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TO BE BALANCED TOO HERE'S THE OTHER SIDE OF THESE COINS TOO
High Volatility
Meme coins are now one of the most volatile types of cash. They have huge revenue gains when the market is favorable and substantial revenue losses when the market is negative or uncertain.
Investors should keep in mind that meme coins are used in internet memes. As a result, they share many traits with them, such as the tendency to grow viral and become obsolete quickly.
Possibility Of Rug Pulls Or Pump And Dumps
For those who are unfamiliar with the term, a rug pull happens when development teams sell off all of their coins after pushing up prices. Investors are the ones that get the rug pulled out from under them, leaving them penniless as the value of that coin plummets to nothing. Squid token and snow dog are two recent examples of meme currencies that allegedly resulted in a rug pull.
It's also a red indicator when the whole community's purpose is to boost the coin's value by urging new investors to acquire the token in the hopes that the price will rise even more as most influencers dump the token on other investors.
Poor Tokenomics
Tokenomics is the distribution of cryptocurrency tokens. A single entity controls a considerable chunk of the entire supply of most Meme currencies. If a significant token holder decides to dump (sell out) their coins, the price of such tokens will fall.
Infinite Supply
Meme currencies often have an endless or almost infinite supply, with billions of pieces in circulation. Scarcity produces demand, and demand drives up the price when there is a limited supply. However, because meme coins have an endless supply, investors are skeptical that values would skyrocket. Furthermore, some meme coins lack a mechanism that "burns" or permanently removes them from circulation.
Little or No Utilities:
Major cryptocurrencies are created to address real-world issues. The ultimate objective is for it to be widely accepted by merchants, establishing a new kind of decentralized currency and transforming a range of sectors. Meme coins, on the other hand, currently serve no real-world use, and the most of them were developed to earn a fast cash. However, while meme coins are entertaining, they are also high-risk investments with little or no inherent value.
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