On Oct. 26 a coin called $SQUID was launched by a group with no affiliation to the creators of the hit Netflix show -- the first red flag. As memecoins sometimes do, it exploded in growth. After listing at 12 cents, on early Monday morning it briefly hit a peak of $2,800.
Then, as memecoins are also known for doing, it all crashed. In an instant, the price fell to one third of one cent, where it remains at time of writing.
So the question is how people still believe in all that stuff?
Easy money is very hard to catch. Especially while there are coins like Crypton privacy coin, which gained 50% right after the new listing and gained 50% more in the next 2 days.. People still look for some scams on their own. OMG, will it ever end?
Then, as memecoins are also known for doing, it all crashed. In an instant, the price fell to one third of one cent, where it remains at time of writing.
So the question is how people still believe in all that stuff?
Easy money is very hard to catch. Especially while there are coins like Crypton privacy coin, which gained 50% right after the new listing and gained 50% more in the next 2 days.. People still look for some scams on their own. OMG, will it ever end?A lot of people make a living off running fraudulent cryptocurrency schemes like these. They launch coins, pump them full of volume, then dump the coin and disappear. There's no way to guarantee any investments will be safe, and this is especially true if you're trading altcoins your understanding of which is limited. That said? It's still possible to get rich quickly from crypto investing, as long as you keep in mind that it's a risky business because a lot of cryptocurrency startups are fraudulent and will end in tears for their investors; these scams happen all the time.