Investing in meme coins a form of gambling, new study reveals

Investing in meme coins a form of gambling, new study reveals

A new study has shown that investing in meme coins or crypto assets created from internet memes or having humorous qualities is a form of gambling, a type of gambling that many people believe in. Despite some investors who believe otherwise, this is a major sticking point for investors who are investing in the stock market.

Crypto investors have started to see meme coins more frequently over the past few years because they think it's a profitable investment option, with some believeing it's a good quick-profit opportunity.

Elon Musk, a billionaire investor in the tech industry, is a vocal supporter of Dogecoin, the world's first meme coin, which was launched in 2013 as a joke to Bitcoin, and named himself as the DogeFather as proof of his support for the meme coin.

If Musk is a billionaire, what does he have to do if he invests in Dogecoin?

A study conducted by ChainPlay, a platform developed to help crypto gamers get information from various sectors of the GameFi market, has revealed unexpected details about meme coins and how they are perceived by investors.

Lohar Herbert, Chainplay research head, explained that chainplay research should not be carried out.

Herbert said, In his statement, Herbert said, 'It is up to the government to make decisions that reflect the interests of the community and the people's interests.

The perception of investors was based on investors' lack of due diligence before buying crypto assets, the study said.

The top three factors investors study the most are meme popularity, social media act and community act.

The research also revealed that 70% of investors believe meme coins are scams. Only 30 percent of thesurveyedsurveyed believed meme coins to be safe investments. While the majority believe meme coin investing as a scam, they don't mean it in the real sense of the word.

People can also be driven by FOMO.

Although only 48% of thosesurveyed believe meme coins as long-term investments, 64% of them believe their investment has a high potential for profit, while 61% are investing just out of curiosity.

ChainPlay also predicted that the explosion of the cryptocurrency industry, the increasing popularity of crypto among younger generations,' more practical use cases of practical real-world applications, and s DOGE Killer Leash, Milady, Lovely Inu and Dogechain were among the key drivers for meme coin growth in 2023.