Las Vegas-based Glober Contisuto, known as the “Dogecoin Millionaire,” used his social media account to highlight the concept of fair play in cryptocurrency markets.
What Happened: The widely followed trader argues that the presence of snipers and bots has created an unlevel playing field, making it nearly impossible for ordinary investors to compete.
“These days, there is no such thing as a fair release,” Contisuto asserts. “Snipers, people who use bots and are very professional at it, are the ones you’re going to encounter when you launch the coin.” He stresses that this cannot be considered a fair launch, because these players do not adhere to the same rules as ordinary investors.
He also warns that trying to participate in these launches is a sure way to lose money, saying: “They don’t play by the same rules as you, and you will lose money 100% of the time. Stop being delusional.” He paints a picture of snipers waiting on the sidelines, ready to “crush and destroy a project the moment it starts working.”
Read also: Meme coins are ‘pure scam’ and ‘ruining cryptocurrencies’, says trader who believes Dogecoin is different
Why it matters: To improve the situation, Contisotto suggests that the best outcome investors can hope for is to back projects with strong teams that understand the challenges posed by shooters and robots.
Teams are advised to take proactive measures to protect their projects and communities. They can purchase most of the supply and distribute it over time, allowing the project to grow organically with a thriving community with a rising market value.
His suggestion to investors is to focus on these types of projects rather than chasing so-called “fair launches” that are vulnerable to snipers and bots. He also warns that once snipers get rid of their bags within hours of shooting them, they move on to the next coin they can demolish and earn endless money.
It is known that Contisuto watched his wealth fall sharply from $3 million to $50,000 when he did not sell his Dogecoin. Doji/USD Holdings after a huge rally.
What’s Next: The impact of memecoins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read Next: Cryptocurrency Trader Michael Van De Poppe Highlights Solana Coins and Meme Coins Predicts ‘There’s Always an Altcoin Season’
This content was produced in part with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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