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The Hottest Presale

Trader’s $90 Bet Balloons to $1.7 Million With New Meme Coin

Meme coin new meme coin the meme games
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Author
Author
Joel Frank
About Author

Since graduating with a degree in economics from the University of Birmingham in 2018, Joel has worked as a financial market/cryptocurrency analyst. He firmly believes that emerging crypto technology...

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With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

A trader’s $90 bet on an obscure meme coin has ballooned to $1.7 million, as per an X post from trading analyst Kakashi.

That’s an 18,888x unrealized gain on that initial $90 bet, which is extraordinary.

Of course, that doesn’t mean anything until the gains are realized. And Kakashi didn’t reveal whether the wallet sold its position.

Another X user complained in a reply that they had seen a $14 investment balloon to $340,000 on Wednesday but had not been able to sell. Kakashi replied that it could have been a “honeypot.”

That’s a token that a developer programs to be impossible to sell – a common type of crypto scam.

See here the eight types of scams that Cryptonews.com advises readers to avoid in 2023.

Another reason why the user might not have been able to sell could be due to low liquidity.

A new meme coin might only have available liquidity of around 10% or less of its market cap.

Either way, the above examples highlight some risks of buying a meme coin.

Yes, huge gains are possible, but losing all your money to a scam is also possible, as another X user complained in reply to Kakashi.

As Kakashi commented, things aren’t always as simple as they seem in meme coins.

Meme Coin to Consider – The Meme Games (MGMES)

Newly launched meme coins like those referenced above are fraught with scam risk.

Traders often see a meme coin rapidly growing and FOMO in without doing their due diligence.

A better way to get into a meme coin before its price explodes upwards is via new presales.

Meme coin presales usually run for a few weeks, allowing investors to fully understand a project and for the hype to grow.

That gives a better foundation for a crypto to experience a good price pump once it actually launches.

One new meme coin that analysts at Cryptonews.com think has a lot of potential is Olympics-themed crypto The Meme Games (MGMES).

The play-to-earn meme game is running a presale concurrently to the Olympics and is already seeing strong traction, raising over $300,000.

See why popular presale analyst Jacob Crypto Bury thinks new crypto MGMES has 10x potential.

Analysts at Cryptonews also rank as one of their top presales to buy this summer.

Buy MGMES Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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