Where are memecoins heading? Do the rewards outweigh the risks?
With the Dogecoin surge, the memecoin frenzy became a new phenomenon in the crypto market. This lured many new participants — from seasoned traders to regular people — to the crypto market, hoping to ride the bullish wave. Other memecoins started to emerge, with many newly minted tokens recording multidigit price surges, sometimes just based on a tweet from Musk himself.
Since the DOGE craze of 2021, the market has been inundated with tens of thousands of memecoins and “shitcoins” trying to become the next Dogecoin or Shiba Inu . New anonymous memecoins often come with many smart contract vulnerabilities, including closed-source contracts, proxy contract mechanisms, tradeable logic with pause functionality , and setting high sell taxes hindering token sales. These vulnerabilities can potentially result in losses for traders.
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