Is Memecoin trading a legit way to earn money on crypto?

Hello Readers,

In this ever expanding world of crypto, you can experience various types of digital work and interactions going on in this space, from a sophisticated place like Hive or Inleo where people post blogs or short-form threads to interact and also earn decent money but on the other hand, there is a wild world in crypto around Future Trading or meme coins trading where thousands of dollars can be lost or gained within minutes. Where the real physical world also has a concept of lottery ticket buying or investing in penny stocks, such type of gambling sector is on this web3 world as well in the form of volatility trading or investing in shitcoins. Among all of you, there may be some readers who already tried this in life before and mostly burned their hands. I have been long into this crypto world and started my journey with the old hive platform, but till now I am not into these trading activities and limited myself to hive or other legit projects and alt tokens. But I often see on Twitter or in other places about these types of trading which especially gets a peak during the bull cycle, just like some time before the bitcoin halving and though most people lose money in these types of volatility trades, there are some also who make money overall and make decent income.

---

Source

---

What are Memecoins?

Memecoins are basically shitcoins. Almost all of them do not have any real impact and are just a useless token created in a blockchain network. Now the love for memecoins among certain people has been recorded for a long time, especially when Doge and then Shiba Inu came into the top crypto charts despite being a meme coin because of their millions of market cap. Memecoin is just a token where emotion is a factor if it is going to get a blast in the future and of course, 99.99% of the meme coins fail in the long term so even if the successful ones give you hundreds of thousands percent in return, they are also pretty rare and impossible to tell which ones will be shinning in the future. In today’s time, Many small and big projects also create their own meme coins to spread awareness and advertise their product, which is a proven medium already, like the unofficial Splinterlands meme coin names PNS (Push and Shoved) recently got launched and is now tradable on exchanges.

---

Source

---

Trading Meme Coins

Memecoins can be found in many different chains but currently, The Solana chain is literally topping them all and you can literally see a new meme coin being generated every minute or two on this change. There is a big base of people who trade meme coins on the Solana chain because of the low trx cost, fast speed and good traffic with the availability of coins. In this regard, anyone can check the popular Dex Screener website and filter through the solana chain and select new pairs to get a view of newly generated meme coins that are currently getting traffic. Recently, out of curiosity I also entered into this world and spent some time researching meme coin charts and seeing how they perform with time and cycle and was surprised to see most getting dead even in their first 15 or 30 min life as most of them are getting rugged.

---

1. Go to https://dexscreener.com/

2. Filter by Solana chain, low liquidity for newer or small ones.

3. Now you can trade on Dexs like Jupiter or use Telegram bots to trade faster.

---

However, they are good tokens as well with decent to large market cap and liquidity but overall, it's very risky and you can touch the bottom line within seconds and get your funds down to zero, even before you can even sneeze and react about it. So please anyone who is new to this sector, only spend whatever you are totally ready to lose and treat it like a lottery or a scam. Thou I have spent hours in this chart studying in the last couple of days, I found no hard and fast rule to get the right trades on time and I didn't take or invest anything in meme coins till now, only studying. So, what I found out is that it is best to stay away if you are not rich in crypto and invest in main alt coins or trustable projects like Hive or Inleo etc.

---

Source

---

That’s it for today guys and I hope you liked reading my post about meme coins. Now tell me your experience if you have also traded meme coins or futures in your life in the comment section below and I will be seeing you all in my next post.

---

Join May Inleo prompt initiative and start writing posts!

Join Inleo platform for Free!

Posted Using InLeo Alpha