According to Ben Armstrong, the crypto influencer, all meme coins will eventually go to zero, except maybe DOGE. In a recent tweet, Armstrong described meme coin trading as a game of “hot potato.” He advised his followers to take profits from their meme coin investments as often as possible.
In an earlier tweet, Armstrong informed his Twitter followers that he rolled over some of his profits from GENSLR and POOH into DINO. According to him, this is his first time being involved in such high-risk, speculative cryptocurrency trading, otherwise referred to as “degen”, short for degenerate.
Among the meme coins Armstrong traded, GENSLR rallied by over 200% between May 6 and May 7, 2023. In the 24 hours, the token’s price surged from $0.000000005306 to an all-time high (ATH) of $0.00000003588. As of the time of writing, GENSLR’s price has retraced and traded at $0.00000002976.
POOH rallied from $0.00000001341 on May 5 to $0.0000001954 on May 6, 2023, marking a new ATH for the token. Despite retracing after reaching the new ATH, POOH has gained over 96% in the last 24 hours and traded at $0.0000001206 at the time of writing.
The kind of quick pump experienced by GENSLR and POOH is characteristic of low-cap cryptocurrencies targeted by investors in degen trading. They are usually very volatile and tend to surge significantly over short periods. However, they are considered high-risk investments because of the tendency of their prices to drop sharply. Hence, Armstrong’s advice to followers is to take profits.
Data from CoinmarketCap shows that DINO is not yet in a significant uptrend, and the token has gained only 3.1% in the last 24 hours. However, DINO’s current state qualifies it as an ideal candidate for a significant rally, with a market cap of $234,115 and a growing community.
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Source: Cryptocurrency - investing.com
