Topic: Be careful with those memes coin at there (Read 386 times)

They always says that a word is enough for the wise though I'm not actually saying that trading meme coin is not good or anyone who's trading memecoin is not a wise person please don't get me wrong or twisted. And also e get one DJ or abi na hype man wey dey always talk say if your skin your full no put body, if you no say you never mature for memecoin trading e go better make person avoid am because e  dey very very risky the fact say person dey turn millionaire and billionaire over night with memecoin no mean say everybody go or fit turn into millionaire and billionaire over night. But ah no totally believe this one you talk say there is no short cut to success the reason is because if God found favor for your side my brother forget.

Wetin dey actually push many people go enter this thing na say dem dey carry dia problem dey com trade so e go make dem jump on any opportunity wey dem see without trying to know d dangers of the opportunity sake of say dem don hear say person run am com become rich, dem too go wan try luck but at the end of the day dem go com loose money wey dem no get dats is why e good say if you wan go into trading, make you no go dey use money wey be say you for use chop or solve problem dey go use enter trade den when e don cast you go come dey blame person or dey say na scam or one or two negative talk dem.

My most recent losses come from memecions and that is to tell you that memetics should be avoided because investing in them is as same as gambling, you could lose everything within a blink of an eye because it's all gambling, if you want to invest buy Bitcoin and hold in your wallet don't go for altcoins because na scam most of them be oooo.

Those who buy memecions can relate to the fact that they make more losses than gains, and for any memecion that did well in the market, it is all based on hype with pump and dump activities that leave investors losing at frequent intervals.

When we talk about quick rich chasers on the Memecoins I think we should also refer them as those who aims to get rich on gambling as results on gambling could showcase in a quick period of time as that.

They all points to greeds and laziness because of there is such a get quick rich, then everyone would had made riches out of just trading and investing in the Meme markets if it is so easily achievable based on the market hypes.

In the Memecoins industry, we don't only fear about the coins loosing values after much gaining tangible values but we also fears that such coins currently valuabilities should not be a trick of luring enthusiasts to the pit of becoming a scam.

So it is being pathetic to grab what Memecoin is genuine and also how to master the trading market of it unlike Bitcoin trading that can likely be mastered which enables it traders sensitivities to ject out of the market either to avoid losts or minimizes their losts.

That person is lucky as he didn't lose everything that he had. Alot of people are losing in memecoins but the media won't tell you their stories because most of them don't even open up to the amount that they have lost but immediately they make the least profits, they'll be all over our timeline singing praising to the memecoin they bought.

No be everything wey people dey do na him you go follow them do. Do your ow and wait on God because with just Bitcoin, you can make it. Some of them na altcoins their own grace dey so na to know where your own grace dey and hodl through.

Sha e better to stay with Bitcoin but I'm not against small gambling elsewhere to see wetin life fit hold for you too.

Exactly, even if you have a lot of money and no knowledge, you will never be successful at anything since knowledge is the key. Some people profit in the short term with meme coins because you can predict it; you can lose your funds quickly and still make a large profit with meme coins, because I have some people who like to invest in all of these meme coins; they don't believe in long periods of time; they prefer to invest for the short term; if they lose, that's fine; if they win, that's great. Meme coins are very high risk, and if you can afford the risk, you should only focus on investing in the long term and to invest on bitcoin, because that is the coin that will be minimize your risk by not losing too much of funds. But if you are prefer to run short term and achieve huge profit, you need to lose alot of money before you can achieve that, because not any meme coins you will invest and he will raise a day or week some drop and take long years before he pump. But if you are risk-taking you can do but if you wish coin that will minimise your risk in crypto is only bitcoin. And if you are patient you will achieve huge profit at of it.

In trading the amount of leverage that you use determines the level of your profits and also risks, let say if you use some where above x20 leverage or anything above that, you should be prepared for possible loses also as well as you prepare for the profits if the market goes in your favor, this is very important not only on memecions but even while trading Bitcoin and the rest of the other cryptocurrencies, what makes memecions to be more risky than Bitcoin and ethereuem and the rest of this solids coins in the market, the main factor for the high risk in memecions is the aspect of the fact that memecions have no support whatsoever and everything about memecions is just depends hype.

