The plunge of a memecoin 'millionaire'

 The 20-year-old American student at one time became a millionaire while playing the coin meme

In 2019, I first spent 500 USD buying Bitcoin but forgot about them. It wasn't until the end of 2020, upon retesting, that this Bitcoin increased in value to $2,000. So from then on, I bought more digital money, accepted to live frugally, doing boring jobs just to have money to invest.

In August 2021, I read that Visa company bought NFT CryptoPunk. This is an NFT that is classified as a "bluechip", which has a reputation and high profit potential. I started researching this digital asset and got lucky when I bought a rare NFT. At its peak, my NFT was up to $200,000.

I decided to put all of my $75,000 into NFT, half of which is my dad's retirement. I plan to share the profits with him when it is profitable. However, the plan failed after only two weeks. In mid-October of last year, the NFT dropped in price and my NFT almost died.

I switched to another branch - memecoin. This cryptocurrency inherently does not create any value, typically Shiba Inu or Dogecoin. People trade simply because they like memes and jokes.

I remember then, during a US congressional hearing on cryptocurrencies, politician Brad Sherman jokingly said: "Does a mongoose coin kill crypto?". Mongoose coin is just a coin he made up, but it sounds funny and makes people enjoy. Just two hours later, the Mongoose coin appeared on the market. People who work in the crypto industry have always hated memecoins because they think this digital currency has no principles and only increases in price when people buy them. I am not. I don't love crypto, but join to make money.

Experience memecoin

When I was playing NFT, I couldn't sleep much because I had to spend 12-16 hours a day "laying around" on the Discord group to not miss anything. When switching to memecoin, things become more pleasant. I just need to follow the influencers in that world.

As a rule, you don't want others to know who you are. I don't know the identities of the influential people either, but I believe they have experience and may have owned coins like Shiba Inu before it grew. They are complacent even though they may not know about mainstream cryptocurrencies. But it doesn't matter, they just need to be good at memecoin because that's why people like me care.

I follow Twitter, turning on notifications to know every time they post. When they switched to creating groups on Telegram, I joined them. On it, they post something like "Buy this" or "Have this 10x the price".

I also use another tactic to find and track the wallets of influencers. When they buy or sell something, I get a notification and then review my investments. Every day, I buy 3-5 different memecoins and the time to buy - sell is always very fast. Once, I invested in a coin and it doubled in two hours. Spending $2,000 and earning $5,000 became the norm.

However, things don't always go so smoothly.

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