Do you remember around May when the crypto markets were going crazy? And everyone was saying that this or that coin or token was going to moon and everyone should just listen to Elon Musk? Well it honestly looks like history is indeed repeating itself. As you guys should know by now, I am not a fan of meme coins. Sure I myself bought Shiba Inu a few months back (like July or August) – but frankly speaking, that was just to test out the liquidity pool in Binance. It was giving pretty good yields, so I wonder why not. The price of Shiba Inu was pretty low at that time. Just buy some and when the time is right, sell them. However as the yield rates was one of the highest in Binance – it simply meant that people are trading in Shiba Inu even though the overall trading volume for cryptocurrencies was still relatively low. How about that for some insights on meme coins.
Yes, I also know that Shiba Inu has an “ecosystem” – swaps, NFTs and what-not is available there. But then so does plenty of other tokens. Even the much smaller and lesser known Eagle Network has plans for their own ecosystem with swaps as well. Honestly it is nothing too amazing right? The only thing carrying Shiba Inu is that it will often make the press. And of course our dear Elon Musk and his ridiculous “tweets” that will send prices soaring like to the moon. It just happened recently. Some cryptic tweet about his puppy and it suddenly went to the roof. I don’t know about you but if my cryptocurrency asset’s value is so dependent on someone’s tweets and messages, I might want to consider offloading this particular asset. I mean what if some day that particular person decided that he hates Shiba Inu and want to see it burn? I heard that Elon Musk had some issues with Bitcoin previously.
Yes the crypto market is just full of manipulators and people wanting to trick retail investors of their hard earned cash. If you look at Elon Musk and his tweets on Bitcoin, you will see the same pattern. When he had announced that Tesla has held Bitcoins in their portfolio, he actually meant that Tesla is hoping to sell some of them for big profits and he needs us to pump it up for him before the sale. And that is exactly what happened. So guys, if you want to remain sane, you shouldn’t listen to these people’s tweets. You don’t need to look any further than the next meme coin – DOGECOIN. Look at how much it pump during the rally in May. It was caused by Elon Musk as well. And then look at the price of DOGECOIN now. Just imagine the loss for retail investors that happened during the crash. It has not even recovered to its all time high yet. Not even by half. How did it suddenly become a shelf of its former self? And what happened to Elon Musk on DOGECOIN?
Again I don’t know about you but I won’t be touching meme coins any time soon. And trust me, you will get burnt if you go near them. There are plenty of other tokens or coins out there. And some of them are so much better in terms of tokenomics and real-case uses in comparison. It is strange that someone who is supposed to be very interested in cryptocurrencies like Elon Musk doesn’t even talk about Cardano or Ripple. Only meme coins?
Take care! And always be mindful of listening to advise from influencer. Even big name ones like Elon Musk. I am not a financial advisor. Please do your own research when it comes to investing.