This article pops up in a very appropriate time when DOGE starts rallying again due to the side effect of Elon Musk buying Twitter. I have never been a fan of meme coins, and I don’t think I will ever be, even though they have experienced crazy pumps that are rare even in the crazy world of cryptocurrency.
I totally agree with the author of the article. It’s ok to put down a token sum in order to understand the system better. It’s more to get you in, and give you some skins in the game, to inspire and spur you to start. But anything more than that will require some serious thinking on your part.
It’s not uncommon to see pump and dump in crypto space, and the market is still largely controlled by the whales and FOMO nowadays. So unless you are a whale, you are at the mercy of unpredictability, and just a whale dump will result in unexpected and significant loss for you. It has happened before and it will happen again (look back to SHIB a few months ago). And it is even more frequent and severe for those cryptos with little use case and rely heavily on sentiments, like meme coins and specific game coins.
A vast, complex and strong ecosystem with a healthy amount of TVL can provide support for a coin or token when the market swings. Without it, anything can happen. And with that belief, I am done with meme coins. I had fun with them for a while, but then the fun stopped, and it was time to say goodbye 😁