As far as I understand memecoins work like this:
- Some insiders work with famous person to create a coin
- They keep around 80% to themselves
- Coin goes on the market
- People buy the coin and drive up the price
- Original insiders sell their coins and make good money
- Coin crashes and most "investors" lose money
Why would anybody do this? Bitcoin is already a little questionable but buying something like HAWK, TRUMP or MELANIA is basically a gamble with the odds against you big time.
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