So there is no strong ecosystem to support the project , so leaving in hypes is like a shaft just one blow it all thrown away to the air, but I see that many cryptocurrency investors prefer the quick return, amd while their are carried away with that expectations, anything can happen tbst period.

Stories like this have been circulating more of recent as the bull run began. Cases like this have been there before but as the bull run came, it become more than before and more people are been rugged investing in memecoins. Degen is just another part of cryptocurrency that is entirely different from other parts of crypto investment. It is highly risky and requires a lot of knowledge to succeed in them. Information is another thing you’ll prioritize if you want to succeed in degen. Most of them belongs to community where they get first hand information about the new memecoin to invest in with potential prospects, if you invest too much and it doesn’t go as planned, you’ll immediately lose everything.

Degen traders don’t put their eggs in one basket, they separate it into different memecoins, if one doesn’t pay then another one that pays will cover for the loss of another. It is not that easy as it sounds, it’s very risky and you can lose all your investment in one day without even realising how fast you lose everything. Everything requires the right knowledge and even after getting the knowledge, you should also know that it’s an highly risky investment that you should only invest what you can afford to lose. Degen is not easy and don’t be deceived or lured by how people make money through them, it’s not as easy as they say it.

The main reason why people invest in meme coins is because they are always looking for a fast and easy way to make money, and they believe that they can get that kind of reward from meme coins alone. They don’t want to invest in bitcoin and other strong altcoins because they don’t have the patience to hold it, they just want something that will make them rich overnight. They don't even care about the risk that’s involved in it, they know they can easily lose money, but they will still take the risk just because they are looking for quick money.

Some people don’t even know what meme coin is all about, they just decide to put their money in it just because they hear from people that a particular coin is going to perform well, and they will rush to invest blindly. Most people investing in meme coins are always following signals, mostly dropped by all these influencers, and some of those influencers are also scammers.

And you know that's how folks also turn their millions to little dollars, concerning it been part of this Crypto space that's true, but I don't like the fact where folks go online making it easy that one can easily get rich by trading some shit coins that's highly volatile, without mentioning the high risk in it rather showing some wins , given newbies false hope and after trying most get themselves reckt is better to have little than to have known, so before telling or encouraging anyone to go into anything first tell them about the advantages and the disadvantages in it .

You have said the fact meme coins are not advisable to join, but if you are the type of person that likes taking high risks, then meme coins are for you. Like you mentioned, a lot of our Nigerians always like where they can earn a lot of money with less effort; that is why a lot of them are involved in crypto and sports betting. 
 
So meme coins have one thing, and this thing is also included in the theory of financial mistakes, which is, “Without taking the risk, you can’t get rich.” This quote means a lot, which they are not telling you to trust your last savings on meme coins just because you see someone post that they are making it big with meme coins. You have to maintain your own financial management so that you will be able to invest or trade with some percentage of your main money, which, even if you lost it, you will not be affected by, but most of the newbies don’t do that, which is the main reason why they will still have to be a victim of loss in the crypto space.

This is a very good advice, it’s indeed a high time to be very serious and be very cautious about the coins we invested in especially the DEX trading aspect where some people do invest for just shot period of time not knowing that some these new coins are just to rug pull innocent newbies that know nothing about cryptocurrency; and as a result of FOMO, many people are losing money, while many are also gaining now that market trend is bullish.

Memecoins are good coins to invest on, but newbies should learn about the project before they invest in the project because some newbies will just invest in any new project due to FOMO, they don’t care about any research about the project, and this act will always resolve to lose of money even though some of the act do become profitable, but the risk is very high.

People are turning Their little bucks into millions with memecoins, few weeks ago a lot of people made millions just from buying These shit coins. You shouldn't regret or beat yourself up too hard if you are not investing in these  highly volatile coins, although that's the generality of what crypto is all about but the risks behind shit coins are very high, it can crash at any time. I heard a story of someone who sold his BTC just to buy memecoins and he ended up losing more than half of his investment in the market. Just focus on BTC and stay away from Bitcoin

Memecoins don send plenti people go villa(exaggeration intended)but shey you sabi say like this now na meme coin wey people believe in say go fit make them blow pass bitcoin. Na him make all of our people no wan use ear hear say new memecoin project don show. Some of them sef get all these groups wey dem don join so that dem nor go miss out and dem go be the first people. We already sabi say na the first set of people dey always cashout well well. 

