I understand that a lot of people use the terms investing, trading and gambling in similar ways, yet I still find your use of the term "investing" to be an inaccurate description in regards to what is happening, and how folks gamble/trade with various shitcoins, and sure it is possible that in some cases, some of the guys may well be attempting to take a longer term position and to hold onto the coin with thoughts that it has some kind of fundamental value, rather than just attempting to play pumpamentals.
I can't disagree with you Jay as you're much more knowledgeable than me and thanks for correcting me that using of the term "investing" wasn't appropriate in that area. The shit coins or meme based shit coins are everywhere these days and we can't really change someone's mindset to not gamble those meme coins or in simple words the shit coins which are useless with no utility and no good community.
That friend of mine did the initial purchase because he was also someone who got excited about the coin because in his mind he thought that if president of United States of America is launched its official coin and it went up so fast so it might go high again and that was his mistake. I was somehow informed about those coins and crypto market and that's why when he invested money initially in that coin or we can say gambled money in it when that coin's value was at $25 then I told him to not to put more money in it now and wait for sometime as the coin will dump below $13 or maybe $10 and there's chance that it might dump below $8. I told him to DCA in those ranges as his money was already in that meme coin, he was trying to put all of it at $22 but I told him to not do that.
My intention was to help that guy and fortunately he's got his money back and that's a good news for him and I told him to not put money in such coins again as it's more like gambling than investing. But, we can't really change someone's mindset, however he said he won't be going for such coins again and I also told him to stick with Bitcoin as that's the only coin that can be hold for long term and do DCA in that coin instead of those shit coins.
Basically, some people want money in shortest time and that's when they make such mistakes and those who truly understand value of their investment never even look toward such coins. Once again I will change the term investing to term gambling in meme coins and even if we call it gambling then such type of gambling isn't for everyone.