What Meme Coins Brutally Exposes About Money & The Bear Market
It's the meme coin season in crypto. The reason I call it a season is because we all know how meme coins work. Hype, pump, more hype, crazy profits, decline stage, then death.
I'm surprised Elon Musk hasn't tweeted about $PEPE like he ridiculously did with Doge, only to retrace his stances and caused more FUD than the initial FOMO he created.
One of the things I'm loving about this meme coin season is that it was majorly unexpected
and sincerely, if anyone ever predicted that during one of the toughest times in crypto, a meme coin will become a thing, you'd have probably ignored that person.
So many things are happening in crypto right now
The average chart reader will only make predictions based on previous events,
but Crypto is currently being redefined by so many cataclysmic and groundbreaking events, just like many never predicted the new year BTC price recovery, it's now a regular thing not to be able to predict what events will be happening in crypto.
I'll not be part of the people to victimize or criticize PEPE or the people behind the project, for it to gain that massive attention when a recession is eating up the world's economy, shows that recession, the SEC or bear market is not the reason why the market is drab.
People put money where they want, how they want it, and when they want to
There are indeed massive retrenchments in many places and people are unemployed, but the reality is that when people want to turn up to make money, things like recession, the SEC, and unemployment wouldn't matter.
Now imagine if all that PEPE money was thrown into real projects. Mathematically, this wouldn't make sense for many. The idea behind PEPE (correct me if I'm wrong) is to give people a win in a period where they seem to be losing the most.
Logically, a lot of people would want to take that opportunity to earn some money.
The Logic Behind it
But the fact is that meme coins have no solid projects, is why it's totally unadvisable to invest in them, but because of that money factor, people would rather do so because of the money.
This has always been the bane of people in Crypto. The other day, I saw a post on Facebook where a guy was cussing about how Crypto made him poor, I saw many people agreeing with them and only a few countering them.
People out there see meme coins as your regular crypto with more "money opportunities" So they easily choose meme coins and lose out because of their greed, then blame the whole of Crypto for their loss, thereby giving us bad publicity.
Meme coins make people think that making money through Crypto is easy
The overall perception of noobs is that Crypto is generally easy. So most new people carry this mentality, meanwhile crypto is one of those intentional decisions you have to make to even stand a chance of making money.
The most ignorant of them buy at the top rather than doing their own research, thinking that Crypto is an all-profit venture where they can put money all year round and triple their investments anytime
Meme coins give this exact feeling. It creates the inability to do research. It gives newbies who are looking to be in crypto a different mentality.
Some Percentage Of The Mob Eventually Gets It Right
We cannot disagree that some of the population resort to doing their research and finally vest in a solid project, while the rest becomes angry and begin to talk back.
However, I cannot deny the fact that PEPE coming in at this stage has some advantages (for the only time in history). I think a lot of people needed that spark of life, to take their minds away from the scorching bear market, away from the FUD of the SEC and all that.
This also shows that there's money out there. The idea that unemployment and recession will make people not buy crypto is not totally correct.
People spend money when they want to.
However, the driving force becomes the need to make instant money, which is not what crypto embodies.
Binance has recently listed PEPE, just like they did with Doge, why? That's where the money is and once again a coin with absolutely no utility thrives again. At the end of the year, the disadvantages outweigh the advantages.
If you cannot beat them, it's not totally advisable to join them, if you have some disposable income and an already thriving project, you can decide to also play the meme coin game. Live free, die free.
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I just don't understand how it pumped and I am sure anyone who joined into the PEPE train after it made mainstream news will probably lose money. I don't really know but some people have said it's going to be a new bull market because it means crypto is on people's radar.
I think it creates a new demand for crypto entirely and this is one aspect that I truly like. Just like you said, people who are newly joining the bandwagon might just lose money. I don't know about a bull market, but it sure has got people talking about Crypto again.
I see the PEPE trending all over the place, non would have thought that is going to be the next lottery coin to gamble on. I wish I know these lotteries and then place a bet for profit taking into Hive for once at least.
I wished I had that money to gamble on too. I'd take it and throw that money into hive forever. Meme coins have started trending since Elon musk started tweeting about them.
It seems like we live in the age of "easy money," or perhaps it is an age in which more people expect money to be easy. So it sets up a dynamic where folks are more likely to chase the unrealistic instead of something more solid.
