Meme coins are a class of crypto driven by wildly resonant memes, hype, narratives, and internet culture rather than actual use cases. Think of them as the crypto equivalent of a viral trend. They can blow up overnight, make some people rich, and then disappear just as fast.
Despite having no fundamental value, meme coins have made people overnight millionaires and bankrupted them just as quickly.
We spoke to four Nigerian meme coin traders who have experienced the madness firsthand. From wild profits to crushing losses, here’s what they said.
Wale, 25, Crypto Twitter Influencer: “I turned $400 to $22k with a meme coin.”
In September 2024, I bought 224,000 units of a meme coin called BabyBNB for $400. Five days later, I made $22,000. This is how it happened.
Some context: I stumbled on BabyBNB during a random Twitter scroll. The meme coin was a spin-off of BNB (Binance Coin), a cryptocurrency issued by Binance, the largest crypto exchange in the world.
While the original BNB has been used to facilitate payments and trades since 2017, this spinoff had no clear utility or purpose. But it didn’t matter.
Meme coins thrive on hype, and Binance was all the rage on Twitter because of a scandal: Changpeng Zhao (CZ), who founded the crypto exchange, had just been released from a four-month sentence. This shot BNB’s price through the moon, and meme coin traders quickly capitalised on the trend.
BabyBNB launched on September 27, the same day Binance founder Zhao was released. I started buying large units at fractions of cents: $50 here, $100 there, and slowly built my position. The prices took off on the first day, and I started taking profits immediately. In just a few hours, I sold the first 36,000 units for $3,600.
The price peaked at $0.143 per unit on the third day, and I offloaded almost everything. I knew it was time to sell because early buyers with significant holdings had started taking their profit and offloading the coin. I figured they knew something I didn’t, and that was my signal to sell.
Imagine stocking 224,000 litres of petrol at ₦180 per litre. Three days later, fuel scarcity hits, and the price jumps to ₦600 per litre. You sell everything at the peak and cash out big before things return to normal. That was exactly what this was. I withdrew all my money in five days and locked in $22k. I turned ₦600K to ₦33 million with one insane gamble.
Baby BNB is practically worthless today. If I had held onto my coins, they’d be worth $274. That’s the thing about meme coins; you either take your profits when you can or cry later.
Abdul*, 24, Community Moderator: “I turned $670 into $11K overnight with $TRUMP.”
January 17, 2025, was a regular Friday until it wasn’t. I returned from the gym, showered, and dozed off briefly. When I woke up at midnight, my night turned into absolute madness.
I sat down to my usual routine of filtering through meme coin updates, looking for my next potential stake. Around 4 a.m., a friend sent me an update on Telegram: Donald Trump had launched an official meme coin.
It was three days before his inauguration, and the announcement was right there on his Twitter account.
The idea of a U.S. president-elect launching a meme coin for quick returns was insane, and I was sceptical, fearing it was a scam. Reputable accounts get hacked on Twitter, and this meme coin was riding on a political trend.
I caved when I saw that the market value had exploded from zero to $4 billion a few hours after launch.
Something big was happening.
I threw in $670, and my money increased to $1,600 in the blink of an eye. I quickly took out $800, which was enough to cover my initial stake and secure some profit. Then I went to sleep.
I woke up a few hours later and was in utter disbelief when I checked my balance. My wallet had $11,000 in it. I withdrew everything instantly; I didn’t spend a second mulling over it.
I had learned not to be over-greedy. Even though I was technically greedy for leaving the remaining money overnight, it was something I could afford to lose.
The following day, just before Donald Trump’s Inauguration, the Trump coin ($TRUMP) hit its highest, $14.5 billion, before eventually crashing to $3.5 billion in today’s market.
Dimeji*, 23, Architect: “My biggest regret is fumbling $Fartcoin.”
I have a simple strategy for trading meme coins: buy, hold, and sell when the euphoria kicks in. That’s how I secure my profit.
But $Fartcoin broke me.
On October 18th 2024, I went in with $2,000. But when the value started dropping significantly, I panicked and sold for a brutal $1,300 loss. As if my village people were personally mocking me, the damn coin took off.
I watched in horror as $Fartcoin’s value skyrocketed.
What followed was an emotional rollercoaster. On the first day, the market cap shot up to $4 million before it crashed to $2 million. I thought, “Yeah, I made the right call.”
A day later, the market cap exploded to $25 million. Five days later? It was back down to $6 million. That was a 70% drop. I thought I’d dodged a bullet, so I bailed and dumped everything.
But from that $6 million low, $Fartcoin blew past $100 million, to $500 million, to $1.3 billion, and then its peak of $2 billion. I would have turned my $2,000 into $600,000 if I had held my position. Instead, I walked away with a loss.
Meme coins brutally test your patience. No trader likes to lose because it seriously wrecks your confidence. It’s always better to walk away with something than to watch your money vanish into thin air. That’s why I made my decision.
I’ve learned my lesson, though. In meme coin trading, fear is your worst enemy. If you panic, you lose. If you get greedy, you definitely lose. And If you hesitate, you’ll miss out on money that could have changed your life. But the real test is knowing whether to hold or sell. I made the wrong call, and it cost me dearly.
Mark*, 31, Software Developer: “I’m a sore loser. I put $800 in meme coins and lost it all.”
I started trading meme coins in November 2024. Bitcoin had recently hit $100k, and the entire crypto market gained new momentum. Everyone was making money except me.
I had some agricultural investments, but I was looking for ways to diversify my portfolio and generate quick returns. That’s when I learned about meme coins.
At first, I played it safe. I’d take $10 out of my monthly income, convert it to crypto on an exchange platform like Bybit, and then trade it on pump-fun. Then I started buying different meme coins: $50 here, another $300 and $400 there. Before I knew it, I had put in $800, and everything crashed to zero in minutes.
I hoped I’d catch the next big meme coin and make a 10,000% profit. It’s simple: I’d buy large units early and wait for hype to increase demand. Before I knew it, the price would have multiplied.
But I’m a sore loser. I bought, held, and lost everything. I watched the coins pump, but I didn’t take profit; I was gunning for the highest.
Since November, I’ve traded at least 50 meme coins and lost every time. My wallet is still full of them, but they’re worthless.
I’ve lost everything, and I’ll probably lose again. But as long as there’s a shot at life-changing money, I will continue to trade meme coins.
Bottom line
Meme coin trading is like sports betting in a suit. You might get lucky, but most times, you won’t. If you can’t afford to lose the money, think twice before staking it. Most importantly, do your own research.
