Good morning, everyone đ
While the market is still moving in an undefined direction, one trader made 3.3K$ into 2.5$ million just by buying and selling memecoins. Sounds optimistic, right? But, was it?
The story tells us about a guy, who purchased 57 million FATHA, which made the memecoin go high in the market, making other people buy it in hurry. But the only one who benefited from that was only that trader, selling all his coins at the peak and getting 2.5$ million instead. Looks cool for him, but what about all the others, who also bought and wanted to get at least something?
Well, for those guys the game was not that âoptimisticâ. But what actually happened? The thing is that the man used the standard ârug pullâ scheme for it. What is that? In 2017, when memecoins just started, there were a bunch of people, who created special bots that followed the liquidity pools and bought the tokens as soon as they were launched, which made them reach the top of the market in just few seconds. And while people were rapidly buying the new hyped memecoin, the others were selling it, getting the money.
As you can see from the story, the high prices and huge volumes are not the best indicators for buying. Before putting your money into something new and seemingly perspective, always start with your own research. I prefer patience instead of FOMO. Because only time will reveal the truth.
Good luck and successful trading to you all đ
