Story Highlights
- Meme Coins’ Unpredictability: Celeb Meme Coins, Presales, and Meme Coins are highly unpredictable, like lottery tickets.
- Investment Risks: Advice to buy unknown meme coins is often self-serving, with many projects being scams or using new investors as exit liquidity.
- Community Advice Caution: Seeking reassurance from community groups doesn’t guarantee a project’s legitimacy or future price growth.
Here’s a good tweet I came across from Crypto Tony a couple of days ago. It is 100% true and might help some newcomers navigating through the current flood of meme coin lauches (though the categorization can be debated).
Especially the first three categories — Celeb Meme Coins, Presales, and Meme Coins — are absolutely unpredictable. You could even include Low Caps in this. There’s absolutely no point in asking whether it’s still a good time to invest in Turbo. Furthermore it doesn’t matter what members of certain facebook or telegram groups thinks about Beercoin, Trumpcoin, or whatever else is trending right now. You might as well ask your pet, your grandma, or even your toaster. And of course, there is always a wise guy who claims they predicted a rise in some no-name meme coin… but as the saying goes, “Even a broken clock is right twice a day,” for every correct prediction, there are easily ten wrong ones.
Meme Coins are like lottery tickets
I’m not saying you can’t make money with them. I’ve done it myself (and also failed). But it’s impossible to make any definitive statements about such shitcoins. The people advising you to buy a certain unknown shitcoin are just holding the coin itself and want you to jump in to increase the market cap/liquidity. In the vast majority of cases the project is either a scam or you are too late and are just the exit liquidity for some whales.
Asking advice on the potential of some presale memecoin or whatever is the same as me asking my next door neighbour about the winning numbers for the lottery. I know that it feels good and is somehow reassuring when you get comfirmation that others are invested as well. Just keep in mind that it doesnt say anything about the legitimacy of the project nor the development of the price.
Of course, this post won’t change anything. There are several newcomers out there preparing a post asking about the pump chances of the next pepe-like meme coin right now. Try to be less like them.