Nobody would have thought that the 223 second memes that are based on certain politicians, celebrities and many other people are going to generate a highly profitable business in the form of meme coins. Even the current president of the United States is evolving himself with meme coins too. Now the tokens which are minded with the celebrity Memes are going to generate such profits and become highly profitable assets for the country as well as people.
Meme Coins
These are more like casino chips than any profitable or regulative investment. Meme coins are based on solely the hype of a certain meme. Social media plays a huge role in the popularity or the fame of the meme coins. There is no high value for these coins as they are solely based on the hype of social media.
At first these coins were created as a joke over the Internet. But with the passage of time and the gain of popularity these coins became more than just a parody. Such as DOGE coins and SHIB coins et cetera.
Although meme coins might seem easy to avail, the fraudsters are not even leaving these out. The authorities of the United States took charge against the crypto farms and individuals. Because they were involved in the fraud of others.
There are people who not only manipulate the market, but they use pump and dump schemes too. In which the prices get inflation and their rise immediately. And whoever invests late bears the loss.
Even if you don’t take these hazards into account, there are other factors that you should keep in mind if you’re going to invest in the meme coins.
These coins are extremely volatile. Which means that their prices can easily go up or low. And this unpredictable behaviour often leads the investor towards the loss. If you’re lucky then you will get the profits otherwise the loss is for you to bear.
Many meme coins do not have what a good cryptocurrency has. They are extremely Lacking in viability. Because these points and coins are higher in their risks that’s why the scammers try to take these coins all the time.
Apart from all of these issues there is an issue regarding the liquidity of these coins. Because these coins are unpredictable and their value can rise or fall at any time it gets really hard to move these coins. Which means the training of these coins is extremely difficult.
Conclusion
If you’re trying to invest in these coins it is best if you do not take all of your investment into one point it is advisable that you keep your investment in different cryptocurrency. Rather than dumping it all in just the one currency of the time. This action eliminates the risks that are involved in the business of cryptocurrency.