So what is the best Meme Coin to own?
Before we answer that question, let me be brutally honest…
Most meme coins are no less a scam than Nigerian princes offering you riches via email.
But with any scam, there are always winners and losers. And if you know how to play it, you can actually make some decent coin by buying and selling the right meme coin.
Now, if you’re unfamiliar, a meme coin is a cryptocurrency inspired by Internet trends or memes. Some have proven to be relatively legitimate, such as Dogecoin and Shiba Inu. And when I say “legitimate,” I mean that they have shown to have some staying power and boast pretty high market caps. This doesn’t mean they necessarily have any real value outside of what meme coin hustlers and enthusiasts create, though. For the most part, the value of these meme coins is pretty much just a manipulated illusion.
Then you have to consider the “scamability” of meme coins, too.
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Take for example, the recent $HAWK token.
After its release, the value of the token skyrocketed to more than $400 million. Then, within a matter of hours, it crumbled to a valuation of just $30 million. That was more than a 90% collapse in valuation, literally, within the time it takes to drive from New York City to Baltimore.
A lot of heads are rolling over that one. It was just a giant hustle.
Or consider the new Trump and Melania meme coins.
According to a cybersecurity company called F.A.C.C.T., shortly after those meme coins were created, more than ten fake websites popped up to take advantage of buyers.
As reported by the Russian news agency, TASS, Trump and Melania meme coins were being used to attract victims.
Users are offered to link their wallets to the resource to check their right to participate in transactions with the new cryptocurrency.
"The official address of the token is indicated on all websites, but when connecting, the victim is asked for the seed phrase from the wallet. Fraudsters can also "hijack" a crypto wallet or connect malware to withdraw funds," said Maria Sinitsyna, senior analyst at Digital Risk Protection at the company.
While there is always risk when conducting financial transactions online, when it comes to cryptocurrency, there are far more of these risks with meme coins than there are with your traditional Bitcoin or Ethereum.
Of course, this doesn’t mean you can’t profit from meme coins. You just have to consider them “quick trading” opportunities. Much in the way you might jump in and out of a particular stock based on news or short-lived geopolitical events.
Meme Coin Mania
Indeed, meme coins are extremely speculative. And really, most live and die based on the hype surrounding them. But if you can get in and out at the right time, you can also make a fortune.
Take again, the Trump coin.
On 1/18, you could’ve bought that thing for $9 a pop. The very next day, it hit a high of $75. That’s a 733% gain in a single day. Quite literally, you could’ve turned $5k into more than $40,000 in just 24 hours. As long as you were able to avoid the scammers.
Of course, it’s gradually been selling off since then. Down about 56% from its recent high. There may be another opportunity to play it again, but you just have to understand that this isn’t based on strict technical analysis. It’s all just following the news streams, monitoring volume, and really just staying in front of our screen all day, looking for any indication of another move.
If that’s your thing, more power to you. But in terms of building wealth in a safe and sustainable way, meme coins are not the way to go. Although you can still profit from them without having to actually buy and sell them.
One way to do that is by wetting your beak on the companies that make the trading of these cryptocurrencies possible. One stock in particular that we’ve been playing for awhile now has delivered gains far exceeding anything we could’ve pulled off with a meme coin.
I’m talking about gains as high as 6,700%, which has been verified here.
That turns $5,000 into more than $340,000. And without having to take on the risk of trading meme coins all day.
I’m not saying you shouldn’t try to make a few bucks from a meme coin. But real wealth creation, however, will be found in playing the systems that allow cryptocurrencies to even exist. And this is my favorite one.
To a new way of life and a new generation of wealth…
Jeff Siegel
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Jeff is an editor of Energy and Capital as well as a contributing analyst for New World Assets.
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