When a meme goes viral and the value of a cryptocurrency tied to it suddenly spikes, the process of investing can seem pretty fun. However, this is the danger behind meme coins. For the common retail investor, by the time they’ve heard of the meme coin, it’s too late. In these situations, the average person is used to generate hype for the crypto that then rapidly loses value as its major holders sell it off for massive profit. It’s important to keep an eye out for jokes and scams like this, as it can inform when and which cryptos to sell.
Some ways to tell if a joke or meme coin isn’t worth holding onto is its price history, whether or not it experiences cyclical spikes followed by massive sell-offs, and whether or not it has any other options beyond virtual gambling. As such, here are three joke cryptos to sell now, just in case you were hoping for a moonshot.
TOSHI (TOSHI)
A meme coin named after the pseudonymous creator of Bitcoin, Satoshi Nakamoto, TOSHI (TOSHI-USD) was created to represent the Base blockchain. The coin’s website, which admittedly looks exceptionally professional, says that TOSHI aims to become “a leading figure in the burgeoning Base ecosystem.” However, it goes on to state that it intends to use meme coin culture to generate hype around its prospects.
This is where ultimately, despite a potentially decent ecosystem around it, TOSHI becomes more of a pump-and-dump device than an investment. Since launching a little under a year ago, TOSHI’s price history has followed that of meme coins like Shiba Inu (SHIB-USD) where it exhibits long periods of relative dormancy followed by significant price spikes and selloffs.
Judging by this behavior, TOSHI is likely just another meme coin with good intentions in a sea of similar cryptos to sell.
HarryPotterObamaSonic10Inu (BITCOIN-USD)
What do you get when you put together a wizard, a former U.S. president and a high-speed hedgehog? You get HarryPotterObamaSonic10Inu (BITCOIN-USD) of course. And yes, its ticker is BITCOIN, how ingenious! This coin lures you in with the ludicrous and keeps you hooked using its meme potential.
What I mean by that is this kind of meme coin is a play on the ridiculous. It’s a form of hype generation through sheer ingenuity and uniqueness. Its website is a mental flashbang of sorts as well, turning your cursor into a magic wand and asking if you’re ready for the truth.
While I have to give credit to the creativity, it is not a good idea to buy into this crypto. Looking at its trading history, it is just a constant cycle of pumps and dumps. It doesn’t even have a real whitepaper to explain its utility because it has none.
Welshcorgicoin (WELSH)
Another meme coin that sounds good on paper, Welshcorgicoin (WELSH-USD) advertises itself as the first meme coin built on Bitcoin (BTC-USD). Its premise is simple, to compete with meme coins like Shiba Inu and hope that people prefer to use decentralized finance on a Bitcoin-based network rather than an Ethereum (ETH-USD) or Solana (SOL-USD) based network.
Deferring to its performance history, we see a meme coin with a short history and the same ups and downs as others like it. However, WELSH can only bet and benefit from its novelty attracting casual investors for so long. The major issue with its premise is despite the reputation of Bitcoin as a currency, decentralized finance is cheaper and more secure on specially developed platforms derived from SOL or ETH. Thus making it an uphill battle for WELSH investors who believe its DeFi features make it worthwhile.
On the date of publication, Viktor Zarev did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
