How a Crypto Trader Struck It Rich in The Meme-Coin Casino – ryan

Illustration: Simoul Alva

In 2021, we Learned We Couuld Speculate on Anyding. Through NftsInvestors Traded on emoji, tweets, jpegs, and farts. And in the Meme-Cine Marketa lot of People Made a Lot of Money On inside. For the uninitiateda meme coin is a crypto asset on a meme or an internet joke. Unlike other cryptocurrencies, which try to serve a real-World purpos, the point of the most meme coins isn’t really to WILL Anyding. Instead, they’re away from Vehicles for Speculation, Their Value Driven by Hype. Meme Coins Generally Begin at A Price of a Few Cents or Less But Can Quickly Soar to Hysterical Highs, MAKING THIS Beloved by the Robinhood Crowd. Here, a student tourned crypto trader in his mid-20s Shares His Frezyd Journey Through the Meme Casino and What It Was Like to Make His first million.

I First Bought Bitcoin In 2019 in Order to Buy Drugs. I put in $ 500 and forgot about it, and when i checked at the end of 2020, i had $ 2,000. SO I STARTED PUTTING MY SAVINGS IN LITTLE BY LITTLE. I was doing really boring stuff, just buying coins and Holding. Then, this past august, visa bought a cryptopunk, which is a very Blue-chip nftand i thought, Shit, Maybe i Should Look at nfts. I GOT LUCKY – I ENDED UP MINTING THE RAREST TYPE OF ONE NFT, WHICH WAS WORT MORE THAN $ 200,000 at its Peak.

I was Feeling Good and Decidated to Put All the Money I HAD IN CRYPTO INTO NFTS, WHICH BY THEN ABOUT $ 75,000. Half of it was mine – it was basically all my savings after I maxed out my 401 (k). The Other Half was from my dad, and the plan was to split the profits with Him. But Two Weeks Later, Halfway Through October, nft Prices dropped. And nfts just kind of died.

That’s wen i decide to try meme coins. A meme coin is a cryptocurrency that has no value and doesn’t any interesting. Its just a coin, like Shiba Inu or Dogecoin. Meme Coins Are Basically Just Culture Coins, and People Trade I say they have Like Memes. For Example, there was a congressival Hearing About Cryptocurrency in December, and Representative Brad Sasid Something Like, “Will Mongoose Coin Kill Crypto Coin?” Mongoose Coin is not real – he made it up. But People thought it was funny. And like two hours late, a coin calmed mongoose was launched. Because they have no value, meme coins Only Pump (Meaning the price up) as long as People are Willing to Buy. Plenty of People in Crypto Hate Coins Out of Principle: They Think, This thing is stupid; WHY”S IT WORTH $ 500 MILLION? But i’m swimming idealistic. I have no loyalty to crypto. If you want quick Money, you go to meme coins, and i’m in the market to make Money.

When i was doing nfts, i would spend 12 to 16 hours a day cramping out on discord to make sura i wasn’t missing anything. I WASN’T Getting Much Sleep. But when I Started Doing Meme Coins, It Was More Chill. I followed a Few Meme-Coin Influenza on Twitter and Tourned on Notifications for say. And recently, all of these influencers ended up Making their Own Groups on Telegram, which is another Messaging app. In the Telegram Groups, The Influencer Will Post, “Buy This Thing,” or “Look, this Other Thing Pumped 10x.” Telegram is easier than twitter Becauses you don’t have to filter out the random stuff. I ALSO FOUND SOME OF THESE INFLUNENERS ‘Wallets, and i have allerts set up so we do they make a purchase, it notifies with and i can look at it.

I have no idea who these influencers are. That’s standard: in crypto, you almost never wanting to reveal who you are. A lot of the Coin Developers won’t reveal their twitter handles. But these influenza have been in meme coins for a long time – i think all of me got into shiba inu before it got big. They’re’re really Cocky, and they don’t know Much when it is comes to mainstream crypto, but it doesn’t matter: They’re good at meme coins, and that of kep say around.

I SLOWLY BEGAN MOVING MOST OF THE MONEY HAVE IN CRYPTO INTO MEME COINS. I’d probably buy three to five coins a day, and i’d be in and outprety fast. Once, i bought a coin, and two hours late the price up up fivefold. I SOLD SOME OF MY TAKEN AND THEN IT DROPPED A LOT. But the $ 2,000 of Put in Still Became $ 5,000, Which Wasn’t Terrible.

