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Many people are investing in Meme Coins like DOGE and SHIBA but they are disappointed because they say they are losing money on them. But according to others, there is a way to invest and get rich. OK. If you don't get rich, you might earn a "pretty penny" if you trade them.
Personally, I don't pursue investing Meme Coins. But I know there are some who are thinking about it.
So I did a little research on this topic and I am sharing the results for those who are interested. The QUOTES are what I perceived to be the main takeaway from the articles I read. My NOTES are to be taken with a grain of salt; meaning I'm not a financial advisor, it's just my point of view.
“Meme coins are cryptocurrencies that have gained popularity in a short amount of time, usually as a result of influencers and retail investors promoting them online.
Dogecoin is the original meme coin: It was created as a joke based on a meme back in 2013. It rose to fame after Elon Musk began tweeting about the cryptocurrency, and retail investors started buying in droves.”
“Major cryptocurrencies like Bitcoin and Ethereum were developed to solve real-world problems. ... Meme coins, on the other hand, serve no real-world purpose right now, and most of them were created as a way to make a quick buck.”
NOTE: Some people have compared investing in meme coins to gambling; and believe that while you can make money in the short term, but it would be wiser to invest your money for the long run. That is sort of like an advertisement that says instead of buying lottery tickets you should have bought life insurance, so your family would not have to scrape pennies together to bury you when you die!
Meme coins can be a laugh or even make you money – but they’re also scam central | MoneyWeek
“But a scam is a scam is a scam, no matter how you dress it up, and meme coins HQ is also Scamsville.”
NOTE: The article writer cites the Squid Game tokens as the best scam example. Some investors learned a painful lesson. Since the title of this article contains the word “scam”. I suggest you read it very carefully. More than once if you have too. You don't want the rug pulled out from under you.
Meme coins: Doge vs Shiba Inu - what are these 'joke' cryptos? | This is Money
“The two coins, which started as a joke relating to the world's richest man, Elon Musk, have made it into the list of the most valuable digital assets.”
“Meme coins may have started as a joke but they do act like other cryptocurrencies as a payment system, particularly for cross border transfers.”
“According to information on Coinbase, unlike Bitcoin - which is designed to be scarce, dogecoin is 'intentionally abundant.'
It is claimed 10,000 new coins are mined every minute and there is no maximum supply.
The same can be said of Shiba ...”
NOTE: To the cautious investor like me, if you think Bitcoin and Ethereum are risky investments, then Meme Coins are even more risky. If you're a billionaire like Elon Musk, maybe you can take that risk. But if you're broke and don't want to become broker, then you might twice. You could sort of look at the meme coins like penny stocks and just buy a “little bit”, grab your profits when you can, and save your gains for a rainy day. The article writer warns against investing in Meme Coins; however, he does make a good point about Bitcoins. At one time, many in the financial world said Bitcoins were worthless and very risky too! Who really can predict the future??
Investing In Memecoins: Essential Tips On How To Find The Next 1000×