You can get rich with meme coins – but you should stay away from these options for now
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By now you probably know that you can make a lot of money trading meme coins – if you play your cards right. This could include, among other things, early entry into a meme coin other strategies.
Not playing your cards right is putting your money into a meme coin that’s headed for disaster. The thing about meme coins is that their potential for big gains is only exceeded by the risk of spectacular crashes.
Not all meme coins can win – at least not at the same time. We’ve put together three meme coins that you should avoid and that are potentially heading for disaster.
Baby Dogecoin (BABYDOGE-USD)
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Baby Dogecoin is a meme token (BABYDOGE-USD), which was created by Dogecoin (DOGE-USD) fans. Its creators have based its appeal on the fact that it is a… Dog oriented community. However, Baby Dogecoin could not step out of Dogecoin’s shadow.
It has also been replaced by newer and flashier coins, e.g Floki (FLOKI-USD), PEPE coin (PEPE-USD), And Dog woman (WIF-USD). BABYDOGE was nowhere to be found during the March bull market and only has a sliver of one Change of 29% this year.
In addition, BABYDOGE’s Chain activity shows that people are buying, but the volume isn’t strong enough to mess things up. Overall, its price behavior suggests that it is not favorably positioned for long-term success and that it is a meme coin that you should avoid.
Shiba Inu (SHIB-USD)
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Shiba Inu (SHIB USD) emerged in 2020 as a self-proclaimed Dogecoin competitor. That was it. At the moment it is like this at eye level with Dogecoin in terms of community involvement – usually a hallmark of meme coin success.
It has also eclipsed Dogecoin in price growth. At the moment Shiba Inu has logged in by an incredible 31,000,000% from its all-time low in 2020. In contrast, someone who bought Dogecoin has gained 4989% over the same period.
However, SHIB’s days in the sun may be over. In March of this year, when meme coins were all the rage, SHIB saw a 250% increase over January. This pales in comparison to more recent meme coins like Floki that have posted up to 700%and dogwifhat, who caught up up to 4,000%.
Given its track record, you’d think SHIB would be one of the best-performing meme coins during one of the market’s most intense rallies, but it’s just lagging behind. If you are looking for a cryptocurrency with a future, SHIB is not one of them and is a meme coin to avoid.
Smog (SMOG-USD)
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SMOG (SMOG USD) is a dragon-themed meme coin that debuted on the decentralized exchange (DEX) Jupiter in February. It quickly shot up by more than 3,000% and made tidy sums for investors who got in early.
However, SMOG is one of dozens Meme coins on Solana, which has become the hottest target for meme coins. The only problem is that Smog doesn’t seem to have much more to offer and hasn’t proven to be long-lasting either like, say, BONK (BONK USD).
In the crypto sector, basic pillars are like Bitcoin (BTC USD), ether (ETH-USD)and Binance Coin (BNB-USD) keep rising even when they fall because they have an actual value.
Smog, in turn, provided a brief burst of attention. Currently it is decreased by 86% from its all-time high in March – a dramatic decline that does not bode well for the near future. Smog is a meme to avoid this season.
At the time of publication, Hope Mutie did not have any positions, directly or indirectly, in any of the coins mentioned in this article. The opinions expressed in this article are those of the author and are subject to the opinion of InvestorPlace.com Publishing Guidelines.
