Memecoins are like Powerball for crypto fans: Matrixport exec

Memecoin buyers are playing the crypto-equivalent of Powerball — with many “playing” in the hopes of scoring “life-changing money,” yet only a few will walk away with the jackpot, says Matrixport’s head of research.

Memecoins have seen a huge resurgence over the last week. Crypto tokens such as Pepe (PEPE) and Milady (LADYS) have boasted

Three other whales also started to buy PEPE on May 9 after prices dropped.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

“When the prices are big, it can make sense,” said Thielen. “If it suddenly makes a lot of news and a lot of stories, then I think these people need to be invested as well.”

Thielen, however, cautioned investors in memecoins such as PEPE, where the development team is anonymous, and there is no discernable roadmap.

“The task is to be ahead of others and get out once the momentum is turning. This is why it is important to work with stop loss and stops when trading risky assets,” he said.