Eli5: How exactly do “memecoins” make money ??

Question

Eli5: How exactly do “memecoins” make money ??

In: Economics

Answer 1

For 99% of people they dont. For the 1% that earn money its simply buy at a low value sell when its higher leaving someone else with the worthless coin and them with the money. It is a scam in everyway but everyone knows that it is a scam so its not illegal, unless something else illegal is involved.