Surge in Memecoin Popularity Accompanied by Volatility, Misinformation, and Bull Run Potential

The recent surge in memecoin popularity has been accompanied by widespread misinformation and manipulation. Many individuals are sharing profit and loss screenshots that are often fake, designed to scam or dump on unsuspecting investors. The phenomenon is reminiscent of the 2021 Bored Ape Yacht Club (BAYC) holders, where success is attributed more to luck than skill. The term 'cabal' is used to describe coins that one does not own but are increasing in value. However, there are multiple groups of early holders who coordinate to support and promote these coins, ensuring their value remains high, often referred to as 'diamond hand' and providing 'plunge protection'. Most memecoins are highly volatile and are likely to become worthless soon. Despite this, some believe that memecoins have a higher potential to make people rich in the current bull run compared to legitimate projects.