Memecoins
‘Dogecoin Millionaire’ Says ‘Honest Flips’ for Meme Coins Don’t Exist: ‘Stop Being Delusional’
Las Vegas resident Glauber Contessotofamously known as “Dogecoin millionaire,” took to his social media account to shed light on the concept of properly launching in the cryptocurrency markets.
What happened: The widely followed trader argues that the presence of snipers and robots has created an unlevel playing field, making it nearly impossible for average investors to compete.
“There is no one right launch these days,” says Contessoto. “The snipers, the people who use bots and are damn professional, are the ones you’re up against when a coin is flipped.” He points out that this cannot be considered a fair launch, as these players do not adhere to the same rules as regular investors.
He also warns that attempting to participate in these flips is a surefire way to lose money, stating, “They are not playing by the same rules as you and you will lose money 100% of the time. Stop being completely delusional.” He paints a picture of snipers waiting on the sidelines, ready to “crush and destroy a project the moment it becomes operational.”
Read also: Meme Coins Are ‘Pure Ponzi’ and ‘Destroy Crypto’, Says Trader Who Thinks Dogecoin Was Different
Because matter: To improve the situation, Contessoto suggests that the best outcome investors can hope for is to support projects with solid teams that understand the challenges posed by snipers and robots.
He advises teams to take proactive measures to protect their projects and communities. They could purchase most of the supply and spread it out over time, allowing the project to grow naturally with a thriving community as the market capitalization increases.
His suggestion to investors is to focus on these types of projects rather than chasing so-called “fair launches” that are vulnerable to snipers and robots. He also warns that as soon as snipers dump their bags within a few hours of throwing, they move on to the next coin they can demolish and earn infinite money.
Contessoto famously saw his fortune plummet dramatically from $3 million to as low as $50,000 when he failed to sell his Dogemoneta DOGE/USD holdings after a massive rally.
What’s next: The influence of meme coins and Bitcoin as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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