As far as I am concerned, meme coins are pure speculative bubbles... DOGE is a little different because it was actually a widely used tipping coin before Elon got a hold of it...
I'm just going to watch from the sidelines!
=^..^=
I think some crypto folks are majorly hanging onto this because of how much they want to make money. The newbies are just after flashy things. Sadly, meme coins are here to stay.
As for Doge, a lot of folks knew it after Musk. Sadly since then, Doge has remained ordinary, although it's not dead, so, at least that's something. Meme coin is truly the age of easy money
The disadvantages indeed outweigh the advantages in the long run. I think people are a bit desperate to make easy money during this economic conditions. But it's really interesting to know that despite the current market conditions, money is being thrown into a meme coin catapulting it's market cap up through the roof. The team behind the project are great marketers.
They're great marketers indeed because the level of hype they've had to throw into the coin is stunning because I don't know how they did. I'm enjoying the PR it's giving to Crypto in general, but staying away from it is the best
Yes, this kind of hype can't be sustained for long so it's definitely to stay on the sidelines and watch the show. Good lessons learned.
It's the meme season, I think some people might make back some money to throw into crypto.
I get this a lot. I’ve seen people het involved with ponzi schemes and end up cursing and tagging crypto when they eventually get scammed, simply because the transacting method of the ponzi was a cryptocurrency. The ponzi itself is not a crypto investment. It’s not an investment at all if we’re being honest. But people will always look for something to blame.
I see investing in meme coins as a sort of a ponzi scheme. If you invest at the right time, you go up with the crowd and if not, God have mercy on your soul. Meme coins are generally not the category of coins people buy to HODL. They’re like entering a futures contract. You don’t actually have plans of holding on to the contract for long, just holding for short term for the position to garner you some profit and you leave.
I was on Facebook some days ago and I saw so many people who were scammed by some shady projects. Some of them did not know the onus of investing in crypto. They thought it was for them to buy at anytime they want and take profit at anytime they want. Some of them got the wrong timing, and some of them got the wrong Project, but they tend to blame everything.
Traditional systems have Ponzi schemes in them. So does the crypto industry as well. Meme coin are the Ponzi scheme of crypto, but generally those who are bitter towards crypto, just tend to blame everything forgetting that Ponzi exist in almost all aspects of life. People who don't do their research are more in the industry.
Yeah this a mistake most rookies make when they just hear about crypto and want to get a piece of the money. It takes experience to learn about the crypto market cycles. You probably won’t think of digging that deep or that something like market cycles exist as a newbie in crypto unless someone that already knows how it works points you in the right direction.
Honestly I see a lot of whining about people losing money in web2 platforms. They make memes about how crypto has taken their money. Meanwhile, all I see are foolish people who refuse to do their research
One would think that their general name “meme” was quite intentional to mean something to laugh about since meme are always funny. I don’t know much about crypto but I get the hope a new pump gives.
It's generally termed "meme coin" because it's all hype. Nothing solid and nothing stable as well.
I swr broo…
Interesting post. I was already saying it’s taking some time To see pepe posts on Hive
Hahaha, thanks man. I think to some extent, I'm not totally against pepe. I like that it's making people crazy about crypto again. We're nearing the end of this bear soon
It's totally depends on investors mind set some people like to gamble for making some quick profits, others like to build there portfolio slowly but surely
Well, you've totally defined it here. Personally, I feel there are people who might be vested in good projects but wants to take advantage of the meme coin money. Many people with many agenda.
Are we still in a bear market?
The altcoins season will commence once these shitcoins start imploding.
Currently, I feel we might be entering the recovery phase of the Market soon. Maybe in the summer or something
Even though the rise of meme coins surprised me, I agree that it could be a good thing for the market. My only worry is that the hype could cause prices to jump up quickly, which might not be sustainable and lead to a crash.
Well that's another angle, but we've already survive worse times in SBF and Do Kwon. I'm hoping the hype can make people have enough money to vest in real projects.
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Thanks there
Meme coins are like the penny stocks. People who invest in them just end up losing more than earning. I eel like MLM these coins are kind of like MLM, get in first and exit first type. Not sure if there are whales who make constant income out of them without losing.
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First time reading about PEPE from a SoMee friend. I bought 44k just in case. 🤣
You might forget that you bought those tokens if the token no longer remains popular. 🤣
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44k is a lot, I'm hoping you take adequate profit from time to time, because we all know how meme coins can be.
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