What's your thought about memecoins?
Due to the lack of any real use cases and utility of memecoins, most investors tends to avoid investing their funds as this token are driven by social media hype. No doubt a lot of people have got rekt in the past by investing in them, however significant number of people have also become overnight millionaires by doing their research well before investing in some memecoin which eventually changed their lives.
Examples of such memecoins include; DOGE, FLOKI, SHIB, PEPE, BONK and many others. As a Bitcoin investor, I had high hopes of making significant profit after the approval of the Bitcoin spot ETF but things didn't go as expected hence am considering investing some amount in memecoins. BABYDRAGON and WIF are two new memecoin I have spotted. While WIF has been listed on some exchanges like Bitget and already gaining traction, BABYDRAGON is yet to be listed.
I would love to hear from the memecoin enthusiasts what they look out for before investing in a particular memecoin to enable me make the right decision. Do you think BABYDRAGON and WIF is worth investing in?
The project team is the first thing I normally check for; if they are unknown to me, that's a red signal for me. I make sure to read about them and their reputation. In order to determine their plans, I review their website, roadmaps, and white paper. whether the project isn't a copy and paste of another, I then check their community to see whether it's active or made up entirely of bots. Since genuine projects have effective marketing strategies, they will also have people involved. The CEX listings on Binance and Bitget, which you mentioned, are beneficial because not all of them aim to take advantage of the community members. That way, you'll know what to do if you verify these criteria and everything is well.
I find it amusing when some individuals express reluctance to invest in meme coins due to their perceived lack of use cases. My response to such skepticism is a simple question: How many of the tokens in your portfolio actually serve a genuine purpose and have yielded profits? The answer is often predictable.
In my view, regardless of whether they are meme coins or not, success in the crypto market boils down to conducting thorough research, entering and exiting positions at the right times, as, ultimately, most of us are driven by the desire for profits.
Honestly, I don't hold onto meme coins for extended periods. Instead, I seize opportunities by entering early or capitalizing on market dips, selling when prices rise. I've experienced significant gains from tokens like DOGE, SHIB, PEPE, BONK, and others.
Moreover, I've taken the initiative to secure WIF on Bitget, strategically waiting for price retracements before making a purchase. Although BABYDRAGON is now listed on the exchange, I'm exercising caution and awaiting some pullbacks before making any investment moves.
If BABYDRAGON fulfils what it represents i.e Strength and Wealth then it could be yet another hugely successful memecoin. Its success has been huge since launch and it could be ready to reach greater heights by benefiting from top tier CEX listings
This is meme coin and it's all about a solid community to support the growth. Babydragon seems to checkmark those qualities. We just have to look for an entry price to buy and wait for that moment.
Well said & I think it could be the next PEPE Imho hence would be investing in BABYDRAGON on BG platform to earn some decent returns.