It's true that people always have interested in memecoin. I heard many strange memecoin names. i avoided those and was launching at corner. But it seems revolution happened in memeocin industry in the start of 2023. In that yeat, a lots of memecoin had come in crypto market and made people millionaire. Pepe, Bonk, Meme and so on. and in 2024 WIF and BOME again have created hype and made people millionaire again. Now memecoins are in demand due to the possibility of higher returns. And it makes people crazy. What's your opinion about this?
2023? What revolution is that? Meme coins have made people millionaires just like cryptocurrencies in general have been making people millionaires since they became a thing. They have also ruined lives because it's just basic math that not everyone can turn millionaire. That money has to come from other investors. And those people will lose money if it crashes. This is why many people see crypto as ponzi scam, even though it wouldn't be. But the basic idea where the money comes from is similar in all the speculative markets. Major difference being that most of the people don't even stop to think where the money comes from or how is this valuable. And obviously no one is saying that profits are a sure thing. They are as possible as getting rekt.
I don't think its justifiable for some people earn millions about this since for sure that a lot of people suffer from scams on this meme coins. I would rather discourage those people trying to invest on meme coin since even if there's something potential for them to earn there but they need to understand that there's more higher chance for them to lose. So better ignore meme coins totally and they should participate on long term investment on bitcoin since this could give them more proper result. Yeah this is the reason why there are people calling crypto as ponzi schemes since those scam coins leave an impression for those people that they will just bloat up if there's still a lot of people will buy them and became so bad when no more demand coming then the owner start to dump their own holdings.