‘Dogecoin Millionaire’ Says ‘Fair Launches’ For Meme Coins Don’t Exist: ‘Stop Being Delusional’

Lives in Las Vegas Glauber ContessotoFamously known as the “Dogecoin Billionaire,” he shed light on the concept of a fair launch in the cryptocurrency market on his social media accounts.

what happened: Traders with large followings argue that the presence of snipers and bots has leveled the playing field, making it nearly impossible for the average investor to compete.

“There’s no such thing as a fair launch these days,” Contessoto asserts. “Snipers, professional bot-wielding people, are the ones you’re going against when a coin launches,” he said, because these players don’t play by the same rules as regular investors. emphasizes that this cannot be said to be a fair launch.

He further warned that trying to participate in these launches is a surefire way to lose money, saying, “They’re not playing by the same rules as you, so you’re going to lose 100% of your money. Please stop being completely delusional.” He paints a picture of snipers waiting on the sidelines, ready to “crush and destroy a project the moment it goes live.”

Also read: Memecoin is “pure Ponzi” and will “destroy virtual currencies,” says a trader who thought Dogecoin was different.

Why it’s important: To improve the situation, Contessoto suggests that the best outcome investors can hope for is to support projects with strong teams that understand the challenges posed by snipers and bots.

He advises teams to take proactive steps to protect their projects and communities. They can buy up a large portion of the supply and distribute it over time, allowing the community to thrive and the project to grow naturally as market capitalization rises.

His suggestion to investors is to focus on these types of projects, rather than chasing so-called “fair launches,” which are more susceptible to attacks by snipers and bots. He also warns that as soon as the sniper dumps the bag within hours of firing, he will move on to the next coin that he can destroy and make endless money.

Contessoto famously watched his property plummet from $3 million to $50,000 when it failed to sell. dogecoin doge/usd Holdings after a significant increase.

what’s next: The impact of memecoins and Bitcoin as an asset class for institutional investors is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.

Read next: Cryptocurrency trader Michael Van de Poppe emphasizes Solana’s operation on meme coins, predicts “there’s always altcoin season”

This content is created in part using AI tools, and reviewed and published by Benzinga editors.

Image: Shutterstock

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