Memecoins are begining to wane, and a lot of memecoin traders are beginning to lose interest in trading memecoins. This is because of losses, memecoin trading had always been more of a loss for a staggering majority of traders.
Look at this report from Binance on November 2024:
This one from Bitget on 11 January this year:
And this for February:
Seeing these stats it is clear that only a few people make it in this game. We all know one or more people who have made some good thousands from memecoins and this makes one wonder how it could be that winners are so few.
But if we check, most of us would find out that we don't know them personally, that they're just few online people who have millions of people pointing to them as those who have made it with memecoin trading.
The tweet above is right, memecoins are about transferring wealth from gamblers and normal people to the hands of devs and insiders. Mormal people didn't really stand a chance.
Memecoins are all about getting inside information or early enough information, buying early and selling off when the crowds start coming to buy.
I get shook anytime I think about how much devs and insiders must've made in the past year or so since memecoins became hot. We're talking hundreds of millions of dollars to billions.
All from having communities that would clearly attract buyers, creating a memecoin, giving yourself and friends a good supply, and selling when you launch and the buyers come running in.
Most people who traded knew it was a gamble, though, they knew they didn't really stand a chance, but they had to try because they could be lucky, a few of them indeed got lucky and their lives changed forever, so..
But the losers were so many and we're probably seeing the end of memecoins, even though it's highly doubtful a thing like that can end, it can only decline considerably, but people always like a good gambling chance. The possibility of 1000%+ would always attract people and the opportunity would kill off fears of losing.
We need memecoins activity to dwindle to at most 20%. If not for memecoins the altseason would have been here already 🤦🏾♂️. Memecoins are also giving crypto a bad name.
The End
Hi there, buy my novella Professor Otagburuagu. It promises to be thoroughly entertaining and intellectually stimulating. Written by myself and illustrated by Scandinavian artist @ katharsisdrill. You can get it from me for just 4 HBD.
You can also order the hard copy from anywhere in the world via this link:
https://katharsisdrill.art/the-katharsisdrill-shop/professor-otagburuagu/
Thank you!
