Crypto Meme Of The Week

The crypto market is volatile, to say the least. It’s been a rollercoaster from day one and volatility is everywhere in this industry. Stories of traders making millions on a single trade are not uncommon, but so are stories of those who risked everything and lost it all. As with any investment, there are risks involved. Some people learn these lessons the hard way and regret ever getting involved in the first place. Others don’t and wind up with a ton of regrets, but few regrets come close to the one that comes with becoming part of a crypto wallet’s blockchain. It is not worth the risk. In today’s article, I’m going to talk about this week’s crypto meme. So, without further ado, let’s hop in.

Crypto Meme Of The Week

Six months ago the Bored Ape sold for $433,515. Yesterday it sold for $51,010. What happened?

Are people losing interest or it is that time of the year again when cryptocurrencies and NFTs take a massive hit. Let’s find out people’s comments about the matter.

Zuzuzuz On 9gag Said: It is still around 51 thousand pennies over what it is really worth. It is all a shady scam to earn money. Why don’t people understand that?

Well, no need to get all angry about the ongoing dip champ. Crypto is meant to shine and it will.

Zakumbal Shared His Thoughts And Said: Someone bought coke with a value of $433,515.85 and then transferred the money by also purchasing one NFT from the dealer of the cocaine. After then, someone purchased cocaine from the new owner of the NFT for the equivalent of 51,010 dollars and then transferred the money by purchasing his NFT.

This is how I evaluate the value of NFTs; you can’t use a 0.05 dollar NFT to trade thousands of dollars worth of goods, which is why there are both inexpensive and costly NFTs. There are also, of course, those fools who will really spend that much for a few pixels on a blockchain.

Now, we don’t agree with the whole picture that the fellow just drew, but the man got some valid arguments.

Lucifer6666 Said: Do you mean that someone purchased an NFT from themselves for $433k in order to give the appearance that it is worth that much? Some dumbass dropped fifty thousand dollars on the assumption that it was a steal.

Wow, we never thought about it that way! But the prices of NFTs are rising once again, so we just have to see if more people are going to pour money into this or not.

An Anonymous User said: However, this does not imply that one person sustained a loss of $380,000 due to a single transaction. It’s possible that hundreds of purchasers each lost between one and two thousand dollars on their purchases. Although it may seem terrible to lose $2,000 on a lousy picture, the situation is not quite as dire as the post makes it out to imply.

We totally agree.

Bottom Line

In conclusion, with the rise of the crypto markets and NFT we see that there are many people who are making huge profits from them. In fact, now days even those with no technical background can create an ERC-20 token. However, there are always two sides to a story.

So if you want to make money in crypto then please do the research beforehand, and make sure that you understand the risks before pouring your money.

Our last week crypto meme: https://satt-token.com/blog/2022/07/04/crypto-meme-of-the-week-26/