No, you should not buy meme coins like Shiba Inu and SafeMoon. In fact, you should avoid them like the plague.
Have you recently found yourself wanting to load up meme coins?
Maybe the fun dog-themed branding makes you swoon.
Or you’ve seen your favourite celebrity loading up and if it’s good enough for them, then it’s surely good enough for you.
But please, stop yourself right there and read this blog first.
We go over what meme coins are and whether you should buy the two most popular versions in Shiba Inu and SafeMoon.
Spoiler alert, AVOID MEME COINS LIKE THE PLAGUE!
What are meme coins?
Meme coins are joke cryptocurrencies.
A common misconception is that they are cryptocurrencies that are based on jokes.
However, they literally ARE the joke.
Meme coins are a parody of Bitcoin and were never intended to actually have any real value associated with them.
The creators and early meme coin communities are literally laughing at you.
LOL!
But markets… well more so the human beings that make up markets, are wild and wacky creatures who are willing to pay for dumb shit.
Instantly giving meme coins real value.
Head explosion!
Yep, meme coins now have value simply because the same people who meme coin creators are laughing at, are hyping and then buying these meme coins for real money.
So who’s really the joke here?
Well, that depends on where and when you got in.
And most importantly, where you got out!
Yep, past tense.
No, you should not buy Shiba Inu
There’s no better example of this community hype than what we’ve seen in Shiba Inu.
I mean just take a look at the chart below.
What you can see is a huge spike up as the uninformed community hyped the shit out of SHIB to each other.
“It’s the next Dogecoin and it’s super cheap right now. Much wow!”
Lulz, good meme content.
Well, they bought it for whatever price it was going at because hey, it’s a lot cheaper than Bitcoin so must be good value.
But in case you haven’t noticed, the price of Shiba Inu coin is now dropping like a stone.
The better informed, early investors unloaded their worthless joke coins that the uninformed community had given value.
So we can see that the answer to who’s really the joke is most definitely those buying meme coins like Shiba Inu because of the hype.
Stop.
Don’t do it.
Please.
This is all before we even go into the fact that Shiba Inu’s DeFi platform called ShibaSwap is literally a rug pull waiting to happen.
There is no other way to describe it.
No, you should not buy SafeMoon either
When it comes to buying meme coins, the other darling of the space is SafeMoon.
If you are asking why SafeMoon is popular, all you need to do is look at this meme coin’s name for the answer.
I mean the name literally says that it’s safe…
And that its price is going to the moon…
I mean with those fundamentals, you’d be mad not to buy it!
Can you see the meme here?
SafeMoon is literally a scam coin, with tokenomics that resemble a pyramid scheme at best.
But taking a look at the following SafeMoon chart, you can see the same pattern of smart money dumping on the dumb money that gave it value.
When it comes to meme coins, those holding the bag become the meme.
You’re being laughed at.
Nobody likes being laughed at.
Avoid buying meme coins like the plague
Meme coins are only funny if you’re on the right side of the joke.
While it’s possible to make money buying meme coins, you have to get in early and put yourself on the right side of the joke.
Be the one that’s laughing at and dumping on the bagholders who are hyping your investments for you.
If that sounds like a dog move (pun intended), then you’d be right.
With the sheer amount of value-adding cryptocurrency projects out there, you’re most definitely better off avoiding meme coins like the plague.
Take an extra 5 minutes to look past the celebrity-driven headlines and into the tech being developed in this space.
There are better ways to get rich than buying meme coins.
Best of probabilities to you.
Direct from the desk of Dane Williams.
This blog is exclusive to leofinance.io
Why not leave a comment and share your thoughts on whether you should buy meme coins in the comments section below? All comments that add something to the discussion will be upvoted.
This meme coin blog is exclusive to leofinance.io.