How i lost -90% of my crypto portfolio to meme coins/Sh1tcoins (A beginners guide)

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How i lost -90% of my crypto portfolio to meme coins/Sh1tcoins (A beginners guide)

In the quest to leave the trenches, just like every Blockchain-informed youth out there, well let’s rewind ⏪, Back in memory lane 2020 during the Coronavirus Pandemic, as a student whose school also went on lockdown plus the pending strike, I got to know more cryptocurrency and like every newbie, well maybe not everybody, I became anxious about the concept, I mean people where making 10x their money in 5 months on crypto, why would mine depreciate in the bank.
A month later a friend of mine told me about this pyramid scheme (Fortron), how i have to invest 100trx, refer 2 people and earn 1000trx passively both from spill overs and referrals, hehehe chill this is not even how i lost 90% of my portfolio, just relax clear your head and enjoy the ride, well as someone who has decided to make it in life, i did the maths 100trx was worth 3k(Naira), it was worth risking if i was to make 30k(Naira), fortunately for me i had 3k i could afford to lose that period, yeah i did it, got 1 referral, two days later the site went down, decided not to try such again, started reading articles, news and published works on cryptocurrency, i loved the concept, it is decentralized, anonymous, boundless and swift, how you could literally send money to anyone in the globe without the approval of third parties was interesting, well i was more focused in making 10x my money tho Lol, i watched people on YouTube buy Lambo with money made from crypto currency, so who am i not to ride Lambo!?.
Boom I started saving up to become an HODLer, I researched and discovered HODLers make money too from crypto, and yeah I did become an HODLer and a vendor until I came across this meme coin, continue reading to find it out, had $DOGE, $TRX, and $ADA school resumed, fortunately for me, the Crypto market was in a Bull run (will explain some of this terms later, at the end of this article) and yeah my money did 5x.
Came back from church on Sunday, and while the food was in preparation, I sat on my bed swiping through people’s WhatsApp status to keep myself entertained, I swiped towards this crypto freak Godswill (He posts about how he has made money from crypto and all that) will send the link of this article to his DM!, his post that afternoon was "$Freecoin to 1naira soon, $Freecoin will make people millionaires", as someone who didn’t want to FOMO I googled the price of $Freecoin it was very low in contrast of what I was thinking, I replied his WhatsApp status on how I could purchase this $Freecoin, he told me to download Latoken do this do that blah blah blah, which I did the time came to invest, needed a substantial amount of Tron to purchase this sh1tcoin, I had only 325trx as of the time, wanted to go big so I risked it all.
A week later was in a lecture hall, while the lecturer was in-front rounding up, someone in front of me opened his crypto wallet, at first glace, i subconsciously opened mine only to find out my portfolio had added an extra $15, with a smile on my face as i glanced my phone’s screen i nodded, days passed, exams was approaching, I vividly remember that afternoon Elon musk twitted about Tesla accepting $BTC and $DOGE as payment for their products, the entire market skyrocketed, project like $DOGE pumped 200% that is 2x, with anxiousness i opened latoken only to find out $FREE didn’t pump, with disappointment, i closed the app, dipped my phone in my pocket, on the other hand i became curious about this project, well i said to myself it will pump tomorrow, two weeks later after my daily morning routine, turned on my mobile data, only to receive a pop up notification from opera news with the headline "China places a ban on Bitcoin", with out hesitation I opened the news, and truly china placed a ban on all Cryptocurrencies, Bitcoin mining in particular, due to Environmental reasons, China been the number one region when it comes to mining Bitcoin, this new policy affected the entire crypto market Bitcoin dumped -12% in shock i opened latoken only to see the token that will take me out of the trenches dumped -30%, in shock i muttered which kind wahala be dis, well whatever goes down must go up i said to myself and left for my daily activities, few days later market recovered a little and this token didn’t, i started researching on it only to discover this token was a PnD scheme, no real world use, no founder, no functionality only a promise that the team will give everyone in the world 1000 $FREE damn i said to myself, at this point i didn’t know wether to leave it or not, well i left it with hope for a revival in price, exams was to start soonest to prepare myself mentally i deleted all crypto related apps on my phone to avoid temptation of checking it cause at this time the market was bearish in structure, a month and few weeks exams were over, lo and behold 1.6mill $FREE was trading at $3 ahhh weytin be dis (this sounds funny but e no funny) currently as at the time of writing this article 1.6mill $FREE is trading at $0.7 Lol, fortunately for me i lost hope at this token before it got to $0.7 removed my money at $3.5 used it to buy meshai and Nutri yo😹. Hoping Bitcoin MOON to $500k one day.
If you enjoyed this article give it a clap and don’t forget to follow me for more interesting articles! Till next week peace out and stay relentless
Moral lesson
~Avoid greed
~DYOR

~Risk what you can afford to lose

Unique Terms
~Memecoin (Sh1tcoin): A token without value or purpose just the hype.
~PnD (Pump and Dump)
~Bull (Bullish): When the market is positive, upward movement
~Bear (Bearish): When the market is negative, downward movement
~When Lambo: A term used by traders expecting to make a huge profit from trading, enough to buy a real Lamborghini
~MOON: The feeling that the price of a crypto will rise exponentially
~$DOGE(Dogecoin): A Cryptocurrency
~$FREE (Freecoin): A Cryptocurrency
~$ADA(Cardano): A Cryptocurrency
~$TRX(Tron): A Cryptocurrency
~$BTC(Bitcoin): A Cryptocurrency
~FOMO (Fear of missing out)
~HODL (Hold on dear life): A drunken misspelled word of HOLD, when someone holds on to a particular asset expecting exponential positive returns in the future
~DYOR(Do your own research)