Meme Coin experts warn against scams and crash with $BEN and Pepe Coin: How to hedge your Bets with Caged Beasts
New Delhi [India], May 31: Since January of this year, memecoins like Dogecoin (DOGE), Caged Beasts (BEASTS), and Pepe Coin (PEPE) have gained attention in the crypto space. Because, unlike traditional cryptocurrencies, memecoins are primarily used for trading and lack specific utility tied to blockchain features. And while memecoins can be profitable, they are sometimes volatile and should be approached with caution.
So, how do you hedge your bets when investing in meme coins? One method is to invest in a project early on, so that you can buy a token for a relatively cheap price, so if the worst case scenario happens you don't lose much, and if you pick a promising project you can expect your profits to skyrocket.
Caged Beasts: Unleash The $BEASTS!
Caged Beasts is an exciting new meme coin setting itself apart with its unique sci-fi theme and stunning art style featuring mutated humanoid animals, such as Dr. Rabbit Hyde, Drake the chameleon, and Blaze the cheetah. The project however is still very much in its infancy, with the presale not having launched yet. Currently, we are awaiting the project's first stage to begin by tracking the countdown on the Caged Beasts' website.
Caged Beasts will include an NFT collection of the various characters from its lore, as well as the token $BEASTS, and to drive community growth Caged Beasts has implemented a crypto referral system. This system rewards both the referrer and the referred by granting token rewards to both. Also, 75% of the total funds raised will be locked up in a wallet and released after the official launch of the token, with the remaining 25% reserved for marketing purposes.
Experts Warn Against $BEN's New Coin
NFT collector Ben.eth gained notoriety by capitalizing on the frenzy around meme coins, orchestrating rug pulls and defrauding investors of millions of dollars through scam meme coins like $BEN and $PSYOP. Despite the controversy surrounding his actions, Ben.eth has now announced the launch of another meme coin called $LOYAL. However, given his track record, it is highly likely that this new coin will also be a rug pull, and experts are advising to steer clear of it.
Ben.eth's wallet balance saw a significant increase from USD 2,600 to USD 9.28 million, but the funds have since been moved out of the wallet. The current balance stands at 3,450 ETH, equivalent to USD 6.3 million. Ben.eth is now facing potential class action lawsuits for misleading investors and alleged wire fraud charges.
Pepe Coin Suffers Sudden Decline
The market capitalization of Pepecoin (PEPE) experienced a significant decline from USD 1.8 billion to approximately USD 665 million in just two weeks. This drop can be attributed to whales, who hold a significant amount of PEPE tokens, selling off their holdings during the crash.
The hourly transactions and volumes of PEPE also decreased, indicating reduced trading activity. However, the daily holder count has remained relatively steady or slightly decreased since April, suggesting new users are still joining despite the price decline. The PEPE price is currently at a technical support level, which may lead to a modest bounce in the future.
Memecoins are created around popular internet memes or cultural trends such as Dogecoin for example, which started as a joke but grew into a major player in the crypto market, and Pepe Coin, inspired by the internet character Pepe the Frog. Some people, however, have taken advantage of their popularity and launched scam coins that have no real value or utility, which is why seasoned investors advise the uninitiated to choose their coins carefully. Select instead coins that are community-focused with a lot of work put into them, such as Caged Beasts. Even though it is not available for purchase yet, you can still go to the website and sign up with your email address to be the first to hear any news.
(Disclaimer: The above press release has been provided by ATK. ANI will not be responsible in any way for the content of the same)