Why are the big players promoting memecoins ?

[tygeade]

Meme coins are altcoins that have no utility, meaning that only hype makes them have a price. without promotion from famous people it will be difficult to get hype. why are they promoting? obviously for a profit. they buy or create meme coins then they promote, after the hype the price goes up high and they will make a profit.

The reality is that most memecoins just pay these famous people to do this, and we shouldn't really be worried about it at all. Marketing has always been a thing, it's never a small thing anyhow, I get that things aren't going to be simple for anyone if we keep this going, because if marketing via famous people for hyping the memecoins becomes the norm, then we are going to see a lot more people losing money to memecoins as well. This is why we need to step away from memecoins as a market, but people still do not.

We should be considering a good way to move forward and we could make a better way to work in favor of newbie level investor or trader as well. Yes, just by sticking with established coins/tokens and not touching anything which is less than 1 or 2 year old.

[Wakate]

Because it is cheap and easier for them to manipulate the price.
There are so many meme coins that are being used for a quick profit.
New meme coins could give you a great amount of profit in just a short period of time and it could also ruined your investment.

Memecoins are one of the crypto projects that can give us huge profits and at the same time, it also the most rug pulled projects in the crypto market. Making profits from memecoins projects is in two ways. It is either you bull the presale before launch or buy when the price is down. Many investors are still confused on the right memecoins to buy and add to their portfolio while their are thousands in the market. Memecoins are very profitable when you buy the right one that would not end up in rug pull after launching because many devs are launching memecoins so to make profits from the projects before rug pulling it allowing investors to loss their hard earned money.

[Kavelj22]

https://decrypt.co/306134/did-argentina-president-javier-milei-launch-solana-meme-coin

A Solana meme coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed.

The President of Argentina deleted the post on X platform in which he supported a cryptocurrency called Libra and explained in a new post that he is used to encouraging some emerging projects and that he did not know anything about the details of the project accurately and that he has no relationship of any kind with the project development team.
Of course, no one will be able to prove the validity or falsity of the president's explanations because how is it possible for the president of a country like Argentina to publish investment advice without being sufficiently aware of all its details, and how can an unknown project receive this support without any compensation.

The project team later stated that it aims, through the launch of Libra, to raise a budget to help small businesses in Argentina. It was later confirmed that the price of the currency fell by more than 80% because the team behind it carried out huge sales operations to succeed in raising millions of dollars.

[Reynaldo]

Exactly what makes me mad about these big players they have the resources and influence to create actual utility tokens that could revolutionize sectors like supply chain, healthcare, or governance. Look at MILEI president of Argentina, he denies all  involvement with the coin, its so sad to see because it could be something way better. ITs.. f ironic!!

[bangjoe]

https://decrypt.co/306134/did-argentina-president-javier-milei-launch-solana-meme-coin

A Solana meme coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed.

The President of Argentina deleted the post on X platform in which he supported a cryptocurrency called Libra and explained in a new post that he is used to encouraging some emerging projects and that he did not know anything about the details of the project accurately and that he has no relationship of any kind with the project development team.
Of course, no one will be able to prove the validity or falsity of the president's explanations because how is it possible for the president of a country like Argentina to publish investment advice without being sufficiently aware of all its details, and how can an unknown project receive this support without any compensation.

The project team later stated that it aims, through the launch of Libra, to raise a budget to help small businesses in Argentina. It was later confirmed that the price of the currency fell by more than 80% because the team behind it carried out huge sales operations to succeed in raising millions of dollars.

yes honestly it's not wrong because their goal is to make a request for assistance to crypto and crypto people make purchases after their mcap is met then they make sales to complete their goals which is to get a budget, projects like this are indeed deliberately conceptualized as social assistance to those who make them.

Here we have to think that the fundamentals of the project are very important from anything about how developers want to innovate in the long term, don't just think because it was brought by the Argentine government then we agree and gamble in it which eventually becomes the exit liquidy Dev or the last aid provider. LOL

it could be the result of manipulation behind the Argentine government which in essence we don't know what the reality behind it is like.

[Swapter.io]

Big players promote memecoins because it's profitable: they create hype, buy coins cheaply, and then sell them at a higher price when the value surges. Memecoins grow rapidly due to hype and attract many new investors. Plus, loyal communities drive the price up on their own. For whales, it's a way to make quick profits through speculation

[uneng]

These big players are professional speculators. They saw an opportunity to profit from Bitcoin bull season and hype, so they developed a plan and executed it.

