Meme coins are the best cryptocurrencies to invest in if you want fast exponential gains, popular pseudonymous crypto expert Altcoin Sherpa explained in a recent Twitter thread.
According to Sherpa, meme coins can do something no “normal” coin like Bitcoin can do. That is to 500x in a matter of days.
Sherpa explains that this is because they are built around a “simple idea” like a dog, meaning you “don’t need a big brain to understand it and you don’t need to go through complicated steps to work with it”.
A recent example of this is the rapid surge in the price and market cap of a meme coin called pepe that was launched on Sunday.
By Tuesday, it was up 21,000% and reached a market cap of as much as $33 million.
Pepe is a token modeled on the internet meme of Pepe the Frog which is often associated with online trolling.
Meme Coins Also Pose Lots of Risk
Altcoin Sherpa’s thread suggesting that meme coins are one of the easiest ways to generate exponential gains in crypto also came with a heavy dose of warnings for investors.
“Meme coins are mostly rugs, do nothing productive, take 0 effort to make, and are mostly here for the biggest gamblers, degenerates, and plebs in the crypto space,” the account explained.
“The chances of you getting rugged in these meme games are very high and I don’t really recommend it to many people,” he continued.
A rug pull is when a developer sells a worthless coin to the general public.
Investors are often scammed into buying said coins via false promises.
Crypto “degenerates” are broadly defined as investors who like/want to take large risks with their funds by investing highly speculative projects, normally without conducting much (or any) due diligence about what they are investing in.
Cryptonews.com’s Favorite Meme Coins
While it is true that most meme coins are scams (there are thousands of worthless ones out there), the industry talk team at Cryptonews.com has taken the time to look at some of the best meme coin projects in the crypto space.
These are all meme coins that actually have some utility and worth, and haven’t just been pushed out to the public to scam them out of a quick buck.
The team likes established names like Dogecoin, the original meme coin, and Shiba Inu, as well as a few newer but now fairly well-established competitors like Dogelon Mars and Baby Doge Coin.
But the industry talk team is most excited about two brand new meme coins called Tamadoge (TAMA) and Love Hate Inu (LHINU), both of which are backed by highly promising projects that offer a unique new usecase.
Starting with Tamadoge – this is the cryptocurrency that powers an in-development Shiba Inu dog-themed web3 gaming ecosystem called the Tamaverse.
The Tamadoge team is currently working to expand the already launched Tamadoge Arcade, which allows users to play and compete in various games using Tamadoge NFTs, all while earnings TAMA tokens.
The team expanding the scope of its flagship Tamadoge NFT pet-rearing game, including via the creation of a new metaverse and augmented reality experience.
TAMA can be bought on various crypto exchanges and will soon be launched on a major tier-1 crypto exchange, which could pump its price.
Love Hate Inu, meanwhile, is the cryptocurrency that will power an innovative new stake-to-vote and vote-to-earn social media polling platform.
Users will be able to debate, discuss and vote on the world’s most contentious issues pertaining to culture, art, politics, science, or anything, all via an innovative new decentralized on-chain voting system.
Love Hate Inu’s LHINU token is currently available via the project’s presale, which can be accessed here.
As ever, investors are strongly encouraged to do their own due diligence before sinking their hard-earned cash into these cryptocurrencies, or any investment for that matter.
That will involve reading and understanding project white papers, understanding project roadmaps etc and having a good handle on concepts like a project’s tokenomics.
Read the full article here
