Memecoins, Worth Investing or Completely Useless?
The crypto space is undoubtedly one with multiple opportunities. You can decide pick and to trade several cryptocurrencies or tokens and you can also decide to just hold and hope the coin or token you pick gives you enormous profits. There is one thing I believe and that is to DYOR (Do Your Own Research). If I have learnt something from all the years I have been in crypto, it is to make my own research before I decide to trade or invest in a cryptocurrency. Two traders or investors are not the same and what I am comfortable losing may not be same with you.
Like I have already said, the crypto space is one with vast opportunities and one of these I like is the memecoins. Over the last couple or 3 years ago, we have noticed that the memecoins have started to do well and have a lot more exposure now. Personally, I like memecoins because they are extremely cheap and have the chance of making you a lot of profit. I have seen it with Pepe and also with SHIB.
When the bull run comes, there are always a few memcoins that are amongst the top traded tokens. Probably the most recent one is PEPE. Correct me if I'm wrong but the meme coin which has taken the financial world by storm recently I believe is PEPE.
Meme coins I believe were not created to be like the main coins like BTC or ETH and not with much utility but the crypto space is an evolving one meaning volatility and utility can be pumped in at anytime. Just like all the other coins, the most famous people can drive the price of a coin or token up. For some of us, we get to know about memecoins from these popular people and the most obvious is Elon Musk and Dogecoin.
Elon Musk was nicknamed the DOGE father a few years back and because of him, Doge coin saw some impressive price hikes. I remember at the time I was in school and most of my guys were buying DOGE. At the time I had just started buying crypto and didn't understand so much so I didn't buy doge but I invested in BTC. Eventually, some of my friends made a lot from Doge and some of them didn't leave their trades at the right time so lost.
To end this, I will just like to say the memecoin I love the most is SHIBA INU. If you asked me why at the time I started liking shib, I wouldn't have had a very obvious one because I just liked the name. I was given an assignment at the time about penny cryptos and shib was one of those I wrote about. Since then, I bought some SHIB and till date, I still hold some. When the last bull run came before this 2024 one, I benefited from it and make some profit. I also realized then how meme coins can give you a lot of profit.
I'm glad to see that Elon Musk featured the shiba dog in his robotaxi which has generated some conversation. Hopefully, this causes some much needed conversation which will give me and others a much needed price hike in SHIB.
What are your thoughts on memecoins? Which is your favorite? Share with us by participating in InLeo's calendar prompts. This is my response to day 11 of InLeo's October calendar prompts.
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