One of the quickest ways to make few hundreds of thousand of dollars is to trade memecoins, its the gamble section of crypto, your money can skyrocket to 10X in a week or event 100X in a month, and it is done so quietly you dont even here about them, because they are literally here for a good time and not a long time. In a week, tens of memecoins have 10X and 100X but we didn’t hear about them. But let a token with use case and utility gain just 20% increase, you see how popular they get. Looking at the case of XRP, after the law suit case and XRP was declared not a security, we were expecting XRP to 2X or 3X but instead it increased to just 80% in value which is not upto 100%.
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Trading memecoins has its advantages and disadvantages, the advantage is that it can help you make huge profit in a short time, but if you are too greedy and refuse to take your profit as soon as possible, you might just end up losing all the profit you got. But then, the advantages are a lot, you could lose all your money through massive dumping or you can lose it through rugging. let me give you a little explanation of how the term “rugging” came to play. When someone gets rugged in the physical term, it means they were standing on a Rugg and the rug was pulled under them, forcing them to fall and hit their body on the floor. I haven’t seen someone get physically rugged before, but I have seen it in movies and cartoons. So same thing is applied in crypto. Let me explain.
When a coin or token is created, to give the token or coin value, liquidity is added, this allow people trade the coin for real value, for security and rug purposes, this liquidity gets locked on the blockchain. So the devs dont play foul plays like stealing the liquidity for theirselves. When the devs remove this liquidity while the investors are buying and trading the token, the token loses its value massively, making it almost untradable, living the investors with valueless tokens, which is not but a smart contract programmed code. Completely useless. I have experienced it once but I only invested about $10. That was all, glad I didn’t invest more. But that experience made me do my research and learn more about crypto rugging.