Eli5: How exactly do “memecoins” make money ??
In: Economics
The only people that make money in memecoins are the creators and other insiders. This is mostly due to fraud. Some money is made by traders. No money is made by holding memecoins. Bitcoin is the only digital asset worth holding long term.
These cryptos are creating very easily and then marketed heavily. Everyone knows meme coins are bullshit but everyone wants to buy the bottom and sell the top, of something, of anything really. Good traders can time this better than the average person.
The fraudulent memecoins creators are the ones who create the top by selling massive amounts of their coins, and are in cahoots with cascading levels of paid for sell signal groups.
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