I kind of used to think like that as someone who generally looks at fundamentals. However, after 7+ years in crypto and seeing the biggest garbage pump the most (XRP, ADA, DOGE) each an every time, I kind of embraced it and flipped a mental switch as I don't make the rules and memecoins are just what outperforms everything.
If you haven't done so already, I could highly recommend watching Murad talk about the subject ( YouTube Link) which actually puts some sense into memecoins.
I guess when it comes down to pnut, the volume is very high and binance listing it likely made them buy up a large part of the supply to act as a market maker. It also puts them in a position where they can control the price and earn from leverage traders as they know all the positions and can liquidate at will.
The main issue with these memecoins is that it's all fun and games until the music stops and all paper gains are gone. Many of the 200M+ market cap tokens only really have ~1 Million or so in the liquidity pool. That is what happened to GIGA going from 0.065$ to 0.01$ in an instant after 1 holder dumped 3 Million dollars worth of it or so.
I did start a memecoin portfolio around 34 weeks ago slowly cost-averaging my way in and it has by far been the most fun an profitable thing in crypto. I will need to watch out not too see everything evaporate overnight though. High Risk / High Reward I guess. As a sports bettor just looking at the odds understanding the risk it feels like one of the more +EV bets to take which is the only real thing I care about.
Thanks for the link. I did watch it all...
...and I still find the whole thing completely retarded. I have no need, or interest in joining or promoting a cult. I'm not here to be in a tribe or a religion and while I am community focused I am not investing just to be part of a community so I can "belong" somewhere.
Yes, maybe he has a point about alt-coins and the way they have been distributed. But memecoins are not the answer for me.
Yeah, I fully get where you are coming from, and from a fundamental point of view, you are100% right. The question often in crypto though is if you want to be right or if you want to make money. Those for some reason are a completely different thing in this space.
I don't see meme coins as an investment, I see them as a degenerate gamble in the short-mid term that have a certain risk/reward attached to them with insanely good odds. Memes are the new form of casino game with a skill factor attached to them. There will be some big lucky winners, those who get the timing and selections right will also win but the majority in the end will be left crushed as for every winner there will need to be a loser.