Blockgraze made the decision to purchase Dogwifhat memecoins in late November, shortly after the token’s launch on the Solana blockchain:
“I found the dog in the hat meme extremely amusing, so I decided to invest a thousand dollars in the tokens.”
However, Blockgraze warns that such substantial profits from memcoins are primarily attributed to luck rather than skill. They liken trading meme coins on cryptocurrency exchanges to gambling. Anyone can promote a cryptocurrency, create a market for it, and hope to receive a few offers. It is becoming increasingly evident that coins associated with memes, particularly those featuring Shiba Inu dogs, tend to experience significant price increases, according to the fortunate trader.
“I believe the key is to be foolish,” concluded the trader.
Meme coins truly have the potential to skyrocket in value. Following the announcements of Binance and Coinbase including Bonk, a meme coin, on their platforms, its price doubled. Bonk quickly rose to become the 43rd largest crypto asset.
In November, after the MEME token was listed on prominent cryptocurrency exchanges such as Binance, Bybit, OKX, and HTX, its value surged by an astonishing 2100% within 24 hours.