I know you already know, but it is November 18th, 2024, and there are less than 6 weeks until the end of the year. There will be a lot of dust in the crypto space over the next six weeks, and some ignorant retail will provide exit liquidity for some of the biggest meme coin profiteers.
Memecoins are everywhere you look; you breathe in, a meme coin, you breathe out, a meme coin, the moment you check the market, a meme coin doing 200%, you turn off notifications to focus and not get trapped, someone posts an update about how they just turned their $2 into $500, and as if that is not motivation enough, another person pops up and says they have already made $5,000.
This is how memes sell; you might be surprised that there are no intrinsic values or products, but people keep dumping their savings, which are real-world assets that could ruin them if lost. I believe most of these coins are receiving a lot of attention because alt season is lagging behind and people need something to fill the void.
When alt season arrives, the meme hype may subside slightly because people have now begun profiting from real crypto projects and are probably gambling less than they used to.
Make no mistake: trading meme coins is extremely profitable. You can actually make huge profits from them, but like most real crypto projects, you must go through the learning process.
Meme coins are similar to forex trading in that you must understand how they work in order to profit from them; just because they appear to have no fundamentals does not mean you can go in and walk away with a large sum of money. There are several principles involved, including understanding the community, project owners, project principles, and, most importantly, knowing the entry and exit points. However, the meme market is extremely saturated, and most people invest in the coin that is pumping the most.
There are Fundamentals
The people who profit the most will be the biggest winners, and this is because they have done the fundamentals. It appears unfair when you see people profiting from meme coins; it appears that they have done nothing, but they have done just enough to enjoy the profit.
Some of the guys build communities, doing giveaways to people who have bought their coins, building massive online dominance, creating a lot of hype, paying influencers to shill them, and them getting their numbers up to even attract more people.
Most of the meme coins you see were created by some of the most dedicated individuals, and then they build the project sufficiently before becoming overly greedy and exploiting their community. This is why some of the most well-known meme coins will become the face of meme coin, and they will most likely remain relevant indefinitely.
Greed
Meme projects are notorious for being greedy, but I occasionally admire these guys' marketing and shilling abilities. Influencers do not shy away from accepting money and promoting these projects; however, unless a meme coin actually shills itself, I believe most influencers are only shilling because of the inside information they have and the influencing money they have been paid.
There are not many influencers who care about the people they are influencing; some of them make a "deal with the devil" with the owners of these meme coins.
The clean money in meme coins is probably making decent profits, but the guy making millions of dollars is probably doing a lot of shady stuff behind the scenes, and regular Joes and passersby are the ones who lose out in the end. In reality, I implore you to exercise caution if you are going into meme this season.
You might want to go low, take out your initial investment when you are already in profit, and do not believe people who talk about making one million dollars with $50.
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