In a tweet, crypto trader Ansem pointed out that he is often accused of manipulating the price of the currency, and he clarified that he never deliberately shared a trade on Twitter and immediately sold it, while making a positive statement. He explained why people have this misunderstanding, especially for currencies with a market cap of less than $100 million, because their supply allocation may not be reasonable.
For meme coins, there are three or four main attributes that make them perform well:
1. Relevability: Describe the appeal of memes to ordinary people, even if they know nothing about crypto or finance. For example dogwifcoin is a very relevant meme, everyone loves dogs, and a dog in a hat is easily understood by anyone, whether they know what L1 is or not.
2. Spreadability: Even if the meme is relatable, some mechanism is needed to spread it. For some memes, it could be an upcoming world event, like BODEN and the upcoming presidential election, for others, like DOGE, it could be the richest man in the world (Elon Musk) talking about it non-stop.
3. Distribution: Many new meme coins fail because the development team holds a large number of tokens.
4. Extensibility: This refers to how easily memes can be ported to other completely unrelated things.
It says the best way to assess is to consider supply distribution and community interactions.
Crypto trader Ansem: Never manipulated the price of a currency
2024-05-16 02:43:15
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