Meme coins are such an interesting aspect of the crypto cycle that a lot of people are beginning to get exposed to. While our other crypto experts have vast knowledge of what this means and if it possesses any potential to generate wealth, a lot of newbies get involved without this prior understanding until they get burned in various ways. You can either lose money or time and resources chasing memecoins and airdrops.
I do have a bit of some memecoins in my pocket talking about Doge Coin and Shiba Inu, but these were all gotten for free from holding certain tokens. I don't see myself holding or investing a penny in memecoins, even if it will be the next 10X token to fetch me some money. It is not often worth it to take the risk and purchase something that was created as jokes or based on internet speculations.
Been much aware that most memecoins often do not have practical applications or use cases in the crypto space. Why would I invest in something that relies on community engagement and social media activity? This makes such tokens highly volatile and can go completely useless at anytime, emptying your bag of investment. For anyone involved in bagging memecoins, I am made to believe that they have vast experience in such and are willing to gamble with their finances over a short time.
One thing I got involved with recently and thought to share is the airdrop hunts that are taking over the crypto space. For many reasons, airdrops seem to be a free and fair distribution of tokens (coins, crypto) to token holders and serve as a means of creating a new cryptocurrency.
Why do people get involved in airdrops?
I believe that I will be speaking the mind of a few people here as to why people get involved in airdrop hunts.
A lot of crypto-enthusiastic minds will be willing to learn as part of the crypto knowledge as to how a new currency is being generated, the purpose of such currency, and the investment potentials surrounding tokens. A crypto investor looks into the tokenomics of new projects in search of investment opportunities and the potential to make more money. The community around these new tokens also looks out for ways to earn by completing tasks and getting involved in the social activities of token generation. The community members end up receiving free token distribution at the end.
Either for the search of investment opportunities or in a bid to earn free money or increase our knowledge base of the vast crypto network space, we actively engage in airdrop adventures.
The airdrop space gained more awareness and engagement with the listing of Notcoin as the first tap to earn mini app on Telegram. A lot of people flooded the app, realizing a potential space to earn free money. After the listing of a few projects in the later days after Notcoin, all the newbies who flooded the space with little to no understanding of crypto projects/investments got frustrated and began to pull back. Everyone felt that the games and activities plus time spent was enough to generate massive wealth for them in a blink.
A lot of numerous fake projects have since evolved, particularly those that will ask you to pay a tangible sum to claim your drops.
Memecoins, Airdrops, and cryptocurrency are a vast topic that needs your dedication to learning and understanding of these spaces before making investment steps in order to avoid wasting time, efforts, and finances in a bid to earn more. Don't ever gamble with your capital when you are not sure of the next 10X memecoins or whatever.
There are less risky and profitable investments in the crypto space; that is why we often emphasize the need for thorough research. The concluding part of this is how much I laugh hard at those who pay tons (tokens or any other gas fees) of tokens to claim Dust's in airdrops. I hope you are not one of them.🤗 Remember that you can either make 10X or lose 10X; welcome to cryptocurrency.