Hello Friends,
Good day to you all and I hope that this weekend is going well for you.
The cryptocurrency market is growing and Bitcoin and ethereum both coins are showing a good price growth. Both are valuable coins where we can invest for the long term. This is like a safe investment where we can invest and the higher possibility is to get the profit in the short term or the long term.
I'm going to talk about the meme coins that are getting more attention in social media. People are talking about meme coins and some people are expecting that with meme projects they can make multiple times returns. Many of us want to earn five X or ten X returns on the investment through meme coin which is possible but we also need to understand that it is a risky investment because the project is not built on a strong foundation. Meme coins are just for fun but still, people like to invest in such coins and they expect good growth on the investment.
Today I spent some time on the coin market cap website to figure out some of the meme coins. Doge is on top and its popular because of Tesla's founder. We never know when the Tesla founder will accept this coin as a payment for their cars. Even if he mentioned about this coin on Twitter which is now known as X we can see some price pumping in the market.
This list has got many team coins and there is even one coin called the meme coin. The prices I have taken on INR which is the local currency for me and I feel more familiar with this currency because the price in dollars is too low for most of the coins. There is one coin called Dog with Hat and its price is very high and I don't know the region where the price is high. I don't understand the concept behind such a high price. This is WIF code for this point and its price is almost twelve X more than the Dodge coin. Once again it is difficult for me to understand how this coin has such a high value but I will be figuring out the reason why it is considered as expensive.
Every coin is up and you can see in the last seven days there has been price appreciation from 9% to 131% for different points. You know what earning a return of ten percent is considered very good in the traditional market but in meme coins, people are earning a amount of money in the very short term. I'm it's exciting to see that people have doubled their money and it even more than doubled for some of the points in just 7 days that's the exciting part of this crypto market where I feel like they can get easily and quickly rich.
This is one area where I need to understand and do some deep down to see how things work. I don't know the strategy behind such coins and what are the factors that trigger prices so much that people can double their money in just a week or so but something that I want to understand. I will be spending some time this weekend and hopefully, it will help me to have a thorough understanding of some of the meme coins at least but again nothing is a sure shot.
Thanks for stopping by
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