Out of 292,531 traders, only 6% made any profit. And among those who profited: โข 88% made less than $100 โข Only 25 wallets made more than $10,000 โข Everyone else lost a combined $1.26 BILLION
The takeaway?
Memecoins arenโt creating widespread wealth. Theyโre concentrating gains in the hands of a tiny few while the vast majority gets wiped out. The casino is getting harder to beat. ๐
(Chinese version below) Too many people try to over-interpret โwhat does it mean?โ
I was testing Trust Wallet today. And saw too many meme coins in the wallet clustering the interface, to the point it was hard for me to find BNB, so I tried to burn some tokens. Even that caused many community discussions.
Then I realized that I will never be able to โclean outโ meme coins on the address. The more I burn them, the more people will send meme coins to the address.
The natural transparency of the blockchain means any interaction with this address will be over-interpreted by the community.
I even thought of requesting the Trust Wallet team to implement an โIgnore Coinโ feature to avoid the clutter, but that feature will not be needed by 99.99% of people.
Here is the plan: I will donate/send the BNB and ๅธๅฎไบบ็ (that was bought using BNB) tokens to Giggle Academy. Then I will stop using this address. It will effectively be a burn address.
Too many people try to over-interpret โwhat does it mean?"
I was testing @TrustWallet today. I found that there were too many meme coins in the walletโso many that it was even hard for me to find BNBโso I tried to burn some tokens. Even this action triggered a lot of community discussions.
I realized that I will never be able to โclean outโ the meme coins on this address. The more I burn, the more people will send meme coins to the address.
The transparency of the blockchain means that any actions involving this address will be over-interpreted by the community.
I even considered asking the Trust Wallet team to add a feature called โIgnore Coinโ to avoid the clutter in the interface, but this feature is something that 99.99% of people wonโt need at all.
So the plan is as follows: I will donate/send the BNB and the โๅธๅฎไบบ็โ tokens (bought with BNB) to Giggle Academy. After that, I will stop using this address, turning it into a burn address.