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With the increasing popularity from Bitcoin (BTC USD) is currently stabilizing its trading price around the $70,000 mark, many crypto investors have started looking into meme coins again. While meme coins can be a fun and entertaining way to invest in crypto, they offer some of the riskiest opportunities. That’s because meme coins, as the name suggests, are a byproduct of a larger social media trend or running joke designed to quickly extract value from popularity. When the hype eventually dies down, there are some meme coins you should avoid to protect your money while getting in late on a dying trend.
Additionally, many investors new to the crypto industry may hear the popular phrase “do your own research” and then fall victim to a meme trend. This article aims to warn against trends that seek to exploit a popular internet moment and investor naivety. As a general disclaimer, I do not endorse any of these coins or investing in meme coins in general.
PEPE Coin (PEPE-USD)
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Made popular by the use of the semi-controversial web cartoon “Pepe the Frog”. PEPE coin (PEPE-USD) is a classic Pump and dump to plan. Aside from its signature funny symbol, the coin offers no real value to its owners. In fact, from my research, most of the coin’s movement comes from a dedicated group of followers who continually communicate on X and other social media platforms to generate hype and interest around the coin during upswings. Popularity.
Such behavior is not only disingenuous, but also dangerous for those who trust what they hear from others in forums and comment threads. I would also stay away from PEPE Coin simply because it is just another attempt to recapture the magic that Dogecoin originally brought to the crypto market.
Floki Inu (FLOKI-USD)
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When you talk about it, you may hear popular expressions like “the coin of the people” or “a coin of charity.” Floki Inu (FLOKI-USD). However, the reality is that although this coin has caught the attention of major publications such as Forbes Advisor, still has no real backing or basis for its value other than the conversations people are having about it. In addition, its original formulation is an offshoot of Shiba Inu (SHIB USD) means that it is a third generation copy Dogecoin (DOGE-USD), as Shiba Inu itself is an iteration of the Dogecoin project.
Regardless of what others say about the coin’s potential, its market cap is so small that it doesn’t even rank among the top 50 coins available on crypto trading platforms today. The coin had its heyday immediately after the Shiba Inu hype as essentially a second wave of a pump-and-dump system. Therefore, this is one of the meme coins that should definitely be avoided, regardless of the fear of missing out or what an influential person posts online.
Jeo Boden Coin (BODEN-USD)
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It is a pure scam through and through. There is very little information online about its actual purpose or use Jeo Boden (FLOOR USD) coin. Similar to Trump coin (MAGA USD), BODEN simply aims to capitalize on the discussion surrounding the President of the United States.
Additionally, the coin’s stock ticker, BODEN, relies on people searching for the president’s last name and accidentally misspelling it by pressing the “O” key instead of the adjacent “I” key. Just from the name, we can tell that this coin aims to deceive and confuse those who may lack knowledge about the purpose of meme coins.
The only reason I even mention this coin is because of its popularity in the world Top 10 most traded meme coinswhich could give crypto investors false hope and misconception about the coin’s value.
On small capitalization and low volume cryptocurrencies: InvestorPlace does not regularly publish commentary on cryptocurrencies whose market capitalization is less than $100 million or whose trading volume is less than $100,000. Because these “penny cryptos” are often a playground for fraudsters and market manipulators. If we publish a comment on a low-volume crypto that may be affected by our comment, we ask InvestorPlace.com writers to disclose this fact and warn readers of the risks.
Read more: How to avoid popular cryptocurrency scams
At the time of publication, Viktor Zarev did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to those of InvestorPlace.com Publishing Guidelines.
