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Memecoins refer to coins or tokens based on funny and famous memes so that they are easily remembered by crypto lovers. Memecoins are often used as speculative instruments in both trading and investment, in addition memecoins are also used to manipulate the crypto market by whales, celebrities and even presidents. To understand more about memecoins, here is a review of the pros and cons:
Pros:
Low price and low transaction costs
Volatility is very high so that it is possible to make high profits in the short term.
An active community that drives hype on price spikes
Cons:
Volatility is very extreme so that the risk is high so it is not suitable for beginners.
The popularity of memecoins often does not last long.
Potential for market manipulation and liquidity
Uninformative fundamental factors
Highly dependent on promos, tweets from famous influencers.
Do you use memecoins for trading or investing? or if you have other opinions about memecoins, don't hesitate to share and comment.
Pros:
Low price and low transaction costs
Volatility is very high so that it is possible to make high profits in the short term.
An active community that drives hype on price spikes
Cons:
Volatility is very extreme so that the risk is high so it is not suitable for beginners.
The popularity of memecoins often does not last long.
Potential for market manipulation and liquidity
Uninformative fundamental factors
Highly dependent on promos, tweets from famous influencers.
Do you use memecoins for trading or investing? or if you have other opinions about memecoins, don't hesitate to share and comment.
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