Memecoins

Are Meme Coin Traders Afraid of Getting Scammed? Psychologists Explain

Published

4 months ago

22 July, 2024

Are Meme Coin Traders Afraid of Getting Scammed? Psychologists Explain

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It seems like this happens every day when someone gets scammed. pulled carpet investing in a currency even if it’s ridiculous. Most often, the investor doesn’t care and moves on to the next one Pump.fun token. It makes you wonder, though: Is that crypto degenerates Do you even care about being scammed?

Logically, people don’t invest money if they think they’re going to lose money on a meme coin, no matter how degenerate you are. But, once it becomes obvious that the project is a scam and the rug has been pulled out from under them, the investor needs to find a way to handle the experience.

“When there is a conflict between your beliefs and what is happening, we often change our understanding of our beliefs.” Christophe Chabrisformer Harvard psychology professor and co-author of a book on scams, Nobody is fooledsaid Decrypt. “We cannot change what happened, but we can change our view of our beliefs.”

Some victims will in turn rethink the incident in a positive way, for example by laughing. “You could call it a coping strategy, a defense mechanism, a rationalization or something else,” Chabris explains.

“There are many ways to crop [a rug pull]”You could rephrase it as a kind of rite of passage,” Chabris said. DecryptHe explained that an investor might look at losing money on a project like this: “You have to learn on your own and part of that is making decisions and losing – big investors have lost money.”

But in some scenarios, an investor may completely reject the reality of their previously held beliefs. Chabris explained that some people have even changed their minds about who they voted for in past elections, depending on the candidate’s future popularity.

He said logic tends to follow this scenario: “It’s hard to come to the conclusion that I invested in this: Oh, I must be an idiot.”

Daniel Simonsprofessor of psychology at the University of Illinois and co-author of Nobody’s Fool, said Decrypt“It’s a lot easier to say, ‘Oh yeah, I knew it would probably fail,’ right? And laughing about it is an easier way to do it.”

In our latest episode of “What is meta?Ryan S. Gladwin and Reza Jafery debate whether crypto degenerates really care about getting scammed and explore financial nihilism as the root cause of the phenomenon.

In many ways there will be red flags gestures to an investor’s face as they throw money at a scam. But they I always fall for itAccording to our psychology experts, this is due to a phenomenon called truth bias.

“Truth bias is just a sort of default tendency to believe that the information you’re presented with is true,” Chabris says. “It’s not stupidity or anything like that. It’s just part of the way the mind works to allow us to function as social organisms.”

Of course, there are many different ways to get scammed in the crypto world. Romance scams are among the most insidious in existence. They involve social engineering individuals to establish online relationships, often romantic in nature, before the victim is tricked into giving the scammer access to their fundsSometimes this involves cryptocurrencies and scammers use the victim’s lack of knowledge in this area as a means to exploit them.

“There’s another factor, which is that people often think they have more expertise than they actually do,” Simons explained. “Most people who invest in cryptocurrency, if you ask them how blockchain works, they probably can’t tell you.

This is even more relevant in the world of meme coins than anywhere else.

By quickly browsing the Pump.fun meme coin factory, users can discover tons of tokens that are not shy about advertising themselves as raffles. There is a full page of tokens claiming that they will raffle if you buy the token. But people still buy itthinking that the coin they are buying could become the next Dogecoin (DOGE) or Dogwifhat (WIF).

“[In this case] “It’s kind of a gamble, an attempt to time the market, to try to manipulate the market,” Simons said. “While they know there’s no real value in it. They’re just trying to manipulate what other people are going to do.”

This goes a long way to explaining why crypto investors laugh when they’re taken for fools: they know what game they’re playing. These victims then take to Twitter to share their loss, perhaps unaware that it’s an attempt to find some solace in others.

“There’s a lot of stigma attached to being scammed,” Simons says. “When someone, who’s a public figure, comes forward and says yes, I fell for it, it helps [other people] to have something in common, something shared with someone who was willing to admit it.

Edited by Stacy Elliott.

