Meme Coin Buyers Beware, Says Les Borsai

January 17, 2023 Story: Divya Sinha

Bitcoin which is also the world's largest cryptocurrency, soared surpassing $21,000 in over two months.

[{"selector":"#anim-64c09233-6551-4d30-856d-5b0b41305a0e","keyframes":{"transform":["translate3d(129.05660%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-553b2180-f42b-480b-b2e3-e376c471a77f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9774d183-9da6-44ee-8913-e073a37c1b29","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Bonk which is a Shiba Inu-themed token, rose 5,000% in price by early January, then fell, but is still up 910% year to date.

[{"selector":"#anim-fb30bc4c-e724-4798-aabf-e4ffd10648bc","keyframes":{"transform":["translate3d(121.16042%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d8b58fd6-dae7-4dda-ac5b-3b8cb1d5dc59","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aa7f0775-6d09-4669-9bc8-1ef336273010","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

Other meme tokens are also on the rise, with Dogecoin up by 10.6% and Shiba Inu surging by 20.5% in 7 days.

[{"selector":"#anim-81066d26-79ec-45a7-a197-10167828d258","keyframes":{"transform":["translate3d(120.13652%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f3024c3a-278c-4fcb-944d-ad525e156276","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0ddc9528-5252-4d70-a27f-c4beb13b9965","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

As per a Reuters report, Les Borsai, co-founder of Wave Financial warms buyers of meme coins.

[{"selector":"#anim-62f39939-39e9-4961-a263-e59a105c36d0","keyframes":{"transform":["translate3d(131.10235%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67a7e316-e7a7-40bf-a81b-af152d5f060a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f07c0fb6-7d7f-4751-a053-59826f966eac","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Borsai said that investors need to be especially cautious when it comes to coins like doge, Shiba Inu and bonk.

[{"selector":"#anim-ef97fc35-4ced-4898-81bf-d4b617fa98ab","keyframes":{"transform":["translate3d(116.25442%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6b856fef-58db-4b69-b9a1-9ad622f2085b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dc27aa4c-9cd5-4b3a-ba0a-11255f1a45a0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

He added it to by saying that they fall just as hard as they surge.

[{"selector":"#anim-ad0b1b8f-f60b-41e2-9121-edbe9f140d96","keyframes":{"transform":["translate3d(120.27492%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-65e30462-3ed5-48c0-ab59-06398972dbbb","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-65a4663f-ef5e-40fe-b2ed-97819ebed530","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

However, reports suggest that some market players cite the relative cheapness of these tokens as a reason for speculators to place bets on them.

[{"selector":"#anim-4481a6aa-abb2-4757-b83b-d9309036c177","keyframes":{"transform":["translate3d(-387.09682%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-104dc7e4-f3f8-40f2-bfb4-65992f4ff26d","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-8e48059f-d149-44cf-8a1c-87f4e1e655ba","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c64f0b39-c0ce-4c99-a8aa-dc110135d168","keyframes":{"transform":["translate3d(-94.10526%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] More Crypto Stories...