I have always talked about how memecoins are gamble coins and if you are participating in any memecoin investment, just know that you are gambling real good. Your money can go from $100 to $1,000 in less than a month and can go from that same $100 to $1 in less than a month, it’s all left to you on how you can control your mind during this period. One of my new year resolutions was taking more risks this year, just so I can see how lucky I would get, because in the crypto market, you need luck. Luck to know when to enter(your entry position) and luck to know when to exit (your exit position). It’s all about timing, if you can time the perfect bottom and perfect top, you will be one of luckiest people in the crypto space.
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Back to memecoin investing, Solana memecoin has been the trending thing on the Solana space, I decided to see this as an opportunity to ape in on some memecoin. Due to my earliest knowledge of memecoin investment, the right time to buy memecoin is when they launch and get listed. This way you are one of the early adopters, or rather investors. So I came across this memecoin few hours after launch, and the price was still very low, I was excited because I just saw myself as an early investor. So I sped in without knowing that things in the memecoin world has changed. How so?
So I noticed that ever since I bought the memecoin, the value has been dipping real bad, I was wondering why? Then I decided to go to the discord of the memecoin, and realized that before launch, the memecoin had organized some kind of airdrop for early users. So if you joined their discord before launch and did some tasks, you would get free airdrops. Now my mind was blown, because we all know what happens with airdrops, the recipient always make sure they dump it real hard. I mean, it’s free money. Now I have two options, I can either sell and take my 20% loss or risk my whole portfolio and hope it pumps later.
After the first few batch of airdrop, I was relaxed, okay, now the airdrop was over, may be we will start to see some pump later, I mean, I was among the first investors, I deserve to see my 1,000% pump. The moderators of the discord gave announcement for another set of airdrops, I was so mad and angry, I kept typing on the discord begging them to stop this airdrop. I didn’t know about this airdrop before I invested huge money on this memecoin. But that is not their business, I should have done more research before aping, it’s all my fault. Now my bag is down 40% and there is another upcoming airdrop. At this point I was tired and ready to give up. My first memecoin risk and it’s already looking like a very bad idea.
Few days later I decided to check my investment and I was down 82%, at this time I was angry because I did everything I thought was right but this time, I didn’t know the rules had changed. So I took my loss and sold my remaining tokens. Decided to check the memecoin today to see how it’s doing and this memecoin just pumped 700%, after I had removed my money. For my own mental health and peace of mind decided to leave the chart and never check on them again, because this experienced had messed my mind up. But a great lesson has been learnt.
The lesson is always, take your own advice because I have always advised people to consider the money they were investing in memecoin gone, because it’s a gamble, you can either make it big, lose it all or be like me that is regretting because I took my loss only to come back and see that the token pumped 700% after I sold.