People wey don even lose for this memecoin before no care, their mindset be say e must to pay one day. The way I dey see memecoin now be say na only people way dey active for social media and dem get plenty follower dey cashout better money nor be that kind $8 wey people dey cash out for tapswap.

You should be more careful in getting potential profits from memes as experienced investors do and they make large holdings to get their profits. Most of the altcoins that are in the market are very risky and you should be more experienced when investing. I can confuse the alternative of holding Bitcoin with something else, it feels like gambling. Bitcoin is an investment strategy that helps your holdings grow over time and is an important hedge along with real assets. So you need to focus more on holding Bitcoin over time.
I am a bit skeptical about memes because the market is pumping and dumping them so fast that it can take some time to figure out a possible strategy and it can be difficult to recover capital.

You reading it wrong mate , I didn't call Solana meme coin I only said Solana memes coins (these are memes coins found under sola. Network) , maybe you haven't heard of it before so you can do some research to understand buying and selling of memes coin through Solana and other network. Is not future trading though is a like a pump and dump stuff you buy a random memes , and it rise due to some certain hype via medias e.g like recently we have chillguy , pnut and the others.

Yeah when comes to holding Bitcoin is the best and more safest compare to others , Bitcoin is way different from the other token , and the reason why will still encourage folks to buy Bitcoin is because of its long-term potential, because Bitcoin is tend to grow over time.

Point of correction, Solana is not a meme coin, it's an alt coin, secondly the trading you are talking about is it buying and holding you are talking of? Or futures trading?
If you are talking about buying and holding, I think that aside Bitcoin, holding other asset are very risky, though it can print a whole lot of money for you in a very short period of time, but it can also get you burnt.

But if you are talking about futures trading, then to me it's not really necessary on which asset you are trading, what it's very much important is how knowledgeable are you in the craft, if you knows nothing in it and you still went ahead and be trading only Bitcoin, you will still get burnt because you lack the right skill, discipline and knowledge to enter the market and comes out profitable.

Lastly, if it's holding of cryptocurrency, then I think that Bitcoin is the real deal, because the way it's being structured, it's more beneficial to hold for a very long period of time, unlike the meme coin that is being structured to boom for a short period of time and died down after then, so it's best to use our discretion wisely before acting in what so ever we which of doing.

It could be a matter of luck, meme coins are the most shitty kind of investment that reaps investors everything they worked and invested. Meme coins can at times be profitable but has a lesser chance of profiting, why then not prefer Bitcoin over involving in any meme project. Anyone who chooses to invest in meme coin should first of all think twice, it is better to have a solid portfolio in Bicton then maybe shatter a little funds into these altcoin or meme coin as they might be lucky enough to pump massively and generate profits to investors from very little amounts invested.

Trading or investing in memecoins are just waste.of time and energy. Memecoins have deceived a lot people to invest and lost their funds there. Like since January it is now that Ethereum hit $3,7+ yesterday and that is not even a profit for their who invested in February or March thinking that it would rise up but it didn't and upon all this period they were just wasted their funds their. And coming to the ones they launched this year which are the worst. Cati, Hamster Kombat and others have disappointed many people.

We should just forget about memecoins and focus only on bitcoin investment.

Life is all about risk because "no risk, no reward" so we must take risk always on order to succeed.  The question is, what kind of risk are we willing to take? Are they informed risk or risk born out of greed? Anyone going into memcoin trading must weigh the risk and about putting money that he cannot afford to lose because with memecoins, everything can be lost. I have seen few successful people who invested in memecoins but the number is so low compared to the number of people that lost money to memcoin. So, everyone should use the experience of others to make decision... Like I said before if trading memecoins,  use only what you can afford to lose.

