Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars, simply by buying memecoins such as DOGECOIN, SHIBA or PEPE when they've not really gain popularity and later sold at a big marketcap. While this may seem very tempting to some persons, the bitter truth is that these investors fail to tell their audience how many times their hands were burnt and the losses they suffer.
Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.
Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.
There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.
It's amazing how a few dollars turned into millions of dollars. Yes I have had this kind of experience because I had a teacher friend who invested in Dougie. He earned several thousands of dollars from there but did not share his investment amount with us.
Newbies mainly fall into this lure and invest in meme coins or sheetcoins. When a meme coin or seat coin is listed in the market at the initial stage, their price changes in usage. This change makes new investors interested in investing. They then invest emotionally and eventually lose everything and sit still. Before investing they do not understand that investing in these coins is the most risky because there is no guarantee of earning money from it unless luck helps.