The popularity of the $PEPE token and other meme coins are on the rise. But before you jump in, it's important to be aware of the risks involved. Here are 3️⃣ things every crypto trader should know before investing in meme coins:
the former in terms of market capitalization earlier this year. Unlike traditional cryptocurrencies, meme coins are not usually judged based on the utility they provide to users. Instead, more emphasis is placed on the coin’s capability to attract high community engagement. In essence, virality is the single most important factor required to gauge the success of meme coins.
As such, it is critical to research the long-term focus of the project in question and how the project team plans to keep community members engaged with the network. You can do this by perusing the project’s whitepaper, its roadmap and following updates on the official social network accounts.Those familiar with the crypto industry know that reputation is a vital factor to consider when determining the viability of a product or platform.
Tokenomics refers to the token distribution of cryptocurrencies. Be wary of meme coins where a single entity controls a significant portion of the token’s total supply. Such digital assets are prone to experience a price slump if the major token holder decides to dump their coins. Therefore, it is advisable to go for a meme coin whose circulating supply is not concentrated among a handful of investors.all vying for the attention of crypto investors.
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