If we talk about the market trend alone, meme coins are rising. According to experts, if you know how to play the pump and dump game, meme coins are the best investments.
The rise of cryptocurrency around the globe has finally pushed the government of the UAE to accept some particular meme coins for trade as well.
Meme Coins 101!
For those of you who don’t know anything about meme coins. The coins that are influenced by such memes consist of symbols or slogans associated with such memes or global events. In simple words, they run on the trend.
And yes, if the meme or the coin trend is over, the meme coin is also pretty much over. There is a straightforward method of identifying a meme coin. Just take a look at the overall available tradeable units of this currency. If the number of units is unlimited or very high, it is a meme coin.
Investing in meme coins
Generally, there are two scenarios under which you can invest in meme coins. The first one is for those who want to buy such coins and hold on to them for long-term profits gains. Sadly, that is something that rarely happens.
The second type of scenario is the pump and dump mechanism. The whole meme coin community would contribute to creating the hype about the coin. Celebrities will actively take part in the process as well. This is a perfect opportunity for short-term gains.
Popular meme coins to invest in UAE
UAE is on its way to becoming the hub for global crypto-based trade. To turn this dream into reality, both the people and the government of the UAE have taken giant steps for the future. A major one of these is the legalization of specific crypto-based trade.
As someone looking forward to investing in meme coins right here in UAE, there are some prominent options you can go with. Popular meme coins Shiba Inu and Dogecoin are already listed in local exchanges like BitOasis.
The rise of Dogecoin and Shiba
In the world of crypto, there are two meme coins only that shook the whole market. Yes, we are talking about the globally famous Shiba Inu and Dogecoins. Surprisingly, both the coins are based on the yellow dog meme that took over the internet like a fever.
As compared to Shiba, Dogecoin has seen much progress and market cap. The coin is supported by influencers like Elon Musk, Snoop Dog, etc. But comparatively, to other meme coins, Shiba Inu is a great choice to go with.
Pros and Cons
If we look at the possible pros of investing in meme coins, the most prominent one will be the pump and dump model itself. With the right investment and calculations, you can get huge gains from meme coins in a concise amount of time.
On the other hand, the major cons associated with meme coins will be the volatility of the asset itself. The coin will perform exceptionally well as long as the trend is up. But once the hype is over, there is hardly a chance for the coin to rise back up soon.
Whether or not the meme coin is a great investment is debatable. Those in favor of it are looking at the huge margins in the coin. At the same time, those against it are concerned with the hype-based model. For the people who don’t want to play the pump and dump game, it would make sense for them to buy USDT rather than investing in some poo coin that doesn’t have a future.
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