Meme Stocks & Joke Cryptocurrencies: Does Money Have No Value Anymore?

Meme Cryptocurrencies, Meme Stocks, & More

Over the past year or so, if you’ve been following the financial news even slightly, it’s likely you’ve heard about extraordinary returns in certain places. Headlines have been filled with meme stocks, meme cryptocurrencies, “WallStreetBets,” and the list goes on.

Investors have been buying things that don’t have much real value and have been taking their prices much higher. The returns have been astronomical, to say the least.

Take a look at the price chart of famed cryptocurrency Dogecoin from early 2021, for example. At the beginning of the year, Dogecoin traded for $0.005. By early May, it was trading as high as $0.73. This represents an increase of more than 14,000% in the matter of a few months! Keep in mind that, over the long term, index funds make average gains of about eight percent to 10% a year.

Mind you, this cryptocurrency was created as a joke, and now it’s worth $34.0 billion in total. At its peak in early 2021, Dogecoin was worth more than $70.0 billion.

Dogecoin chart

Chart courtesy of StockCharts.com

Squid Game Coin Soars 233,233%+ in a Week

Dogecoin isn’t the only cryptocurrency that has surged recently.

You may have heard of a show on “Netflix” called Squid Game. The South Korean survival drama is one of the biggest hits on Netflix so far. The popularity of the show inspired the creation of a cryptocurrency called Squid Game coin, or SQUID for short.

Guess what? There was a rush to buy Squid Game coins. On October 26, SQUID was trading around $0.015. By October 31, it was trading around $35.00. This represents an increase of 233,233%. But it didn’t stop there. By November 1, this coin traded as high as $2,860! (Source: “Squid Game,” CoinMarketCap, last accessed November 8, 2021.)

A few days later, it became evident that Squid Game coin was a scam. The creators of the cryptocurrency had cashed out and abandoned it. Now, Squid Game coin trades at $0.34. Had you bought it at $0.015, you’d still be up by more than 2,000%!

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Disclaimer: There is no magic formula to getting rich. Success in investment vehicles with the best prospects for price appreciation can only be achieved through proper and rigorous research and ...

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Texan Hunter 2 months ago Member's comment

Not when they print trillions everyday…

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