Meme Coins Explained
The simple answer to the question 'what are meme coins' is that they are coins inspired by a joke on existing popular cryptocurrencies.
Most meme coins are short-term gain coins, meaning they are not coins you should hold for long. Instead, the deal is to buy and sell off once you make your gain.
Many meme coins are currently on the crypto market, including Dogecoin, Shiba Inu, Safemoon, and Kishu Inu. Why sell off the meme coins so fast, you may ask. Though most meme coins are gain-making coins, they cannot be trusted. Meme coins have an intense volatility volume, and they cannot be predicted at all. A meme coin may be down one minute then rise so high the next - and this goes both ways.
To invest in meme coins, you must be fully watchful, cautious, and know when to pull out your investment. Meme coins have made cryptocurrency investors millionaires, but many have also suffered significant losses. Fear of missing out (FOMO) and greed are two traits you shouldn't have when investing in meme coins, or really in any coin in the crypto space.
The value of a meme coin comes from the number of people that value it. The coins are often meaningless and with no purpose, but most have the capacity to make investors richer quickly. Or poorer. You could call them surprise coins as that's what they do; they are full of surprises, both negative and positive.
Are Meme Coins Worthwhile Investments?
Anything that brings a profit is worthwhile, but in the case of meme coins, you have to be thinking short term. You must be on your toes all through the period of investing.
Whether you choose meme coins or not, investing in cryptocurrencies can involve risk and requires a high level of care. It is essential to DYOR (do your own research).
Also, remember that some meme coin offerings are scams. There have been many cases of scam coins being pumped high at the beginning and then dumped, so the value dips quickly and catches investors out. Be on the safe side: DYOR and invest wisely.
General View of Meme Coins
A lot of people think very little about meme coins. When the trend began, serious crypto investors ignored them as a waste of time. However, that attitude has changed due to the spectacular profits some of these coins have made people.
If you choose to invest in meme coins, understand that they are highly volatile and come with risk. Do your research and invest carefully.
Author: Shelly Kay
Shelly is a content writer, blogger, and ghostwriter with more than ten years of experience. She is a top-rated seller on Fiverr, providing digital marketing content that increases search engine visibility making websites gain social media attention.