MEME COINS đđ
There are several meme coins streaming in the market. Coins with the tendency of making one rich overnight and equally turn one to a popper overnight. Meme coins can be fun and light hearted but can have high risks potential not only on there Volatility but the foundation of there creation
The concept of meme coin can never be overemphasized.
Here I'll try to elaborate on this concept and give you reason you should always do your own research (DYOR) before you venture into purchasing anyone of them.
Scam: Some meme tokens are also directly aimed at scamming people. The developers of these tokens do a rug pull by selling most of the tokens, thus making the project worthless. These scams are unheard of in the stock market or almost any other asset class as regulation protects investors from blatant thievery.
Faking identity: The project developers of many meme tokens have been caught faking their identities using artificial intelligence-generated identities and a lot of the project is copied from others.
Zero Stability: Dogecoin has not been able to stabilize and has continued its long-term decline. The occasional tweet by Elon Musk has only generated some short-term spikes. This means the future for many meme coin projects seems much worse.
All about the Hype: Meme coins rely on community sentiment and arbitrary outside influences, such as celebrity tweets, and the pricing is extremely volatile. While the value of a meme coin may skyrocket, as it did with Dogecoin, it may also plummet quickly if and when the community loses interest.
Can Never Surpass Top Coins: Meme coins skyrocketed in 2021, but they may never be able to achieve the same level of broad adoption as more cryptocurrencies like Bitcoin and Ethereum.
Subject yourself to proper research and when you have the confidence. Give it a shot it's all about risk. i Mean calculated risk. Do not invest more than you can loose.
