A famous one was published in England in 1984. Advertising for Kit Kat candy bars, where a promising young band plays the demo tape in front of a bored music executive. And after eating a bar, the manager says, “You can’t sing, you can’t play, and you look awful… you’ll go a long way.”
In some ways, this is exactly the appeal of memecoins for smart and intelligent people. But don’t be fooled: smart investors make a lot of money with useless memecoinsinevitably at the expense of certainly less intelligent people and with bad timing.
PEPE brings memecoins back into fashion. Source: Twitter
Timing is everything in Memecoins, because they usually do nothing but entertain and make money. Therefore, as there is no basis on which to base trading strategies, Is it possible to take a “smart” approach to profit?
On Yavi, co-founder and commercial manager of Syndika, answers this question with a resounding “no”. “Anyone who says there is any memecoin strategy is bullshit,he explains. The enthusiasm around memecoins is often associated with crypto-winters. and periods of decline.
“People feel the need to do something with their money and are too impatient to wait for the next bull run. These people aren’t interested in investing in real projects that take years to develop. They just focus on wanting to make quick money. That’s why.”
Vitalik Buterin’s best investment was DOGE
Even the co-founder of Ethereum, Vitalic Buterine – possibly the most knowledgeable person in the industry – He managed to turn $25,000 into several million by investing in Dogecoin. He told podcast host Lex Friedman in 2021 that he sold DOGE for $4.3 million during the 2020 lockdown; According to other past statements, he still needs to have around $20 million in Dogecoin in his portfolio.
Vitalik Buterin told Lex Friedman it was DOGE’s best investment. Source: YouTube
“It was one of the best investments I’ve made,He never expected such a profit when he bought it at $0.008. He eventually donated all of his earnings to GiveDirectly.
Tom Mitchelhill is a financial journalist who works for various cryptocurrency magazines and now writes for Cointelegraph: he is therefore one of the most knowledgeable people in the industry. He finds Memecoins fascinating and has been using them to make money for years:
“My interest is purely financial, just to make a profit. But there is also fun. They may be useless, but there is something culturally relevant about memecoins: How else can they get so many people involved?”
Dogecoin is the first and some say the best memecoin. Source: Pexels
What should be considered before investing in Memecoins?
Evgen Verzun, director of Kaizen.Finance – the blockchain platform for issuing tokens – is a big fan of memecoins. He very well understands the desire of many to go in search of the next memecoin that will explode:
“Let’s say you missed the ‘Dogecoin hyperbole train’ but still want to become a crypto millionaire. What should we do? You’ll have to go look for something like this that hasn’t ‘leached the station’ yet.”
Evgen Verzun is a big fan of memecoins. Source: Evgen Verzun’s blog
For about 120,000 lucky people, this year the train leaving the station became PEPE: This cryptocurrency is inspired by the Pepe The Frog meme, although it has nothing to do with its creator, Matt Furie. Project website, memecoinin “completely useless,But that seems to be his strong point.
For example, Mitchelhill loves PEPE:
“The current king of memcoins is PEPE: its founders have clearly said it’s no use, and it makes me laugh.”
According to CoinGecko, early May PEPE’s market cap reaches $1.5 billionthen it collapses about 80% in a very short time.
PEP price chart. Source: CoinGecko
Many top buyers have not made a good investment. Others, however, managed to make a steady profit by buying the cryptocurrency at extremely low prices and liquidating it before the value dropped.
Mitchelhill does not consider himself a gambler, as he invests very little and always tries to close the profits, however small. explain that The real winners are insiders who buy cryptocurrencies half an hour before they are released..
Mitchelhill made 500% profit with PEPE and chose to liquidate his position at this point. This is how smart investors work. Instead, most people tend to expect the price to be:
- increase more;
- back to all-time highs.
Pepe the Frog in the documentary “Feels Good Guy”. Source: “Feels Good Guy”
Three tips for memecoin trading
Sara Jane Kenny, an ambassador for Algorand and founder of OffChain Ireland, is another knowledgeable investor. says he succeeded Grow your portfolio even in bear markets with memecoin trading. DOGE has invested in PEPE, SFM and COOP:
“Everything has its pros and cons. […]. Many memecoins are born from pure speculation; they can then grow, extinguish or lay the foundations to build something useful with a good community. Personally, it’s my second most sought after.”
