The highly anticipated $Hawk memecoin was launched during the week and after 3 hours it rugged. Memecoin traders cried foul after it is alleged the coin rugged after millions were invested in it. The actual Hawk Tuah girl went into hiding with presumably a few million finally made from her infamous interview. Fair play to her.
But the question is what did people think was going to happen?? It was always going to rug. Is it not true with every meme coin that eventually the devs will take their share and the token will plummet. There is only a handful of memecoins such as PEPE , POPCAT and now PNUT that actually make it to the big leagues. And the reason for this is some miracle.
Crypto is a risk , even the most traditional crypto such as Bitcoin and Ethereum are very volatile when you compare to traditional markets. Then you have alt coins which are even more volatile and risky. Then you have defi projects which are even more volatile and risky and at the end of the scale you have memecoins which are the riskiest tokens out there. More than likely you will lose all your money on these memecoins. But this is the risk. If you hit on a memecoin on the up then you could make the most money that you have ever made in crypto. It actually happened to me. For some reason a few months ago I did not understand these memecoins and I put a few hundred into my Phantom wallet blind. I invested in the first Hawk Tuah craze. I 500 multiplied which was a first for me. It actually 1000 multiplied but I was fast asleep. It was the most expensive sleep of my life but as soon as I awoke I sold and soon after the coin rugged and it came tumbling down. I did not mean to risk a couple of hundred quid. I wouldn't have if I knew the risk was that I had a 99.6% chance I would lose all the funds but it is the risk I took and it paid off. Since then I have been dabbling in memecoins and not one had hit the jackpot. I actually purchased $Pnut in its infancy and made a little profit but the battle wounds had scarred me so I sold too early. Like Hawk Tuah girl I was trading the news and not the actual token. That's the thing with memecoins. The big ones are things that pop up on a day to day basis but you need to be very very early. There are ways and means to check if a token will rug but I find these unhelpful. It is easy for any dev to just create a new wallet. Eventually every token will rug because why is the token created in the first place??
There are actual sniper groups with alot of following who are paid to push a memecoin on Twitter as the next big thing and then when the token gains traction it is sold off and this is where the money is made. Some of these people are big names so I was surprised the community let these people get away with it. Any "The next memecoin" posts are paid shills. The memecoin craze is actually damaging crypto to no end especially the likes of Pump.Fun.
On Pump.Fun people are declaring that they will kill themselves unless their token pumps so we are entering a dark world of crypto at the minute. Others are threatening hurt onto others unless their token pumps and it is all becoming very shady. So much so that the site was banned in the UK this week. The video of the 12 year old that created a coin then rugged it making him 30,000 dollars was actually funny. Anyone can create a memecoin now and there is very little people can do if they get rugged. What are you gonna do? Walk into the police station holding your willy saying a bad man made me invest in a blowjob token on the internet. The police will laugh in your face.
The memecoin world is now the cesspit of crypto. I have always said the best thing to happen the Irish in the UK is Islam because we were no longer the terrorists blowing stuff up. Centralised altcoins are now the noble lords and ladies of crypto and the likes of $LINK $DASH $DGB , $DOGE , $HIVE and all these old timers are now crypto royalty. Back in my day we were the cowboys. As a crime boss in Ireland once said "If you think we are bad , wait until you see what is coming after us." But is the lure of these memecoin riches having a negative effect on alt coins. You may bet they are as volumes being traded in these alt coins are now being risked elsewhere for greater risk and reward. But this will come back around once traders realise that will will lose their arse sooner rather than later in this business. They say one memecoin out of 100 will be the real deal. Those odds are not great. If you were to be lucky enough to pick 3 good memecoins on the bounce then you are more than likely going to be a millionaire. But a gambler always tells you what he wins and not what he loses and this is why the likes of Twitter are a minefield. You will make more money trading the likes of Bitcoin and the alts in the medium term than a quick buck with Donald Duck's Arse Token. Yes a flutter on a memecoin is OK but don't bet your house on it. One guy did actually bet his house on $HAWK and is now $250k in the hole. Life ruined. Don't be that guy. Write a Hive post instead.
I've given up on memecoins because it never ends well for me.
In 2021, I sold DOGE too early in early April (ATH for DOGE happened in late April).
Bought BSC memecoins ended in a rugpull due to FOMO. Bought SOLANA memecoins using a method shared by an "influencer" on Twitter, but it didn't end well. Creating tokens on pump(dot)fun didn't work either.
I bought only 1 memecoin this time (BONK, though not many) because last year this token had a successful Christmas event. And this year they will burn tokens during Christmas and next year there will be a Chinese New Year event.
BONK went up about 200% after I bought it. Not too bad for me who always has bad luck with memecoins.
I think we are all in the same boat with memes. Most fail but that one success gives us nice memories but they are very very dangerous. Glad to see BONK went well for you.
I didn't buy any memecoin yet, but I think the TUAH coin was 97% premined! 😅
I wish I was a sensible German 😜. Yeah the dev team paid her a fee and sent her on her way. They got the rest. She is now gone to ground.
I can't believe all the fucking dolts that blew their life savings on it. I mean really! Wtf
Yeah they all deserved what was coming to them. It was soooo last year anyway 🤓
Haha, I know. I was actually amazed it did so well coming out so long after the fact!
I invested everything in hawk.
I trusted the huah tuah girl. She was a true inspiration.
I’m shocked and devastated.
Now I must find someone else to spit on it.
Classic case of move to Thailand. 😃
Too true, plus I love ping pong
🤣
Amen brother...
Now where can i buy this Donald Duck's Arse Token? Is it on Binance? 🤣