Explosive! Meme Coin: A Dream of Overnight Wealth? Or a Meat Grinder of Total Loss?

Recently, the popularity of Meme Coins in the cryptocurrency market is extremely high, with old brands like Dogecoin and Shiba Inu, as well as emerging projects like Pepe and Bonk experiencing astonishing gains. This is attributed to ample market liquidity, social media dissemination, exchange promotion, and the wealth effect leading to follow-the-trend behavior. Technically, the multi-chain explosion and pre-sale innovations have also brought new developments, but they have also led to an increase in fraudulent projects.

Meme Coins carry extremely high risks, with daily price fluctuations exceeding 100%, lacking fundamental support, and most projects having a short lifespan. Fraudulent projects are rampant, with losses exceeding $120 million in the first quarter of 2024 due to scams. To identify them, one must check the contracts, team, and liquidity; liquidity traps should also be guarded against, as many projects have poor liquidity, and the team may control a large number of tokens, posing a rug pull risk.

When selecting projects, pay attention to the community, liquidity, contracts, and team; seize opportunities to avoid chasing highs, and refer to social media indicators, exercising caution in operations before and after listings on mainstream exchanges.

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