Na correct advice you bring come here, na very big information to newbies wey just de enter di crypto space and a reminder to us wey don gather di knowledge. Wetin I go tell newbies wey de hear about di hype of memecoins for dis bull run be say meme fit to double dem money like 100x or 1000x but make dem carry for mind say na gamble. As e fit to give you many times ROI na so e go fit to collect dem investment funds too, so di pattern be say if you want to risk your money inside any memecoins, make e be di amount wey dem fit to loose.

Na only Bitcoin na im de sure pass for cryptocurrency, even if e dip, you go de certain say e go recover and rally, so na di safest crypto wey person fit to invest im hard earned money inside. Aldo e get some memecoins wey don build reputation for di crypto space like dogecoin, wey investors fit to trust to some extent but majority of memecoins na scam projects dem be, so make you DYOR well well before you invest your money.

Such mindset as swept me once  , Thinking I can make money fast within a short period of time using trading and stuff, but at the end I literally get myself rekt . Due to stubbornness, I went in again with same mindset over and over again till I realised, if one wanna be successful in this space, one have to focus on knowledge first especially those with no much funds to invest and stuff ( even if you have good capital still go after knowledge first) to know what will suit that capital, because if you make any wrong investment and you may lose everything.

So remove the mindset of trying to get rich quick, and focus on building something beautiful over time because Roman wasn't built a day.

No doubt, na real info you carry come for here. Na only person wey memecoin never show pepper go dey think say memecoin na shortcut to success. Me I don try am, Andi don see how E dey be now I no need any preacher to even tell me because I don hear am for memecoin. People dey always dey carried by news from people online and dem no dey do proper research to know if those hype na true or not. Na when dem go don enter problem wey dem go dey find solution and E don dey too late. Wetting me I no be say no shortcut to success. everybody must follow due process and I descover say na greed Naim dey make people dey lose money because dem lack patient and dem no dey Boda to do research . If those newbie go fit follow this matter you bring, dem no fit make mistake.

The drive to make money so quickly and fast without having to do too many work have swept away too many young persons that they don't even want to wait long enough to actually make the money in the natural way it comes they just want short cuts and some persons knowing about all of this have decided to create a way to exploit this gullible you g persons and that is what happens with some meme coins actually they just pump and dump but when you are particular about stable coins and trade them after probably getting the needed knowledge, there's no way you aren't going to be profitable and progressively grow to the point where you make even more money from trading.

I'm just going to give my 2 cents on this.

The idea of discouraging people against trading memecoins when they haven't tried it is not all right (it's not all wrong either). But we need to give people the opportunity to explore  it for themselves. For instance, I don't like memecoins but I have a brother that does. Memecoins never favour me but they favor my brother.

My point is that, everyone has to find their edge in this market whether it's to:

— Buy spots only and hold.
— Trading on futures with leverage
— Buy memecoins and hope for generational wealth.
— Become a content creator and earn crypto from it.
— Get affiliated with projects

To name a few. It's going to be different for everyone. So memecoins are not all bad themselves. I know quite a number of people doing well trading memecoins. But not me, I suck at it and lose almost every time 

It is true that memes coin has made some folks some nice Amount of money but we can't neglect the part that there's a lot of risk in it , is like a way those that have more money make more while those that want to turn their little to something nice lose it all.

One thing have noticed newbies are easily lure to do crazy things, so you can't expect a newbie who don't have idea on how cryptocurrencies work , saw alot of people posting how they turned a certain amount of $ to millions , won't have the interest to join to also become a living testimony .

And lateron endup learning the hard way.

I have noticed that crypto influencers are major promoters of some of these meme coins. They usually hold a very large amount of it, and convince others to join before dumping it. We can't really condemn meme coin in every aspect, because I believe that there are people that definitely earn decent amount from it. But the Truth is, meme coin trading is not for everyone, most especially newbies that are just getting into crypto. I sometimes frown at people that feel a $10-20 investment in meme coin can hit them jackpot in a short period of time. People needs to start prioritizing knowledge, because it helps alot, especially in this crypto space.

