The meme-coin craze began after Tesla CEO Elon Musk announced in early 2021 that he invested in Dogecoin. The billionaire entrepreneur began tweeting about Doge non-stop which gave rise to a flood of memes on social media. Musk gave interviews about Dogecoin making it reach all corners of the world.
Since then, hundreds of new meme-coins sprung up like mushrooms in the market leaving investors spoilt for choice. Investors who took early entry positions in Doge turned millionaires after the meme-coin breached the $0.01 mark.
Investors now blindly believe that the newer meme-coins could replicate Dogecoin’s performance and generate millions in returns. However, only a hundred few might turn millionaires and not everyone. Why you might ask? Well, below is your answer.
Also Read: Dogecoin Foundation, Boring Co. now targeted in Musk’s $258B lawsuit
Not Everyone Can Turn Millionaires With Meme Coins
The problem with meme-coins is that it is seen as a low-hanging fruit that’s up for grabs with affordable investment. The Oxford dictionary labels the term ‘low-hanging fruit’ as “the most easily achieved set of tasks, measures, and goals.” The issue lies right there.
Also Read: Here’s How Many Times Bitcoin was Declared ‘Dead’ Since its Inception
When was the last time you could pluck a fruit from a tree standing comfortably on the ground? One can assume that might have happened maybe once or twice in your lifetime. The majority of the time, one needs to struggle to get the fruit by throwing rocks. A few strong ones can climb the tree and pluck the fruit but that comes with a risk of falling.
Similarly, with meme-coins, only a few lucky ones happen to get the opportunity to grab millions of dollars by standing at ease on the ground. They include a handful of people who got in early, and the others might be the founders and devs of the coin.
Therefore, once the low-hanging fruits (millions of dollars) are plucked by these lucky ones, the others are left to fend for themselves. Investors are left with an illusion that the fruits are near but in reality, it’s far beyond reach.
In real life, low-hanging fruits are never made easy for the common man. One can only live in a myth that the fruits might be grown again, but until then, you never know if the tree would exist.