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They organized a little competition on X where participants are supposed to introduce someone who has heard about memecoins but don't know much about it to memecoins.
You were to kinda mention the person and then explain memecoins, a bit of history, strategy, and whatever else might ne necessary. This was my memecoin walkthrough:
Memecoins are are a type of cryptocurrency. You know cryptocurrencies are generally currencies created using Blockchain technology, and can be sent from digital wallet to wallet. Memecoins are currencies like these that were created as a joke or in support of a joke/Internet trend.
Say you go viral for having your big head and a lot of people talk about it online, make jokes and follow you, a memecoin can be created called Kenny'shead.
And a lot of people might buy it and hold it for a while because it went viral, a lot of people know about it and they think a lot of people would want to buy and have it too because they relate with the joke.
As you can see, even though they're called "Memecoins" it's not just about memes but also about trends and jokes. Just like the Hawk Tuah joke, a Hawk Tuah memecoin was created.
It's just that most trends/jokes on the Internet produces a lot of memes. Also the first coin made in support of a joke was made in support of a meme, the doge meme.
It was made in 2013 and it is called the Dogecoin. It is currently the top memecoin.
It was the success of Dogecoin between 2020-2021 following the backing from @Elonmusk that inspired the rise of further memecoins. Right now there are a myriad of memecoins out there.
It is very risky to invest in any of them, except Dogecoin. But we can't talk about memecoins without adding that a lot of millionaires have been made from trading memecoins. People who were able to ride the waves and people who were just lucky.
They're usually people who bought a coin when it was newly launched with lesser price, and then sold when many later comers were trying to buy bringing more demand which drove prices higher.
Memecoins can bring you a lot of fortune if you like to gamble and if you at least have a working method. Clearly the working method here is buying early when the price is lesser and selling when later comers start buying and the price gets higher.
Gambling is supposed to be fun, especially if you only do it with spare money/money you're ready to lose. If you have a bit of that and like the idea of a working method then you would like that next I'm going to talk about a good working method.
The method goes like this:
(1.) Finding out about coins early
(2.) Identifying scam coins
(3.) Where to trade.
(1.) Finding out about coins early: Right now most memecoins are launched on a platform called http://pump.fun. With this telegram bot: https://t.co/pK8pqLpC46 you can monitor all the newest coins being launched using the feature called "pump vision".
(2.) Identifying Scam Coins: Some memecoins were not created fairly. A fair creation is if the coins are created and left for the public to buy and sell however they like. An unfair creation is when the creators have a ploy to profit to the detriment of the public.
This ploy usually has to do with the creators having fake accounts that buy the coins and make it look like the coin is getting demand, and then when innocent members of the public start buying too the creators sell and go.
There are many other ways their plans go but ultimately it's about deceiving you into thinking the coin is a bigger deal than it is and then selling off and leaving.
In some cases you might not be able to find out if a coin is a scam, but the usual ways to find out is to check the social media account of the creators, check the coin website, and to look at the trades/chart to find any irregularity. There are tools on whop.com that help you do these quickly.
You have to do all the checks quickly and then buy quickly so you'd be an early bird.
It's actually not easy to become sure a coin is not a scam, but at least this is a good place to start. If you can be sure of only one new coin every day you're good to go. If you lose your money, at least it was money you were ready to lose, remember?
A final advice is, you can only bank on Dogecoin if you like memecoins.
The End
Link to tweet:
https://twitter.com/Neviesofficial/status/1871631941344387538?t=L1lMaS2073F2J4lrB3_ROA&s=19
- Neviesofficial
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@nevies, I run a Humor, deeper thoughts, and sex talk blog here on Hive馃寶