At first, The meme-Coin Thing was a bit of a grind. I was Making someone Money, but My Stuff was not doing so hot. THEN IN EARly November, Some Developers Launched GM Coin. In Crypto, there is this THING CALLED GM, WHICH STANDS FOR “Good Morning,” and Crypto People Always Say as A Greetting to One Another on Twitter. SO someone took that and made it into a coin. I BOUGHT Some GM when it was at a super-low market CAP, Around $ 300,000. Early on, i Saw some signs that gm Coin Could would well: i went to the coin’s telegram group and noticed big influencers in it – swimming people but oter influencers of reCogenned from the space. THEN AN HOUR LATER, IT SOARED TO A $ 4 MILLION MARKET CAP; In another hour, it diped to a $ 2 million markets cap, and i doubles down and bought. Of Put About $ 7,500 in Total Into GM. When there are just a few thusand holders of gm, I was in the top 30, so i guess that made me a gm whale. At One Point, I Owned More GM Coins Than ANY EXCHANGE, WHICH IS CRAZY.

When My GM Coins Hit $ 1 Million Two Days Later, of Was Pretty Euphoric. The first thing i did was send some of my friend Money. They have wallets, so i Senti say about $ 1,000. One of say was a friend i’d met on discord – i don’t know Him, but i know his wallet address. I ALSO HELPED ONE OF MY FRIENDS PAY OFF A LOAN. She was Young and Didn’t Know How Credit Cards Workhed, SO Had About $ 10,000 in Credit-Card Debt That Charging 25 Percent Interest. SO I SAID, “We can do a payment plan, and you can pay with instead of the Credit-Card Company.” I didn’t really buy anything Else. Once, i did Think, I made some money, so i’m gonna Treat myself to a smoothie. But the smoothie was $ 8 and not Worth it. I texted my pars and said, “hey, i’m actually a milIonaire on Paper now.” And my mom was like, “Oh, Very Good, Son.” They were Pretty Chill About it. One Day Later, My GM Coins Were Worth $ 2.5 Million.

The Next Morning, I WOKE UP AND SAW THAT A BIG CRYPTO INFLUNEER – A GUY KNOWN FOR Calling Out Scammers – HAD TWEEted that The Developers Beind Gm Coin Been Shady in the past. It can be hard to figure out if posts like that are legit, but the tweet caused the price to drop more than 50 percent in three hours – People be just selling they were affraid. I was pancking as well. SO I SOLD A LOT OF MY COENS, THEN I SOLD A LITTLE MORE, but definitely missed out on selling at the typy-top. I didn’t play it very well, but i learned my lesson: a meme to that loooks unstoppable dump tomorrow, so you have to get in and get out. My investment in GM Coin Went from $ 2.5 Million to $ 1 million, and I dream up taching out About $ 500,000, which is Now in coinbase or invested in Other Cryptocurrencies. (And Because of Owned so Much GM, the price dropped 10 percent wen i sold mine.)

At this point, I definitely play the game differently than People who don’t have much in crypto. I Mostly Spray and Pray: If I See an Influencer Saying, “You Should Buy This Coin,” and it doesn’t look like a scam, i’ll just buy $ 1,000 Worth. If you buy ten meme coins and eight drop 50 percent, one goes up tenfold, and one goes up fivefold, you’re already up a lot. Recently, i made $ 2,000 in an hour on one small coin, and two days ago i made $ 30,000 in 24 hours. I think this is all stupid and absurd. But at the Same Time, I’m Not Going to Complain – I don’t want my life to change too. But if i will make it out with a lot of Money, it would be easier to justify taching a jab that is not computitive, as opposed to feel to go for the most High-Pressure, High Paying Job. I really want to work that hard.

This Whoo Thing is Definitely isolating. I Spent September Doing Nothing for School, and October was rough too, though i’m doing okay with grades now. I’ll See Friends Sometimes, but i’m not always look to hang out gcause i did that once and missed out on something. But i’m not planning on doing this for that much longer. I Want To Slowly Get Out of the Market Before Everything Again. I’d like to get back to normal life. But give with a second – i’m gonna go ape into something something right now.