Post
Topic
Board Altcoin Discussion
Re: How can I understand meme coin good or bad position?
by
TelolettOm
on 22/11/2023, 23:57:22 UTC
Meme coins are simply meme coins. It all depends on the hype. We can see meme coins that will do 20 times better than DOGE but it all depends on the hype backing it. It is possible that a meme coin that seems like nothing suddenly gains a lot of hype and noise and the next thing it becomes the talk of the town. With this format with which they blow up, you can't really tell if they are good or bad because their value falls back on the hype level. I generally like to advise strong research before getting involved in normal Altcoins let alone meme coins. If you must invest in them, only do it with an amount that you can comfortably risk without FUD.
Since the price of Doge skyrocketed, so many meme coins, there are many risks that we have to face. So far, meme coins have always taken advantage of their hype period to become famous and ultimately skyrocketed in a short time. And herein lies the trap. because usually the price will immediately plunge and will not be able to come back again. And at that moment, many beginners end up trapped in a high buying position and cannot sell again at that price. So, large losses are often experienced here too. It would be better if you avoid meme coins if you don't know how to utilize them