2024-5-28 20:30 |
In a recent update on popular YouTube channel CoinBureau (with some 2.45 million subscribers), crypto altcoin analyst and CoinBureau show host Guy Turner shared with viewers some basic steps they can take to minimize the risk of rugpulls and dumps by recognizing the difference between “coordinated” meme coins and “community-driven” meme coins.
Turner advised viewers to invest in community-driven projects and avoid coordinated ones. “Coordinated meme coins are meme coins launched by crypto influencers and often aim to achieve a specific price or market cap. These meme coins typically don’t yield very large returns,” the CoinBureau host warned altcoin gem hunters on the prowl.
So what’s the difference between those and a community-driven meme currency? Turner says, “By contrast, community driven meme coins are those related to popular memes. They do not have a specific price target or market cap they are going for, and the narrative is amusing enough to organically bring in new capital.”
Finding Community-Driven Meme Coin ProjectsOne of the newest Ethereum meme coins– still in its presale phase, where prices are stabilized by the project’s tokenomic roadmap instead of being pushed wildly up and down on crypto exchanges, driven by the buy and sell orders of participants in an open market— is Ethereum Kai Cat ($KAI). Does it fit Turner’s criteria for a community driven program?
“These are the kinds of meme coins that go up by hundreds of X’s, sometimes more,” Turner said. “The caveat is that the creators of coordinated meme coins have noticed this, and they have shifted their strategy to launching a meme coin, claiming the devs have jumped ship, and then relaunching the meme coin, claiming it has been taken over by the community.”
“Stay away from these meme coins,” he warned.
But Kai Cat does not seem to have a market cap goal or over-promise instant riches or fast gains. It doesn’t have a big-name YouTube or X crypto influencer endorsing it for a crypto brand sponsorship fee.
For a project that has raised $250,000 in its presale, it has an appropriate amount of corresponding excitement on social media– so it’s not all likes and reposts with no funding for the actual token economy to back up the hype, a sign of a coordinated project.
Reddit Thunder On The Altcoin BlockchainTurner says the second rule of thumb for picking the best meme coins is:
“Focus on meme coins that are related to memes and narratives that are likely to endure over time. Meme coins related to specific events and catalysts don’t always do very well and even when they do, the returns aren’t very big and don’t last for long.”
“Conversely– meme coins with enduring memes or narratives are likely to see many pumps and dumps that will give you opportunities to make enormous profits,” he added.
Basically what that means in technical terms is if it’s a popular meme on Reddit, something the average redditor would recognize and say, “Yes! I’ve seen this!” then it’s got a wide community narrative and potentially enduring meme mana behind it.
In Internet years, kitteh memes are as ancient as doge memes. I Should Buy A Boat Cat, for example, predates Doge. A redditor shared the very first one on Feb 2, 2012. While the very first Doge meme dates to 2010, it didn’t become popular until 2013.
That may be why Ethereum Kai Cat has raised nearly $230,000 in its premarket token sale just a matter of days this spring. “Protip,” Turner said in his recent video, “Enduring memes or narratives are often those that relate to the smart contact crypto the meme coins exist on.”
How Crypto Presales Reduce Investors’ RiskA Big Caveat From CoinBureau:
Turner shared a third rule of thumb for picking meme coins with his viewers, “Avoid aping into meme coins that just launched or are in the middle of their first pump.”
“Aping into a meme coin runs the risk of getting rugged, whereas aping into one that’s starting to pump [for the first time] runs the risk of getting dumped on,” he added.
CoinBureau says it’s usually best to wait until a project has had an initial pump or two to see if it still holds its capitalization and then invest.
One way to mitigate that risk and still get in early on a project to ride every green candle up in case it rallies is to buy tokens in presale and follow them on social media with mobile notifications on (for X accounts, follow and tap the “+” bell next to the follow button) so you can stay in step with the community when the market makes big moves.
Check Out KAI Presale
Stay Connected With KAI On Socials: X | Telegram
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
The post Altcoin Analyst: Pick Meme Coins That Pump And Don’t Dump appeared first on CaptainAltcoin.
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