This dynamic creates a moral quandary. Darrien Justice, community manager for Garlicoin, another joke token, says he would never recommend anyone purchase a meme coin as an investment—including his community’s own—for precisely this reason. “The regular investors are absolutely the exit liquidity, but they don’t quite understand that,” he says. “I don’t want people to lose money buying Garlicoin. It sucks.
Among the several meme coin investors who spoke to WIRED, most said they make some attempt to assess the risk of fraud before buying into a new token. But there’s a limit, according to Dyma Budorin, founder of crypto auditing firm Hacken, to the due diligence someone can do with the public tools available.
The creators, for their part, insist that meme coins play an indispensable role by attracting new faces to crypto. The accessible branding, says Lane, creates a route in for people who might otherwise be alienated by the technical learning curve or crypto’s ideological groundings. “Not everyone can win, obviously,” she says, “but that’s the nature of it.”
Source: Digital Coin News (digitalcoinnews.net)
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