Within hours of its launch, the price of Trump’s meme coin $Trump had skyrocketed by as much as 600 per cent. Welcome to the world of cryptocurrency’s degenerate cousin, meme coins.
If I told you about an amazing investment opportunity that involves putting your hard-earned savings behind a product that holds no real-world value, isn’t tied to any physical assets and can’t be used for anything, would you ask me where to send your money?
Or would your sceptical alarm bells start ringing and you’d have some questions? And how about if I added that two weeks ago, this miracle investment opportunity didn’t even exist?
Within hours of its launch, the price of Trump’s meme coin $Trump had skyrocketed by as much as 600 per cent. Credit: Bloomberg
Welcome to the world of cryptocurrency’s degenerate cousin, meme coins. Where major cryptocurrencies like Bitcoin and Ethereum were designed to solve a problem, and with a clear ideology in mind, meme coins – also known as “shit coins”, which should tell you everything you need to know – by and large exist for comedic purposes.
They act as tools of speculation, and at their core they have no intrinsic value other than to amuse coin creators and online speculators. And yet they’re becoming increasingly popular with online investors.
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