I read the guy story on Reddit and came saw that he is still a newbie of 18yo trying to get rich quick soon so that he can proudly tell his Mom that his intuition and prediction on the crypto market was correct and enters as he planned, not knowing crypto market doesn't consider your age range, or gender before striking you downwardly.

All these things we don see am plenty time and e no dey shock me again, people wey never experience am go surely experience am when the time comes, am not saying it should happen to them o, but there must be a victim no matter what.
The worst part part is that, he blowed up his academic fee, so what can the young lad can tell his mom.

This story the guy was first time luck to be able to turn his $300 to $800 but nah him greed make am lose all the money the day trading way him enter no really clear to me how person go make that kind money and still lose under few minutes which something that I have only experienced during future trading.

That’s by the way, any coin way be say eh fit give person better profit within minutes still they eligible to carry all the money japa under that same second even if the person they careful enough we no fit predict watin go happen for this unpopular coins them, me normally I they avoid some coins way be say dem just they launch and eh they attract plenty attention because eh they always end up to be pump and dump, my guy say nah bcuz I they fear to take risk make me never make am but I go rather they for same level that to lose everything.

That's true, and one thing most of the newbies today fail to understand is that those who they heard where able to turn $3 into $3million didn't do that from trading, but such were done or only possible through long term investment into those meme coins, just as we had the likes of Dogecoin which was value at $0.002296 by this time 5yrs ago (i.e November 2019) and now currently value at $0.4, which is a whooping 174x profit. So I will rather advice newbies invest in Bitcoin and hold long term, rather than specializing on meme coins that are volatile.

Meme coins are a very big focus in the cryptocurrency market and a lot of people like newbies are just jumping into it without proper knowledge and understanding of it. Just like you said, there’s no short cut to success and when you want to try it, luck may only come for you once and when you miss it, you may never see it coming for you again. Those that make a lot of money through this degen are the big crypto guys that have information and knowledge of coins and those that have large capital to diversify and invest in them differently. If you’re a newbie, it’s better you learn first if that’s your niche, or better for you, stay away from there as a newbie in the crypto space.


The link is not goin through from my end, seems some malicious links showing from my end. So sad people go through a lot when it comes to trading memecoin and that doesn’t still stop some newest people in the space to stay out of them and not partake in the trading of them. No short cut to success and if you’d got that short cut by luck, there are possibilities you won’t be able to manage those money well and may still go broke. Bitcoin is safer, it’s better to venture into it than any other altcoin.

Well I get your point is just that bitcoin one of the safest asset at there (though there's still risk involved in it ) , So I can easily recommend Bitcoin to others compare to other assets just because of what have experienced during the past years with other altcoins , because most altcoin are doing great because of the bullrun and they are some the bullrun still won't impact on .

But the way you put it is still nice , that one should Do their own research thoroughly before going into any investment, so I will go with that also    


One thing I also know for sure is that the Crypto market don't care about your emotions, so do things with wisdom and stay safe at there.

People wan make money and those numbers them they see they actually deceive them na why them still they take memcoin seriously because them no they longer comsider the risk before they invest in am, and they get some you go do you go actually get lucky but the way the thing they go things done change, no be every time luck go they your side but them get people wey they do memcoin and the thing they work for them but assurance no they say he go work for you na the difference be that. As I hear this story like say make I get gun kill the person how you go sell solana buy memcoin wey solana na one of the best altcoins wey person fit put mind for because I just they imagine who give that person that kind advice because na mumu thing this person do so. One of the disadvantage of memcoin be say your money fit loss make you no get am back again but if you they tell people them no wan hear.

You have enough valid points about the advice to be wary of meme coins, especially with the way people are hyping how much they make on social media, they are not always true while others are trying to lure some people into some kind of schemes like Ponzi to swindle them of their money.

What I dislike is the concluding advice, Bitcoin is not the only cryptocurrency you can profit from and people are indeed making multiples of the amounts that would have been made through Bitcoin from other coins. It's better said that everyone should be cautious and DYOR cleverly, they need to understand the coins/tokens they deal with and have the full crypto experience. No need to create fear in people's minds.

