So I posted on a meme coin page about it being a complete scam. It was removed instantly, but I feel the need to share after trying it for a couple days with a small amount, and by watching patterns of this market.
I placed money on 10 different coins that were trending on Solana. Every single one dropped to $0 either within minutes or a couple of hours.
Delving into deeper research, the ones that are successful are "artificially pumped" by insiders involved. What people also don't realize those are the only runners now. 99% chance if you place anything its a guaranteed loss.
\*I showed the math (most coins aren't shown until insiders/bots simulate massive volume, around $300k MC).
\*Don't plan on buying anything promoted early because they block your purchase\*
\-You bet $5 (at 300k you are already at a loss from the fees).
\-After fees and taxes our principle is at $4.25 (if not lower).
\-The MC goes up to $500k if you're lucky
\-500,000÷300,000 is about 1.66 x $4.25 = $7.05
\-It going up any higher is not common and not worth the 99% scam risk
\-I watched a cabal driven coin just produced go from nothing to millions in market cap before dropping to zero.
\-I didn't see this coin until it was at least $500k in value.
\-Overall, never again will I put money into this market. If one of your buddies promotes it you'd be wasting your time and money. Not mad because it was just experimentation.