are going to take risk to increase their rewards ratio, Bitcoin is reliable, but the returns compared to memes are much lower. So the whole thing depends on who much risk you can afford and what kind of strategy you are gonna apply while making investment.

My advice to newbies is you can invest in memecoins but you should know the risk, at the same time you can go for reliability and lower returns ratio with Bitcoin or in any other top coins

We are saying the same thing, crypto investment generally is risky. Investing in bitcoin has a lesser risk compared to memecoins but investing $1million dollars in a completely unknown shitcoin is absolute stupidity.

[avp2306]

Trading memecoins is like gambling but with very high odds. You might as well leave the high leverage on because you are not seeing that money again. I don't care how many stories you tell me about people getting rich off of memecoins - most of those people are the coin developers themselves. Or perhaps the NFT minters themselves. So it always resembles a Ponzi scheme.

Well, I wouldn't say the ones getting rich off of meme coins are only their developers but it's a 1/100k sort of odds which means only 1 person out of a 100k tends to gain unreal profits from meme coins, so the odds are always against investors in this area but the fact that it does have the possibility of providing people with unrealistic returns, investors tend to go for it. You are right, it's just like gambling because it's the possibility of winning that makes people gamble.

Those who invest in meme coins need to keep in mind that the money they are using can be gone for good, so they need to use their money moderately so that they don't have to face unbearable losses.

Newbie investors don't understand these things, this is the reason why we see hundreds of people posting their failure stories over social media after investing their money in either meme coins or newly launched tokens.

What people going after is they take those chances where they can possibly earn big even if they know they are in huge risk for investing on meme coin. This kind of attitude is helping those scam devs to get rich easily. That's the reason there are lots of meme coin released and people adapt it since what these people know if they join on early phase of the project they can earn a lot of profit from this tokens. But they really failed to realize that what they are looking forward to happen usually far to happen since before they think about selling. The dev of those project is finding good price and volume to exit.

I know they think about gaining the same just like what Pepe and other meme coins which pump so big. But hard to spot this and most likely we will end up getting scam for multiple times before we find this what they call gem on meme coins.

[SmartGold01]

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.

Investors who already knows how the market works would never risk such heavy amount into memecoin instead would choose bitcoin as their primary goals than memecoin. Of course we know that altcoins are very tempting and could caused one to invest after reading plentous news on how they made series of dollars from buying and holding shitcoin in disguise to good coin.

The volatility of altcoin can never be quantify with Bitcoin although we know that bitcoin is also very volatile but in terms of altcoin we can't equate them together, but as investor a project you never who reliable or trusted it seems to be and pulling out a massive amount like 1m dollars to it is very crazy, I think it's greed that engulfed him thinking he would made 10x as a return without knowing that it would work as the reverse.

[Hamza2424]

We are saying the same thing, crypto investment generally is risky. Investing in bitcoin has a lesser risk compared to memecoins but investing $1million dollars in a completely unknown shitcoin is absolute stupidity.

Hmm, I'm not sure what the background of the investor who invested the million-dollar in meme coin and even in a low-profiled meme coin, TBH he invested such an immense amount this indicates he owns a lot of money he can take risk. Anyway, he lost due to his own negligence and while making any kind of investment move you need to be extra conscious. In my above post, I did not say that you are not saying the same thing.

[Mpamaegbu]

Quite sad
This is why DYOR is adviced.

This will not be a case that the investor in question didn't do his research. Of course, he must've done that and knew the nature of the project he was investing into – a memetoken. For someone to have invested that much, it won't be that he didn't take some critical looking to know what's what.

It will be that he didn't have an insider information and couldn't understand that he was investing close to the time the rogue developers had in mind to dump. He was sadly made an exit liquidity. That's the most common trademark of memetokens, Pump and dump. There's a high level risk in that category.

To be profitable with meme investments one has to be timely to strike the iron while it's very hot and with insider information to navigate through. To know when to strike means to be an early investor so that as the market cap grows, one will be in profit before any eventual dump.