The public love meme tokens, but will these shitcoins become hit-coins, or will those micro-caps turn to mega-crap?
Not Only The Cream Rises
Micro-cap memecoins are garnering significant interest from retail investors, according to the latest chart data from CoinMarketCap (CMC). Of the top 10 ‘Most Visited’ pages on the price-tracking website, nine out of 10 are micro-cap coins.
The odd man out of the group, and the only major player to make the top 10, is Bitcoin, which slips into the chart at the lowly position #9. This puts it four places behind Baby Poocoin at #5, and eight places behind the chart-topping Golden Doge at #1.
Rags to Riches to Rags
Investing in meme tokens is a highly risky strategy for any investor. In a tweet on August 8th, popular crypto educator Bagsy, offered some advice for anyone who might be considering an altcoin investment.
“If you’re asking yourself which #altcoin has a higher likelihood of future price appreciation, bet on the exchanges and protocols that are producing fees and income, not shitcoins with f***ed token metrics and the avatar of a cute animal,” he opined.
While protocols and exchanges may be where the smart money is, sometimes the dumb money wins.
As we reported in May, a crypto trader called ‘The Kennel Master’ successfully transformed $1,800 into $3.5 Million in a matter of months, trading only dogcoins.
It wasn’t all upwards travel. The dogcoin market later stalled, and some tokens retraced, erasing a significant chunk of Kennel Master’s gains.
To underline the danger, these tokens pose data provided by Kennel Master shows that some of those dogcoin investments transpired to be rugpulls or scams.
From Genesis to Flood
In 2008, Satoshi Nakamoto published the Bitcoin whitepaper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System”. In this ‘let there be Bitcoin’ moment, the world was introduced to blockchain technology and decentralized uncensorable money.
With that also came lofty ideals of money without borders, banking the unbanked, and a fairer, more democratic financial Eden, free of the overreach of centralized authorities.
Today, blockchain technology is drowning in a deluge of cat and dog coins, including Pampther (#7 on the CoinMarketCap’s most viewed list) and Shiba Inu (#10). They are joined by animals of all varieties, copied and emulated in two-by-twos, dovetailing the memecoin arc even as the crypto community strays further from Satoshi’s light.
The animals are not alone. They have company in the form of mothers, fathers, babies, cute anime characters, literal shitcoin, and Elon Musk’s sperm.
CoinMarketCap data proves just how successful these coins are in capturing retail interest, at least in the short term. Longevity is far from guaranteed, however.
The Most Viewed Crypto Top 10
Golden Doge – A variation of the Shiba Inu dogcoin craze. Transaction fees are collected into a ‘vault’ which pays out to users in the form of BNB every 24 hours.
MoBTC – Earn 5% on all transaction fees with “Mindless Mining” from “Mother of Bitcoin.”
DirtyDoge – “The dirty girl of the Doge family.” Website down at time of press.
RichQuack – A get rich quack scheme. 5% transaction fees and deflationary tokenomics.
Baby Poocoin – It’s a poo.
Catgirls – You can finally own an NFT catgirl, if owning an NFT catgirl is relevant to your personal interests. Go ahead, we’re not shaming you.
Pampther – A deflationary token on Binance Smart Chain which also includes its own game.
Ethereum Chain Token – The most 100% genuine not actually anything to do with the real Ethereum token on Ethereum.
Bitcoin – The original micro-cap gem. Has since moved on to bigger things.
Shiba Token – One of the more successful Shiba Inu projects. This one has demonstrated some longevity.
Having Fun(?)
For crypto degenerates who invest in memecoins, profit may only be one consideration. Traders such as Kennel Master seem to revel in the sheer stupidity of memecoin trading, treating its volatility as a feature rather than a bug.
There is also the social aspect to trading shitcoins, which often have dedicated Telegram communities of highly engaged users. This promotes creativity, camaraderie and a twisted sense of humor.
Memecoin collectors who can afford to take both profits and losses in their stride may find there is fun to be found in this market. For those who have more modest bankrolls, memecoins may not be a wise investment strategy.
After all, losing all of your capital in a shitcoin rugpull must be one of the saddest reasons to return to work.
Source : bsc.news
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