Meme coins like Dogecoin, Shiba Inu, and PEPE often attract traders looking for quick profits. They promise massive gains, community hype, and the thrill of instant success. But behind nearly every success story, there are a lot of traders who got burned chasing the next big thing.
I’ve been there. I’ve experimented with startup projects, got involved with meme coins, and learned a few lessons — sometimes the hard way. While trades can be exciting, they also come with risks that many don’t realize until it’s too late.
This isn’t financial advice, just my experience surfing the world of meme coins and speculative tokens.
Let’s be honest — everyone has heard stories of traders turning a few dollars into a fortune with meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), or Pepe (PEPE). The idea of getting in on one of these early and riding it to life-changing profits is tempting.
But what about all of the projects that didn’t make it? The ones that launched with hype, promised revolutionary ideas, and then turned into dust?
I’ve watched both happen. Some coins explode in value, while others go down before most traders even have a chance to sell. In many cases, it’s not about technology or innovation — it’s about timing, hype cycles, and community-driven momentum.
So, let’s go through some of my experiences and see what we can take from them.
Squid Game Token — From Viral Sensation to Zero
At first, Squid Game Token (SQUID) looked like another meme coin that would explode in value. It launched in late October 2021 and within days, shot up by over 23,000,000%. By 1 November 2021, it peaked at $2,860 per token — insane growth in just a week.
Then came the rug pull. Developers dumped their holdings, and within minutes, SQUID crashed from $2,860 to nearly zero. Investors were trapped — they couldn’t even sell.
Key Takeaways:
- Massive hype-driven rally fuelled by the Squid Game brand.
- Developers cashed out, and the project collapsed instantly.
- No recovery since — the original SQUID token remains worthless.
What happened after? Some new Squid Game tokens (V2, etc.) have popped up, but they are completely separate projects, with no connection to the original team. These versions still exist, but none have matched the initial hype.
SafeMoon — A Speculative DeFi Token That Crashed
SafeMoon wasn’t technically a meme coin, but it sure acted like one. It had massive community backing, a viral presence, and an explosive price surge in early 2021 — followed by a painful collapse.
What made it different? SafeMoon used a reflection model, where holders were rewarded from transaction fees. It positioned itself as a DeFi innovation, but the price behaved just like a hype-driven meme token.
Key Takeaways:
- SafeMoon V1 surged in early 2021, but collapsed soon after.
- V2 launched in December 2021, but it didn’t save the token from its long-term decline.
- Legal troubles in 2023 determined its future, with the CEO arrested and the project filing for bankruptcy.
- VGX Foundation later acquired its assets, but at the moment, there are no signs that SafeMoon itself will be revived.
Lesson learned: Even projects that claim to offer real utility can still collapse if hype is the main driver of price.
EverGrow Coin — A Token That Still Has a Chance
Unlike Squid and SafeMoon, EverGrow Coin (EGC) didn’t disappear. It had its hype cycle, and while it has lost most of its early value, it’s still active.
Key Takeaways:
- Peaked in late 2021 at $0.000003379 on 1 Nov 2021 before declining.
- Like most speculative coins, it struggled post-hype.
- Unlike others, the project is still ongoing.
What happened next? In 2024, EverGrow transitioned to CedarDAO after moving from Binance Smart Chain to Solana. This shift was part of an effort to enhance security and improve its ecosystem following technical challenges. However, some elements, like its Atlas Wallet, are still pending full release.
Could it recover? Maybe. It’s still around, still developing, and some holders remain hopeful. Only time will tell.
Over time, my approach to trading has changed. At first, I was drawn in by hype, social media trends, and big promises. Now, I take a more cautious, research-driven approach before investing in speculative projects.
✔ Always research before buying. Hype isn’t enough — look at fundamentals, development teams, and project longevity.
✔ Have an exit strategy. It’s easy to hold onto a coin hoping for more gains, but knowing when to take profits is just as important.
✔ Market cycles matter. Meme coins thrive in bullish conditions but tend to disappear when sentiment shifts.
✔ Emotions play a big role. FOMO and greed can lead to bad decisions. I still struggle with this sometimes.
Meme coins and speculative tokens can be an exciting but unpredictable part of crypto trading. Some traders strike gold, while others walk away with nothing.
For me, it has been a learning experience — wins, losses, and lessons that shape how I try to trade today.
And yeah… I still hold some of those tokens.
So, to all the projects still floating around out there… I wish you good luck.
🚀 TO THE MOON!!!
Up next: Curious about how market influencers and institutions impact crypto? Check out The Power Players of Crypto.
Interested in Bitcoin’s price movements? Read Bitcoin Price Movements — Can We Predict the Next Move?
Wondering about macro trends? Don’t miss How Interest Rates Shake Crypto Markets: What 2024 Taught Us.
Disclaimer: This blog is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.
