Re: A Meme coin investor turned $8,000 Investment into Billion?
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Well the maths is pretty simple here, it would mean that he was able to make 125,000x out of his starting capital!
Sounds quite realistic to me... Someone who bought bitcoin for $1 would now be at 64,000x. It's nonsense of course... Oh now I see you are talking about $5.7 billion! lol then it would be 125,000x * 5.7, which is 712,500x. Erm let me think, no... It is true that some meme coins like DOGE were at $0.0002 and peaked at around $0.65. That would give someone 3,250x. No way there was someone making 712,500x with a meme coin. I think everyone would have been talking about that and such a topic is unknown to me.
If this story really exists, at least the meme coin should be known and mentioned here. I also think that the lottery for meme coins is over in terms of those profits that people could make many years ago. And that's a good thing because too many people got fucked up and immediately lost their interest in bitcoin too.
For me, the good would be in the meaning that everybody understands what a meme is. Why do people follow memes. What that coin is about. Not many people are eager to learn about blockchain, liquidity, types of proof for nodes, etc. They just want the money, and that's fine (it's the nature of ours, even if sometimes it leads to bad consequences). People can enter crypto through the memecoins, and if they were eager to go deeper than that, they would find lots of information that they would never think of, how to thrive there and how minuscule in comparison the memecoins are. Or, they would drop it all off and end the story here and there. The memecoins, in my eyes, are the natural selection method of sorts, in this example
Yeah, memecoins have good and bad sides for those who just came to crypto and are eager to start pumping money without much knowledge behind it. Nevertheless, it's these lessons in terms of whether you should go into such coins or not which shape our experience and analysis capabilities, thus allowing us to improve in the long term.
I can't really see the good sides about them. They are pump and dump coins, except for a coin like DOGE that somehow established itself in the top ranks because it had the advantage of being the first of its kind I think. But even DOGE sucks. Although I don't really care when people feel the need to put their money into those coins. They should do whatever they feel like, but I'd never recommend buying one of those coins.