The only advice I have for anybody investing in meme coins is that you should not use your major source of income, festive money, or funds earmarked for next year's investments. If you do, you risk running into financial difficulties, as it's well-known that many meme coins and shitcoins are created solely for personal profit. Even reputable projects like MemeFi have failed to reward their community adequately.

When investing in meme coins, it's essential to be cautious. Whether you're buying tokens, investing in statistics, or playing games with money, ensure that it's not your primary source of income.

I wouldn't advise against trying, as you never know which meme coin might succeed. Out of ten meme coins, one might have potential. So, if you've done your research and believe in a project's potential, go ahead and try. However, never invest more than you can afford to lose.

My problem with some people wey dey always want to make money fast is that some of them don't ask before doing anything that will make them lose their money, no matter how person dey do to make money at least you should ask the process and how you go do to be successful in that thing but there are some people who are very greedy and be thinking maybe if they let people know they will go behind them and buy it or because they only know for there self they don't want anyone to know about it.

There is a proverb that say If you eat only you you die only you, nobody dey drag way of making money with you, the reason why people fail be say them always greedy and greedy no dey bring better thing come person life, this advice na for many newbie because as many of them they hear how bitcoin dey rise and dollar they go up na so some of them go go buy one coin wey be say them no know much about it and after they lost money they will be saying cryptocurrency no be better thing to do.

It's funny how people are a few bucks Into millions of dollars with these numerous memecoins out there, it makes me wonder, are memecoins now a fast way to get rich? I heard a story of someone who sold his Solana that he has been hodling for a long time just to buy memecoins, to cut the long story short he ended up losing all his assets down to zero. Memecoins can make you rich real fast there's absolutely no doubt about it but it can make you broke within few seconds. If you have been in the crypto space for a while and already have ways of making money stick to it and forget about memecoins.

There's only one short cut to losing hard earned money so quickly but there's never ways to make money so abruptly without consequences. One can say that it is less stressful to make money from the crypto market which I will agree that it's not so much of a hard work like going to work in the morning and close around 5pm but earning from crypto requires a proper knowledge by the individual.

Anyone that is risking some money to make profit from the meme coins should just be careful and smart towards their decision and should not risk more than they can afford to lose.

This story has many lessons to remind us of in the crypto space, beginners should avoid trading especially using leverage and meme coins.

This shows all that glitters is not gold, getting inspired by Tiktok wins to invest all your money on meme coins is one ironic thing, the social media are always full of such wins but only few post the lost. If many are actually aware of the risks involved they may have just not even tried it in the first place.
While others all thanks to their greed will continue and maybe until dey go bankrupt before realizing their foolishness. Like you said people often wants to find the easy way outs but in the end they suffer more dearly from it. Let's be wise and carefully learn about anything we do especially including the risks.

Well this is not something new again,  I mean it's the bull season and a lot of stories like this will most certainly come around even more well atleast for those that are bold enough to tell it. The bull market brings so many opportunities both for traders and also the patience ones that have being stock piling coins that are strong enough to hold and it's also triggers crazy actions from many people that make them jump into the crypto space and make all sort of mistake thinking it's as easy as the stories they hear and see online about traders making it huge through meme coin trading.

We human don't normally want stress and we always want way something just happen quick quick, most folks wan reach the destination without undergoing any journeys.

This period memes coin are booming due to bitcoin recent surging and alot of folks has been cashing out big trading Solana memes coin, due to the huge cashout many newbies dun dey turn Degen ,  you will be hearing how folks turn $17 to $3m and stuff making newbies to believe that it is easy to make money fast through this means .

Most are now turning into memes traders without any proper knowledge on how the stuff works  because they just want to make the money fast , they don't know that same memes can turn $3m into $3 , so I ask a friend that's into stuff like this ( because am not a fan of memes trading) , it was like the stuff ain't easy that the coins are highly volatile, that's one can easily make that huge amount of money and same time lose huge amount of money .

So please don't be decieved there's no short cut to success take your time and build your self is better to focus on bitcoin than waste resources on those make coin that can easily suck you dry of your hard money , i will drop a link of some one who endup falling  a victim .

Lost all my money trading memecoins