Their target public were late crypto investors who didn't invest in Bitcoin when it was cheaper, so lead by greed and despair, those investors were easily deluded by the big players and their social influencers to purchase some cheap shitcoins (also known as memecoins).

Early buyers profited, and late ones lost money. That is how a memecoin investment works on long term. After all, it's just a pump and dump scheme.

And when things go wrong and the scheme collapses, those big players say they have nothing to do with this and that they have never promoted or endorsed it. So, be careful...

[Churchillvv]

 It's a free word anyone can do whatever they choose to do even though we all know it's a big scam yet we can't resist the eagerness to make profit from. those situations and that's exactly where to capture us and dump shits on us for their profits. basically we don't even have to bother too much why big players (influencers) in to creating their own or promoting some memecoin because it's a popular fact that they are trying to make profits that all, politicians big players are all milkers milking the crypto industry.

[Kavelj22]

https://decrypt.co/306134/did-argentina-president-javier-milei-launch-solana-meme-coin

A Solana meme coin shared by Argentina's President Javier Milei skyrocketed Friday, then collapsed.

The President of Argentina deleted the post on X platform in which he supported a cryptocurrency called Libra and explained in a new post that he is used to encouraging some emerging projects and that he did not know anything about the details of the project accurately and that he has no relationship of any kind with the project development team.
Of course, no one will be able to prove the validity or falsity of the president's explanations because how is it possible for the president of a country like Argentina to publish investment advice without being sufficiently aware of all its details, and how can an unknown project receive this support without any compensation.

The project team later stated that it aims, through the launch of Libra, to raise a budget to help small businesses in Argentina. It was later confirmed that the price of the currency fell by more than 80% because the team behind it carried out huge sales operations to succeed in raising millions of dollars.

yes honestly it's not wrong because their goal is to make a request for assistance to crypto and crypto people make purchases after their mcap is met then they make sales to complete their goals which is to get a budget, projects like this are indeed deliberately conceptualized as social assistance to those who make them.

Here we have to think that the fundamentals of the project are very important from anything about how developers want to innovate in the long term, don't just think because it was brought by the Argentine government then we agree and gamble in it which eventually becomes the exit liquidy Dev or the last aid provider. LOL

it could be the result of manipulation behind the Argentine government which in essence we don't know what the reality behind it is like.

Sorry but i can't understand your point about a president promoting a shit meme coin that is manipulated by scammers.
It is a scandal by all standards that a president who runs a huge economy for a country the size of Argentina would make such a mistake. There is supposed to be a whole team that cares about the president's communications and monitors his social media accounts. I doubt very much that anyone from the president's team, whether from his party or his presidential aides, was consulted and agreed to the idea. Rather, I expect that the president actually made a serious communication mistake, regardless of whether he intended to do so or not.

The president's professional profile indicates that he is an expert economist and has more than 20 published academic papers, and therefore he cannot be ignorant of the cryptocurrency market, especially since there have been official discussions about the impact of cryptocurrencies on the future of Argentina, meaning that he knows what a cryptocurrency means. Is there anyone who would believe that he published investment advice on his account without verifying it? But at the same time, what is his interest in that, because he is certainly aware of the seriousness of this matter for his political standing from his position as president of the country. I doubt that he will survive the possible consequences.

[Huppercase]

Tell me why the coin got listed after going viral. Although I’m not against memecoin but why does the big players promote Bitcoin openly then come up with a memecoin out of the blue knowing fully well how volatile memecoins are ?

There is no coin on the crypto market that brings liquidity like meme coins, this coin is loved by people and they can spend any amount to buy it, you should know that there is going to be ways centralized exchanges list them and lie with their comfort that it's people that want the meme coins and it not force or because they want to make money from the coins but the truth remains, they enjoy making trading fees from meme coins and also the money people brings to the exchanges.

Try and view coins on chain, go under meme coins ecosystem and see for yourself the amount you of money people like to throw under meme coins and you are going to see wonders and amount people want with meme coins, you will wonder if they doesn't really see other altcoins to buy. However, if you look at the crypto market by what people loves, they prefer investments that brings quick money over long term commitment like Bitcoin and some other top coins.