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Memecoins

Memecoins dominate major derivatives in terms of open interest | Flash News Detail

Published

4 months ago

1 August, 2024

TokenTalk Staff

Bitcoin Dominance May Have Peaked, Ethereum ETF Could Trigger Altcoin Momentum

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Memecoins

Have a profitable August with Shiba Inu and Mpeppe (MPEPE) Don’t miss the winnings

Published

4 months ago

1 August, 2024

TokenTalk Staff

Have a profitable August with Shiba Inu and Mpeppe (MPEPE) Don't miss the winnings

August offers investors a unique opportunity to capitalize on the potential gains offered by Shiba Inu (SHIB) and Mpeppe (MPEPE)These two memecoins take advantage of the viral nature of internet memes and popular culture, attracting a diverse and enthusiastic audience. In this article, we’ll look at why Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for gains this month and why you shouldn’t miss out on the potential profits.

The viral power of memecoins

Memecoins have the inherent ability to leverage the viral nature of internet memes and popular culture references. This can lead to rapid spread of the cryptocurrency’s brand and message across various online platforms, potentially appealing to a broader and more diverse audience. Shiba Inu (SHIB) and Mpeppe (MPEPE) are great examples of how this viral potential can translate into substantial community growth and market presence.

Shiba Inu: riding the wave of popularity

Shiba Inu (SHIB) has established itself as a major player in the memecoin space. With its cute canine mascot and strong community support, Shiba Inu (SHIB) has gained a significant following. The coin’s ecosystem continues to grow, with projects like ShibaSwap adding to its utility and appeal. Investors are optimistic about Shiba Inu’s future, expecting it to ride the wave of popularity that has kept it in the spotlight.

Ecosystem expansion

THE Shiba Inu (SHIB) The Shiba Inu (SHIB) ecosystem is constantly expanding, offering new features and utilities that enhance its value proposition. Projects like ShibaSwap provide users with opportunities to stake and earn rewards, making Shiba Inu (SHIB) more than just a meme currency. This expansion helps solidify its market position and attract a wider audience.

Balancing humor and professionalism

Mpeppe (MPEPE) offers a unique and light-hearted approach to the serious world of digital assets, balancing humor and professionalism. Inspired by internet memes and the dynamic energy of football fans, Mpeppe (MPEPE) is quickly gaining traction in the crypto community.

Mpeppe (MPEPE) offers an opportunity to reach a younger demographic and tap into the viral nature of internet culture. By balancing humor and professionalism, Mpeppe (MPEPE) appeals to a wide audience, from casual meme enthusiasts to serious investors. This strategy is similar to the one that made Shiba Inu (SHIB) so successful, but with a modern twist.

Expanding Reach and Adoption

Mpeppe’s (MPEPE) ability to leverage internet culture means it has the potential to rapidly expand its reach and adoption. The memecoin’s branding and community-driven approach make it accessible and appealing, much like Shiba Inu (SHIB) in its early days.

Why August is the month to invest

As the cryptocurrency market experiences a surge in interest, August presents a great opportunity to invest in promising assets like Shiba Inu (SHIB) and Mpeppe (MPEPE) Both coins are well positioned to capitalize on the growing interest in memecoins, driven by their unique appeal and active communities.

Conclusion: Don’t miss the benefits

Shiba Inu (SHIB) and Mpeppe (MPEPE) are poised for a profitable August, leveraging their viral potential and strong community support to attract a diverse audience. With the cryptocurrency market in full swing, now is the perfect time to consider investing in these promising memecoins. Just as Shiba Inu (SHIB) captivated the crypto world with its unique appeal, Mpeppe (MPEPE) is poised to make its mark. Don’t miss out on the potential gains these innovative digital assets have to offer.

For more information on the Mpeppe presale (MPEPE):

Visit Mpeppe (MPEPE)

Join us and become a member of the community:

https://t.me/mpeppecoin

https://x.com/mpeppecommunity?s=11&t=hQv3guBuxfglZI-0YOTGuQ

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Memecoins

Solana down 8% as its coins Dogwifhat, Billy and Neiro fall further

Published

4 months ago

1 August, 2024

TokenTalk Staff

Solana climbs 4% on the back of rising Meme Coins and Alts

Solana, the fifth-largest crypto asset by market cap, has fallen 8% in the past 24 hours, according to CoinGeckolike his Meme Coin Market Prices of some coins, which can be notoriously volatile, have fallen by as much as 43% in the past day.

