Meme coins and NFTs: How not to lose your shirt

[harlan4096]

Everything you wanted to know about meme cryptocurrencies — such as TRUMP and DOGE — and ways to win or lose big.
 
We’ve all heard about cryptocurrencies like blockchain or Bitcoin. What’s less well known is how this market works, why people invest in it, how they earn money, and what mistakes can lead to instant ruin. Our three posts on blockchain and cryptocurrencies, NFTs, and the metaverse cover the crypto basics. Today, we take a dive into a topic made hot by Donald Trump’s victory in the U.S. presidential election: alternative cryptocurrencies such as meme coins.

For those with little time to spare, here’s the TL;DR: Since 2021, the market capitalization of meme coins has fluctuated wildly between $8 billion and $103 billion, with towering ups and crashing downs. The chances of losing money greatly outweigh those of making it, and the number of scams is high even by crypto market standards. So the moral is: don’t invest money that you can’t afford to lose — even into something that bears the name of the current U.S. President.

For those with a little more time on their hands, let’s take a look at some joke cryptocurrencies, explore what — if anything — they have in common with NFTs, and tell you what precautions to take if you’re determined to invest in this high-risk market.

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