Are We in the Memecoin Bull Season? Precautions To Take When Buying Memecoins on Dogechain
We recently witnessed the fourth Bitcoin Halving and there is a huge dose of ‘hopium’ being hawked, “the bull run is here! Altcoins and memecoins will start to gain momentum”.
Well, that is not wrong, they are just about right (although this is not financial advice).
Past performance analytics have shown that Bitcoin’s most explosive gains are typically post-halving. Hence, there is an envisioned outcome of the price pumping up with massive gains (as seen in the diagram below)
Typically, in the last bull run cycle, we saw $DOGE hit a $90 billion market cap. Currently, the total memecoin market cap is just around $55 billion
This cycle has so much bigger potential and we realize, we are so early to the next memecoin season. Now, imagine what the impact would be on Dogechain and all its memecoins.
Remember that Dogechain was built to be the utility base of Dogecoin, supercharging and upping the $DOGE game in Web3.
The gas fee token of Dogechain is in fact, wrapped $DOGE!
Both chains share a correlation the market recognizes. Just like several tokens move in correlation to Bitcoin’s price movements and sentiments, a similar action is noticed with $DOGE and $DC.
You can only envision how parabolic it would be in this bull season; the memeconomy on Dogechain could go into a wild frenzy. Hence, it is time to go hard at discovering memecoins that are most likely to ride their way up.
But if you must go hard, you must take precautions.
The Memecoin Brouhaha
Memecoins can be a real razz; the thrill of having to buy a memecoin and it pumps some good Xs can get you so greedy to grab ’em all, especially when you are on Dogechain — not until they dump you hard in a ditch.
To this end, investing in memecoins can be exciting, but it also comes with significant risks. You should learn how to spot credible and fake memecoins.
So, I’m gonna be sharing some tips on how to stay careful when you want to hoard some appealing memecoins.
Tips to Avoid Being Rekt.
Follow these rules and be 99.9% safe (leave 0.1% for the times you can never be safe):
- Community is key!
Memecoins are not usually judged based on utility, however, it can be a good sign when the community backing the memecoin shares something in common beyond just making a profit.
2. Beware of inept creators!
Inexperienced devs with no traceable record of past successes often end up absconding because of greed or inability to keep up.
Investigate the team behind the memecoin. Are they experienced? Do they have a clear vision for the project?
3. Be wary of pseudonymity!
The pseudonymous nature of memecoin creators and investors often leads to scams. We are playing no game; this is money.
Scammers often put up a facade and often wouldn’t give up who they really are. I know there are sincere people who fly solo, but it could turn out bad when they decide to disappear. You really wouldn’t be calling out any real person.
Verify their information from multiple sources.
4. Check for potential rug pulls!
There are always warning signs, bro. What is the liquidity status of the project? How many of the tokens does the team hold?
Get a dev friend to check out their contracts and monitor their market movement. Follow the project before jumping in.
If you must buy, buy a little and watch. Once you see a sign, run! Don’t fall for a pump and dump.
5. If you can, avoid presales, they are risky business, mate!
Especially when the project has no strong support or partnership. Why do memecoins need presales? I see no need.
Notice how many memecoins on Solana carry out presales and rug right after? Well, that says it all. There’s really no financial commitment on the team’s end, so they can easily run off.
6. Take note to diversify your portfolio!
Memecoins should ideally be part of a wide-ranging portfolio to mitigate potential losses. Only invest money you’re prepared to lose due to the volatile nature of its market.
Although they can be erroneous in spotting that black sheep among the white ones, these pegs can help:
While there can be good inexperienced builders, non-KYC’d devs, and presales, many often turn out corrupt. Better to be safe than sorry.
Speaking of memecoins, here are a few to look out for within the Dogechain ecosystem:
● $OMNOM
● $DINU
● $SHIBES
● $YODE
● $TDH
● $DTOOLS
● #DOGESHREK
● $KENSHI
● $uREKT
To start, visit the Dogechain Telegram community to make your findings. There are always community members and ambassadors ready to help you.
Dogechain was built with the mission to power up $DOGE with DeFi and other Web3 utilities.
Memecoins are the trademark of this memechain and very recently memecoins on Dogechain have spurred some interest in the meme world.
You can be among the early participants; take a position and watch how it goes. NFA.
With the bull run imminent and $DOGE gearing up, our ride to the moon has to be a Lambo rocket!
Watch out for it! Stay tuned for updates and announcements by joining the Dogechain Family community on all channels:
