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People Are Looking For The Next ...

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@erikah
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Today I came across this tweet by @CoinMarketCap, showing what people based in the USA are searching for. This is the list of the TOP 10 tokens, based on traffic, change in traffic and search volume.

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The Famous Top 10 List

At first glance it looks like a pet store list but we all know it's not.

Shame on me, but I've only heard of 3 tokens on that list, one of which is obviously BTC. The rest I have no clue what they are, I suppose these are the new meme coins of the future. Yes, I admit my ignorance here, bravely.

If you look at how people reacted to the list under the Tweet, you see comments like "This is an absolute embarrassment to crypto" or "Wtf am I even looking at" or "SHIBA TO THE MOON" etc.

Now I'm pretty sure of those reading the post, some of you may hold one of more tokens from the list, while others don't. It's ok, this is how it should be, each to their own, no one can tell you what to invest your funds into, it's your responsibility, you make the decision and suffer the consequences, good or bad.

The Trend

Ever since Doge coin started to make waves, I started to follow the evolution of it to be able to understand what's going on. Doge coin has been the subject of Elon Musk's game, therefore it had high ups, deep downs, one after another, depending on what mood Elon was in at the moment of tweeting. Some have become millionaires on paper, others have become millionaires in real life as they knew when to buy, how to buy and when to cash out.

This is the reason why so many are hoping they can catch the next gem early and make millions. This is why these coins are appearing like mushroom after the rain.

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If you look at the total marketcap, these coins are not in the top ten, actually only Doge is on the list and there's a high chance these coins will never reach any considerable marketcap.

What's The Plan

Before you jump to conclusion, I'm not part of any team developing these coins, nor have I any inside information. This is my own opinion and my theory about how I see this situation.

So as I said, people are divided are into these coins, while others, some don't even what to hear about them. Some hardcore BTC maximalists are voicing their negative opinion about these coins, while they are trading them short term, to make a profit. These are definitely not assets you want to hold long term as the risk for their value to go to zero is extremely high.

People Are Looking For The Next ...

So what's going on here? There may be a high level of manipulation in creating these coins. As long as there's demand, there will always be supply. Attracting newbies through these coins, who are looking for the next gem, with the hope of becoming millionaires, by investing as little as $100 for 1M coin, that could 100x in a short term will always be appealing. Knowing when to short a large amount of coin when you know it's going to crash is also appearing to those who are not new to this game and looking for the next scalping opportunity.

The problem is, when there's a market crash, small cap alts get crashed. Those who are scalp trading these coins are taking the funds invested by those who are new to crypto. Doge has had a huge impact and has been attracting many people that have no crypto knowledge at all. Once they lose their money, the chance to invest more is little to none. Those funds most likely go into BTC or the major alts.

Only time will tell what future these coins will have, but I would be very careful with investing large amounts in these. People are looking for the next gem, hoping to catch it early, but just as fast they can lose all the investment.

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Look at SHIB now. At the time of writing, you can buy 14,000,000 SHIB with as little as $103.6 and there's a high chance there will become more cheaper in the upcoming days. Would you invest (or gamble) with $103.6? You can become a SHIB millionaire.

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Doge is at a support level, but if this level is lost ... quite many people will get hurt.

I'm still not eager to lose money with these coins, so my position hasn't changed. I'm going to stay away from them. There are other good projects to invest in.

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