Opening disclosure: I do not promote you do the same, I have a very balanced portfolio but occasionally I will throw left over money into meme hype coins just for fun.
This topic is designed to show you how chasing the next meme coin could be an expensive lesson.
It all started with Meme season 2021.
Looked at Shiba when it was 2-3 million market cap.
Looked at Safemoon when it was 10-20 million market cap.
I went with Safemoon for stupid money because the process of transferring my bank money to an exchange for BNB and then swapping from BNB to the meme token was very straight forward with maybe $3-4 gas fees tops.
Fast forward 2 years and PEPE and Eth based meme coins are back. Thought it was time I at least got involved; if at the very least to show me why I passed up on Shiba in 2021 (Eth being such a clunky, expensive experience).
Follow my journey – so you won't have to!
Part 1: A brand new adventure. Transfer a few spare bobs into Eth and find the next 1000x.
Part 2: Transfer that 0.11 Eth to UniSwap for a 0.00182 Eth Fee!
Part 3: Accidentally transfer all Eth in Wrapped Eth, so you cannot buy your Meme as you don't have another $20 Eth lying around as a gas fee. (**You will likely need to transfer Eth to Wrapped Eth in order to buy your low cap meme. This requires Eth, in this case, 0.0043 of it.)
Part 4: Having got this far, I knew I would now need to unwrap my Wrapped Eth back to Eth to re-do and have enough Eth to get the meme. But you won't have enough Eth to do this. You will then need to buy More Eth and repeat steps from Step 1 (and more fees).
Chances are by now, like me, having used quicker and leaner Layer 1's, you have now given up on Ethereum. And I don't blame you. I have given up on Ethereum.
Total Fee cost for the experience $55~
Total loss $250 ($200 of Wrapped Eth sitting on UniSwap).
Its 2023. Eth does not make decentralised money easier IMO.