One thing that’s going to Mars faster than Elon Musk’s rockets is the meme-coin frenzy that has taken the crypto world by the storm over the past few months.
This wave of crypto tokens has been making wild returns for crypto enthusiasts, but also wild losses. It has certainly been a fun ride, for most at least.
One memecoin millionaire is entrepreneur Damian Prosalendis, who rose in prominence in the digital business space after making his first million at age 20, from a business he started in his roach infested dorm room, a fascinating story covered on Forbes magazine
The accomplished digital entrepreneur has recently turned his focus on cryptocurrencies and in particular memecoins. “People don’t understand how much money is flowing in the memecoin circles. Hundreds of millionaires have been created from Doge, Shiba, Kishu, Safemoon, Safemars, Baby Doge and the likes of them ” says Prosalendis, a crypto student since 2017, when his mentor Tai Lopez introduced him to it.
His attention shifted to memecoins a few months ago, when people in the “whale groups” he is a member of reported unbelievable returns on memecoins, such as turning $ 2000 into $ 1,000,000 in less than 2 months with a memecoin called SHIB and named after the Shiba Inu dog, which ended up being listed on Binance, the world’s currently largest exchange, because of popular demand.
This doge paid pic.twitter.com/tlag20qAJp
— Damian Prosalendis (@DamianProsa) February 2, 2021
“It’s unbelievable what memecoins are doing. Some of the memecoin communities grew to build huge followings and real projects ” Prosalendis says on his Twitter.
Even more recently, Elon Musk has started tweeting about memecoins incessantly, with one tweet of his about Baby Doge sending it to the stratosphere. Baby Doge was already sitting at a high market capitalization of about $ 500,000,000 before Musk’s tweet.
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge, doo, doo, doo, doo, doo,
Baby Doge— Elon Musk (@elonmusk) July 1, 2021
It surpassed $ 1,500,000,000 a couple days later, which is something outrageous, considering that the higher the market cap, the harder for the coin is to move.
Fortune’s magazine writer Rey Mashayekhi also reported on the memecoin frenzy , citing one of Prosalendis’s recent tweets about Elon Musk’s impact on the market as a ” Masterclass on Meme-Sanity” .
Memecoins have actually survived the crypto crash of May 2021, when the prices of top crypto assets like Bitcoin and Ethereum fell by more than 50% from their all time highs, planting seeds of fear and uncertainty in the crypto markets.
Even though memecoins didn’t remain untouched as their market capitalization also fell by even larger percentages, they weren’t abandoned, possibly due to their strong communities.
In fact, new memecoins kept coming daily even after the crash, some breaking record after record with their market caps going higher and higher. Such tokens like Baby Doge in the Binance smart chain network or Floki in the Ethereum blockchain are still alive and strong today, setting their targets to taking the throne from the undisputed king of memecoins, SHIB, the biggest memecoin of 2021.
According to Damian Prosalendis, his secret to success with memecoins is being in the right telegram groups, where you learn about them as soon as they’re fresh out of the oven.
It wasn’t hard for him to secure access to multiple whale groups, due to his reputation and success as an entrepreneur. For those who aren’t millionaires, have a large social media presence or connections with whales, he created a private channel where he shares every memecoin or crypto token he buys very early.
Prosalendis was one of the first 50 people to buy Floki, a meme coin created after Elon Musk tweeted about getting a Shiba Inu dog that he would name Floki.
No more than an hour after Musk’s tweets, dozens of Floki tokens were released on both the Binance and the Ethereum blockchains. It would be impossible to buy them all, and extremely hard to pick the right one, because many of them died quickly afterwards. Only one of the FLOKI dogcoins went to hit the most unbelievable returns.
One of Prosalendis’s connections shared it in a whale group he’s in, giving them both a 500X return on their money within less than a week from launch. In fact, in a timeframe of less than 2 minutes it took for Prosalendis to check, buy and forward the signal to his ProsaProfit Crypto private group, his clients “only” caught a 50-70X on their money.
That is still a great return for a single week, but the staggering difference between his gains and others came from only a couple minutes of difference, emphasizing the importance of fast and early access to information.
By the time the mainstream retail investors learn about these opportunities, it’s often too late. When Elon Musk tweeted about Baby Doge, your return would have been a 2-3X at best if you bought immediately. Had you known about Baby Doge before that tweet, around a month earlier, you would be looking at over 1300X, a quite staggering difference.
Since then Prosalendis has hired a team of 4 researchers to help him monitor the memecoin and DeFi markets 24/7 in order to catch the hottest new opportunities as early as possible. However, finding new opportunities, or so called “gems” early is only one part of the equation to make money in this space. Knowing that your funds are “SAFU” and that the developers or the team won’t “rug” the project the other part. Safu and rug in the cryptolingo mean safe and scam.
Studying previously rugged projects and creating safety rules is paramount according to Prosalendis, whose team has a secret anti-rug methodology they employ to make sure theirs and their clients’ funds are safu. Even though ProsaProfit Crypto doesn’t offer financial advice, but simply a service of signal alerts and information, that process is essential to their success. That’s the reason why they have only been rugged once, out of over a hundred times they called a crypto signal. Prosalendis had no problem admitting this, as he says rugs can happen to anyone.
There is no one in the cryptocurrency, memecoin or DeFi world that hasn’t been rugged at least once. Even billionaire Mark Cuban got rugged in a DeFi project called Titan. It’s part of the game. The key to success in DeFi, altcoins and memecoins is to minimize your losses with strict buying rules, and maximize your wins by selectively choosing your buys.
