Why do memecoin traders persist even in volatile markets ?

[Cryptoic]

The amount of memecoins created on a daily basis is alarming. I remember vividly during the last bull run, Pump.fun stopped the release of memecoins on the platform for a while when rug pull issues were getting out of hand. Though no utility is attached, it’s literally based on hype. Twitter influencers/creators always have a way to wrap people around their fingers to believe their rugpull schemes.

There was a particular coin $UFD that made it way to Binance Alpha list and Bitget Seed platform. Source;https://www.bitget.com/news/detail/12560604517128. According to what i heard it was created by a youtube content creator solely to mock the anti-memecoin community and surprisingly did over 5500% after its launch. It’s crazy how lot of traders complain about being rug pulled and still put money on the next over hyped coin. Though $UFD still stands tall but you can imagine the long list of flops before coming across the few legit ones and i wonder why these traders persist even in volatile markets.

Edited January 27 by Cryptoic