INVESTING IN MEMECOIN: WORTHY OR NOT

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Just as the name implies, memcoins are crypto projects that exist as a joke or meme, rather than for serious financial purposes. Although there are some memcoins that have grown over the years and rewards holders. The sole aim of these coins is to gain popularity in different means such as exploring the adverse effect of the social media platforms to spread its wings. It is no longer news that products and services and even crypto projects gain popularity through social media Ecosystem such as Twitter, Facebook, Instagram and so on. Dogecoin and Shiba Inu are great example of memcoins that started out as a joke but has since then gained popularity and are now gaining financial successes through their market recognition.

It is known that Dogecoin was created as a light alternative to bitcoin, but over the years, it was backed by community and the project gained popularity by engaging in charity development. In 2021,the Dogecoin gained more social media presence as it was endorsed by Elon musk and As we speak, the Dogecoin has continued to sustain its position as one of the top cryptocurrencies by market cap value and it is also recognized because of its community-driven culture.Also, Shiba Inu was like a counter to Dogecoin at the begin before it became a force in the crypto space. It experienced tremendous growth as well in 2021 as it was driven by speculative trading. It gained wide media attention, giving it the opportunity to be amongst the top meme coins.

There are so many Memecoin s in the cryptobe ace, thousands be havingre available while some are active others are not. The issue with memcoins is that one cannot fully trust their prsuchses because they are highly speculative and are volatile.loosinguld be having the potential to be valuable but turn out otherwise. Many people have cain investmentsred into investiincludesch such project with doing proper finds about the project hence loosing out.

This is why there are important rules and guidelines to follow before embarking in investments. Some of which includes: that a person should Always exercise caution before investing. Always conduct thorough and investigative research (DYOR) before investing in any cryptocurrency, especially these Memecoin . It is also important to assess the community's engagement on different social media platforms. If you want to invest, it is advisable to use monies that would not affect your budget or savings. Finally, always be informed.

In conclusion, individuals should take into consideration the important ways to not fall victims to memcoins scams by doing proper researches. People have made money from Memecoin investment while some have lost money. Hence, the pros of Memecoin investment is that it has high investment returns, community engagement and not expensive to operate while it's cons includes that, it is volatile and be a scam

This is a part of my entry for the #octoberinleo prompt as organized by the @leogrowth team with great initiative that members of Hive you can participate in this prompt and tackle them as you deem fit.

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