His three tips for trying to get profit trading memecoins: research, be patient, and aim for efficiency.
Sara Jane Kenny recently won the Communications Award at Blockchain Ireland. Source: LinkedIn
Kenny takes COOP as an example: he talks about the origin of the token, the developer team, the community, and how he explores current improvements. After choosing a promising token, start thinking about the most efficient way to trade, the fees you have to pay, the speed of transactions, and the price difference between various DEXs and CEXs.
Then recommend study the market and learn the patternsTo understand that you are approaching support and approaching a strong sales territory:
“Buy minimum, sell maximum: it’s easy to talk about but takes a lot of time to learn how to do it. You need to practice a lot and take notes as the market can be very volatile.
Remember to take profits and always invest money that you are ready to lose. You don’t have to sell everything: dollar-cost averaging both when buying and selling to maximize the effectiveness of each trade.”
Kenny believes that The best memecoins are those that have some sort of utility and have a strong community behind them.. That’s why he sees potential in COOP.
For the uninitiated, COOP is a cryptocurrency in the Algorand ecosystem, based on a series of comedy videos produced by Cooper Daniels describing a phenomenon’s journey to Bitcoin Beach. Distributed by the community, many games and content related to COOP were born over time: the largest token in the Algorand ecosystem today.
Finally, Kenny explains how to avoid shoddy projects:
“With regards to bad projects, we have to watch out for some alarm bells: most of the tokens have their creators, no real identity team or token or a schedule for future development of the community.
Also, note that the community isn’t just made up of robots.”
Even the Fed is pro-memecoin… at least according to this Twitter meme. Source: Twitter
first come takes
Harry Horsfall, CEO of Flight3, is optimistic about memecoins. When asked why smart people buy memecoins, he replies: being the first is often equated with being a winner.
Horsfall is a successful Web3 entrepreneur. His company was recently acquired by Steven Bartlett, a British-Nigerian entrepreneur who became famous for his participation in the Dragons’ Den show. Horsfall likes to trade memecoins because he feels in control and ahead of the rest:
“I think PEPE is great. It says very clearly on the website that it has no benefits and no roadmap. It’s pure network effect.”
Flight3 CEO Harry Horsfall thinks PEPE is ‘perfect’
Horsfall explains that people enjoy investing in memecoins. He dreams of being rich one day thanks to these assets.:
“We invest in ideas. True, 99% of them won’t work… but there’s always that 1%.
If you look at Dogecoin, a lot of people bought the asset when its price was just $0.0000… […] It’s like winning the lottery. We’re all on the road, working day to day, but maybe we’ll win tomorrow.”
After all, even NFTs are memes
Neil Bodl, full-time entrepreneur and founder of BodlNFT, took time off from work to study the dollar-to-cost average in Bitcoin and Cardano. Unfortunately, it has only just begun with the arrival of the bear market. But when the market bottomed out, NFTs caught his attention:
“Digital art and popular culture have always intrigued me. For example, I’ve known Dogecoin since its inception. But overall, memecoins need the right environment and community support to work.”
Neil Bodl, full-time entrepreneur and founder of BodlNFT
Bodl has known about the Pepe The Frog meme for a long time. While observing the conversations on Twitter, he realized that a memecoin based on one of the most famous memes on the internet could be an excellent investment opportunity:
“A meme like PEPE spreads faster than words. […]
The psychology behind all memecoins is extremely simple. People only want two things in life: food and fun. Memecoins meet these needs by providing entertainment and money. This is in general. But in practice, it’s all about balance, as no one can get maximum money and maximum fun at the same time.”
Bodl argues that more experienced traders can take advantage of the entertainment aspect to make big money.
“I’m not ashamed to say I love memes, but my approach to them reflects their philosophy: I see memes as just a game, as they should be. Crypto purebreds think that memecoins are discrediting the entire industry, but if it were that easy to undermine their credibility, there would be much more serious problems to deal with.”
Translation of Giorgio Libutti