Cryptocurrency Investing

Shit coins and Meme coins Season?

Apr 26, 2023

There are "lucky" guys who invested early and turned a few hundred dollars into millions. But do you know the guy personally? Was it a setup for someone to win by the scammer so that others would follow with FOMO?

114 Meme Coins Scams recently by 1 person?

As the saying goes, where money flows, everyone follows. Meet scammers, gamblers, degens, victims, paid influencers, and more. I can only wonder how many frogs, dogs, and GPTs are in those coins, and most of the time, you won't know their creator...

Meet ZachXBT, a crypto detective, an On-chain sleuth who would track down transactions, and dubious people to present them on Twitter in his own free time.

Only Invest What You Can Afford to Lose it All

Don't just think that "this one could go a bit more...", if you are not at the beginning, you might as well forgo the risk. This one person created over a hundred meme coins to get people to invest. What makes you think he won't take the profits earlier on a particular one?

Most importantly, you must be able to sell your tokens too. Some are "locked" by the founders until they "choose" to unlock them. Some don't have any more buyers after a certain price or even period of time.

If you are in crypto for more than a year, most likely you would remember the Squid Game "meme" token, SQUID that rug pull with the developers pulling the plug, taking all the profits in seconds...

There was even a "legal firm" collecting money from victims to sue the developers, which turns out to be a follow-up scam...

The following screenshot shows what it is today after some victims get together to try to revive it. There were other squid tokens back then as well...

What is a Meme Coin?

A meme coin is a cryptocurrency coin or token that generally does not have any real purpose, value, or utility, and is based on popular trends, jokes, or internet culture that are designed to be lighthearted, viral, and fun.

Example like the Squid token above when the Squid Game Korean drama became NetFlix's No. 1 Show of All Time. Some scammers even lied about their token being affiliated with the show and the actors.

Personally, we did not buy into any meme tokens or even meme NFTs yet. They can be lucrative if you know what you are doing. It's just us being a noob and choosing not to participate in or support such activities.

So, would you be taking part in this gamble?

Among the hundreds of useless memes and shit coins, there could be one winner among them... In this recent run, PePe, the frog is a winner with a 500X in 2 weeks, emphasizing it's X not %.

A $100 dollar investment could become $50,000 in 2 weeks - Such is the volatility and irrationality of the market that frustrates genuine builders, developers, serious no-nonsense investors, and those that were "burned" before.

But this is the culture, and we won't even be surprised that it can still go on further. but like the Squid token, it can go to zero in a minute. So, if you are in it, remember to protect your capital as soon as you can so that you can hold on pure profits.

Another thing to note is that to find such a wealth multiplier, you will need to use a decentralized exchange like Uniswap. On a decentralized exchange, you would also have to use MetaMask to hold your tokens, and every transaction will cost you gas fees.

Until when such a coin grew big in terms of volume and community, then a Centralized Exchange like Binance or KuCoin would list them. That's when it would grow bigger as basic users would be able to invest in them, but that may also be when the early investors would cash in.

CZ, Binance CEO, just mentioned in his AMA that any coin that has the volume and community and sticks around for long enough will be listed on Binance when asked when will Binance be listing PePe.

One last thing to note, a look at CoinMarketCap search results, there are already 49 "PePe" coins... Make sure to pick the right one.

This brings us to the next section...

How To Create a Coin(Token)?

Usually, only Layer1s are termed as coins as we require them to carry out our transactions. And layer2s are known as tokens. But that's not the technical part that we want to dive into in this topic.

So how hard to create a token? 27 seconds hard?