As the cryptocurrency market bleeds with Bitcoin (Bitcoin) down 2.7% and Ethereum (ETH) 4.2%, Solana (GROUND) was the hardest hit among the top 10 cryptocurrencies, falling 8.2% to $168 on the day, according to data from CoinGecko. Along with this, meme coin Solana suffered huge losses.

The biggest loser in the last 24 hours is the bigger of the two Black (NEIRO) on Solana which fell nearly 44% to $0.01821. These tokens were launched after the owner of Kabosuthe Shiba Inu that inspired the Doge meme, announced that she had adopted a new dog named Neiro. Interestingly, her rival on the network launched an hour beforealso called Black (NEIRO), is up 75.2%. It appears that the Solana Neiro Civil War is far from being decided.

Other big losers include: Pump.fun’s Favorites Billy (BOWL), down 26.4%, and Michi (MICHI), which fell 24.5%. Over the past 24 hours, both tokens have flipped their market caps multiple times, but dog token Billy is currently in the lead with $94 million, about $3 million ahead of Michi.

Dog with hat (Wireless), the largest meme coin on Solana, was also hit, dropping 12.4%. Bonk (BONK), the second-largest Solana meme coin, fell 9.1%. In fact, among the top 50 Solana meme coins by market cap, only four tokens are in the green, with Zoomer (ZOOM IN) leading the pack with 41.1%.

Meme coins are notoriously high-risk assets and tend to post disproportionate losses when the broader market experiences a downturn.

Brain (BRAIN), Michi (MICHI), Mini (MINI), Shark cat (SC), and many others, for example, have suffered greater losses in the last 24 hours than any of the top 100 cryptocurrencies by market capitalization.

In the world of meme coins, when it rains, it rains.

Edited by Stacy Elliott.

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Memecoins

Trader Says Bitcoin’s Path to $100,000 Is ‘Currently Programmed’, Updates Outlook on Memecoin That’s Up Over 18,000% YTD

Published

4 months ago

1 August, 2024

TokenTalk Staff

Trader Says Bitcoin's Path to $100,000 Is 'Currently Programmed', Updates Outlook on Memecoin That's Up Over 18,000% YTD

A widely followed analyst and trader expresses bullish sentiment on Bitcoin (Bitcoin) while offering his take on the memecoin built on Solana (GROUND) blockchain ecosystem.

Starting with Bitcoin, the analyst known by the pseudonym Altcoin Sherpa tell His 219,000 followers on social media platform X say Bitcoin is on the verge of hitting a six-figure price.

“There will be bumps along the way, but Bitcoin’s path to $100,000 is on schedule. Don’t get rattled or lost along the way.”

Source: Altcoin Sherpa/X

At the time of writing, Bitcoin is trading at $66,236.

According to For the widely followed trader, Bitcoin enjoys strong support between $63,800 and $65,000, where the 25, 55, 89 and 200 exponential moving averages (EMAs) on the daily chart have clustered.

Source: Altcoin Sherpa/X

Next up is the Solana-based memecoin Popcat (POPCAT). The pseudonymous trader and analyst said that among the cat memecoin family, POPCAT is one of the “best” in the long run.

Altcoin Sherpa, however, says POPCAT looks bearish on the short-term four-hour time frame and needs to climb above a range low between $0.694 and $0.724 to avoid falling further.

Source: Altcoin Sherpa/X

POPCAT was trading at $0.00379 on January 5th and is now at $0.704, a gain of approximately 18,475%.

Altcoin Sherpa also offers his take on dogwifhat (Wireless), Solana-based Memecoin. According to For the pseudonymous analyst, WIF “still looks pretty good for now” on the four-hour chart with the “best” support area sitting around $2.10.

“The average would probably be $2.30 to $2.10 if I were you and I was swing trading this one.”

Source: Altcoin Sherpa/X

WIF is trading at $2.27 at the time of writing.

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