Inside the Wild Money Machine Fueling Cryptos Stupidest Bubble

Jail Cat was not created with any underlying purpose or theoretical utility whatsoever, other than to amuse, satirize and provide a vehicle for speculation. As a so-called "meme coin," the token has no intrinsic value other than what someone else is willing to pay for it. That can be a lot The best-known meme coin, Dogecoin--inspired by a Shiba Inu dog--is the sixth-most-valuable cryptocurrency in the world, with a market capitalization of $47 billion. 16-year-old college student Oliver Szmul, whose family immigrated to England from Poland, has decided that meme coins are his future. In April, a few weeks before Jail Cat's launch, he had posted his first YouTube video on his new channel, Zoom Wealth, dedicated to teaching others his secrets. Szmul claims that within just a few months he has earned roughly $100,000 creating, buying and selling these silly blockchain-based coins.