Meme Tokens : The Risk you can't ignore while dealing with them
Welcome back,
In today's blog we will talk about meme coins. Recently a lot of people made good money in meme tokens and particularly the meme tokens on solana blockchain are the ones who gave people a lot of profit. I know people who made 10-20X in just two to three days of time.
None of these tokens are listed on big exchanges, in fact these tokens are only on solana chain and you can buy them via DEX like jupiter and raydium exchange. Let us talk about the reality now, while many made big profits there are people who losed a lot of their money.
The reason behind these losses are quite simple. All those tokens that are being deployed on solana have no use case and they are just made for fun where you are actually trying your luck by putting a chunk of your money in those projects which can become zero on same day or even few minutes.
A piece of advise that I want to share here with people trying their luck in these meme coins is that don't plan on making wealth in these meme coins and remember, what comes easy won't stay long as it is very difficult to control your greed once you make big profits.
On the safe side you can invest a little chunk of your money in these tokens and not more than that. One more thing which is your responsibility is that you must monitor these tokens continuously as they are created just for quick pump and dump thing.
Stay safe, focus on long term holdings, and Happy trading everyone.