The world of cryptocurrency is full of meme coins and we hear so many stories that people made millions of dollars just by buying one meme coin. Everyday there are 100's of meme coins coming out and people buy it in the hope that this could be the next Doge , Pepe or Shiba.
But is it actually this easy to be a millionaire buying a meme coin? What drives memecoins? Lets do some #MemeCoinsDebate today.
The Hype of The MemeCoins
Yes this is true that people made millions of dollars buying one memecoin either if it was Pepe , Doge or Shib but why these memecoins go up ?
Doge Coin
Let's go back to 2013 when doge coin was created and it was created to make fun of the cryptocurrencies.
Dogecoin quickly garnered a dedicated community and achieved significant market capitalization and a major role was played by Elon Musk.
Shiba Inu
Then comes Shiba inu, They named it as Dogekiller to grab the attention of the Doge community.
Pepe
And Then comes Pepe it comes with a revolutionary idea of Frogs. people liked it and they spread it everywhere and today is one of the top 3 memecoins.
What Drives these meme coins this high? ( Hype)
A unique idea
There is one thing common in these three memecoins and that was a unique idea of entertaining people. Doge was the first memecoin , Shiba grabbed the attention of crypto currency trader by calling itself a dogecoin killer and Pepe being a frog.
So the key is how a memecoin is entertaining the crypto community.
Vibrant Community
The success of memecoins can largely be attributed to their vibrant communities. in my opinion if a memecoin doesn't get the community support it does not matter how unique the idea is or how good the memecoin is it will not catch any eyes.
it's the community that makes and breaks a memecoin. They are the one that helps a meme to spread everywhere and this is how memes grab attention and go up.
Affordability
Meme coins supply is usually in trillions or billions with a cheap price so there comes a psychological impact that someone who is buying think he is getting so many tokens for less money and dreams to get some big gains.
imagine getting millions of token for $10 and then thinking that the token will go to $1. This is the kind of dreams that meme coins holder see.
Will i Get Rich Buying MemeCoin? (Hope)
Now comes the real question you can actually get rich holding a meme coin?
i would say it's purely a luck, There are no fundamentals attached with the memecoins. it is so hard to find a meme coin that will make it to the top of meme coins race.
Everyday there are hundreds of meme coins coming out in market and you have to be lucky enough to buy the one that will make it big. Just have a look at the picture below.
This is the screenshot of a Dex where meme coins are initially launched and look at that in just 4 minutes 14 memecoins were launched. Now you have to be lucky enough to get the one that will make you millions it's hard right?
99% of the Meme coins are Rug
In the hope of getting rich buying meme coins people lose so much money on these because 99% of the meme coins rug people.
it is so easy to launch a meme coin that people do it in minutes and then rug people.
This is why i said you have to be lucky enough to find that one good memecoin that will make you millions otherwise in my opinion most of the people are just losing money on these and i shared the reason why.
So it's a hype or hope?
i would say it's both. it's is true that people can make so much money on these memecoins and the hype will always be there because it's normal that the world will not stop chasing the money.
The hope to be rich with meme coins will always be there.
