According to Matrixport’s head of research, buyers of memecoins are hoping for life-changing money, similar to those who play the lottery. Despite having little to no discernable utility, memecoins such as Pepe and Milady have seen a huge resurgence over the last week.

However, these coins are highly risky investments and can end up holding no intrinsic value in the long run. While professional investors and "crypto whales" have been trading memecoins, investors should be cautious and work with stop loss and stops when trading risky assets.