How to Make Money with Memecoins on Cryptomus

Memecoins are highly talked-about trends in the crypto space, but initially they were just internet jokes. Inspired by popular memes, such as Dogecoin and Pepe the Frog, they have become a significant financial asset, attracting traders. The circulation volumes tell about that, as billions of dollars are invested in memecoins each year.

It was Dogecoin that started it all. The memecoin was created back in 2013 as a joke. Over time, thanks to its community commitment and the support of famous personalities like Ilon Musk, it grew into a real financial asset. And now, cryptocurrencies, such as Dogecoin and the already mentioned Pepe are in high demand on crypto platforms, opening up another money-making opportunity.

Interesting fact: The memecoin market is very large and is already competing with other popular altcoins. This is evidenced by the fact that in 2021, the same Dogecoin’s trading volume reached more than $80 billion. This figure is constantly growing.

What is the memecoins’ popularity attributed to? Firstly, that is a merit of their playful nature and connection to internet culture. Secondly, the speculative potential they offer: traders see massive returns on them, especially when media attention or influential figures’ endorsement appears. Thirdly, many memecoins run on major blockchains (e.g., Ethereum) and are able to utilize their technical base (such as smart contracts and DeFi). Thus, driven by hype and supported by large networks, memecoins often show dramatic price surges and get a good liquidity.

Memecoins are a promising area where you can earn money even without having large savings. Many people ask themselves: where to start? In today’s article we will tell you in detail how to do it, using Cryptomus exchange as an example.

How to Choose a Trusted Platform to Make Money with Memecoins?

Nowadays, there are many exchanges in the crypto space, which makes it easy to get confused. It is important to navigate the market and be able to choose a reliable and high-quality platform that would suit your needs.

Below are the main factors to consider when selecting:

• Security. Ensure that the crypto platform has advanced security measures, including two-factor authentication (2FA), encryption, and audits (such as CERTIK). These protect from hacking and fraud.
• Ease of use. A crypto platform should be easy to navigate, especially for beginning users. That is why a user-friendly interface, intuitive design, and clear instructions are essential there.
• Wide selection of coins. A wide variety of memecoins is a benchmark for the best trading platform. There should be both popular coins like Dogecoin and PEPE and newbies.
• Customer support. A platform has to ensure help to its users any time; therefore, 24/7 customer service is crucial for any exchange. That is especially necessary for new traders who may have questions.

Cryptomus collects all of these. This is a multifunctional crypto platform that recently launched its own spot exchange. It has everything you need for trading: a large coins list and all the necessary tools for successful buying and selling. The exchange has a strong reputation and a reliable security system, and the platform’s interface is easy and intuitive; and if you have any questions, you can always contact the support team. For these reasons, Cryptomus is considered a perfect solution for beginning traders.

How Do Memecoins Work?

Memecoins, just like every crypto, work on blockchain technology but have some differences. The main thing is that memecoins are driven by internet culture and community activity, as they’re influenced by Internet memes, rather than technological advancements, as is the case with traditional assets. That is where the memecoins’ hype appears. It is important to say that memecoins have no value, so often developers sell out all the coins and leave the project. As a result—the coin falls almost to zero. However, sometimes the coin continues to grow, and these are the cases when crypto investors like it and keep buying it.

So, the key factor that is driving the memecoins’ price is community engagement. They are popular on social media platforms, such as X (Twitter), Reddit, and Telegram, and live because of the hype there. When there’s a lot of talk about them, the price goes up dramatically—their communities build and promote the favourite assets’ value, making them viral. Moreover, influential figures highly affect the pricing by just mentioning them in their posts or interviews. For example, Elon Musk’s tweets about Dogecoin drove the coin’s exchange rate up a lot.

Strategies for Making Money with Memecoins

Memecoin trading is high-risk but sometimes high-reward. Extreme volatility of these assets gives an opportunity to earn in short periods; at the same time, the rising hype points to their perspectives and encourages long-term investment. Here are the most common strategies to make money with memecoins.

Speculative Trading

The approach means buying memecoins at low prices and selling them at higher costs after the value increases. This is typical of such strategies as scalping, day trading and swing trading. Another activity here is searching for early promising coins that can “take off” in a fairly short time. That is a scheme of short-term profit, usually done within a few hours or days. The strategy requires constant market monitoring, including both figures’ changes and social media news around the asset.

Long-Term Investing

Another group of traders prefers buying memecoins and expects their value to rise over time. They believe that memecoins with strong communities will gain more value in a few months or years. Unlike speculative trading, long-term investing doesn’t require coin holders to actively monitor the charts and the market news but just wait for the appropriate moment.

Community Involvement

As memecoins rely mostly on community support to rise, every member of it can contribute to the particular asset’s success. You may actively contribute to this process by spreading information on social media and participating in discussions. The more supporters and activity around the memecoin, the better its performance in the market. This may also attract celebrities and large investors’ attention, making it even more popular.

Risks of Investing in Memecoins

High returns are a beneficial side of memecoins, but there are also several risks associated with investing in them. Below is a detailed description:

• High volatility. Memecoins’ price volatility not only gives opportunities for quick profits but also brings sudden declines. Such a situation may result in significant losses for traders.
• Fraud. The widespread situation is when scammers create fake memecoins to make a profit and then abandon them. This happens due to a lack of real-world utility and an experienced development team.
• Market manipulation. Memecoins, especially those with low market capitalization, are subject to whales’ activity: large holders manipulate the coins’ prices by buying or selling huge sums. Moreover, some influencers pump up the prices on their platforms before dumping them, leaving investors with losses.

The main thing to consider for protecting from such risks is managing them. Thorough market research, learning from experienced traders, and carefulness when investing are essential for secure work.

Step-by-Step Guide: How to Start Earning Memecoins on Cryptomus

Cryptomus is an excellent platform for both beginners and experienced users to trade memecoins—that is confirmed by its wide working base, huge variety of coins, and easy navigation. A simple guide on how to start earning these assets will help you.

Step 1: Sign Up

First of all, you have to register on the platform. Provide your username and email address, and come up with a strong password. To further secure your account, enable two-factor authentication (2FA) and pass the KYC procedure to get access to the platform’s features.

Step 2: Fund Your Account

Top up your account to start trading. You can do it by multiple payment methods on Cryptomus, among which are bank transfers, credit card payments, and cryptocurrency deposits. Choose the one that suits you best.

Step 3: Select Memecoins to Purchase

Now you may choose the preferred memecoins to buy. On Cryptomus, you can purchase them directly through a credit or debit card by entering your card details in the “Buy Crypto” section. Another way is to buy the assets on the P2P platform, selecting the offer with the most suitable terms.

Step 4: Trade Memecoins

Once you’ve bought the desired memecoins, you can then sell them on Cryptomus P2P by publishing your own advertisement and waiting for responses. There, you may sell your assets for fiat. Another option is to use the Cryptomus spot exchange, which is suitable for changing one coin for another (also known as trading pairs). The most favorable offers from the order book will be given to you quickly.

Step 5: Monitor Your Portfolio

Follow market developments and memecoin news to adjust your strategy if necessary. Monitor your portfolio and evaluate its performance regularly.

The latest words

Memecoins are not just financial assets but a part of the internet culture. Born from memes, they are highly attentive to traders worldwide, especially those who manage risks effectively.

Succeeding in memecoin trading is possible when using a reliable platform, such as Cryptomus. Over 100 memecoins to choose from, excellent customer support, and a user-friendly interface make it the ideal option for traders of any level of experience. Together with responsible trading, Cryptomus minimizes the risks described and increases returns.