These People Became Millionaires With This Crypto — Here’s How It Happened

These People Became Millionaires With This Crypto — Here’s How It Happened

Image generated by Grok

If you’re active on social media, especially in the crypto world, you’ve probably seen people posting about how they’re getting rich or making a lot of money with memecoins. Here are two things you should know:

• Many of these accounts are fake, designed to create hype and grow the coin’s value artificially.
• Some people have hacked the system — they know how it works, and, yes, they are making real money with it.

What I’m going to do here is explain how the second group operates: how they use social media and various tools to create coins and exponentially increase their market cap.

Understanding Memecoins

To get started, you need to understand how these cryptocurrencies work. You’re probably familiar with Bitcoin, Ethereum, or Solana, so you might think memecoins work similarly. Not really. These coins are entirely community-driven. As I’ve explored in another article, they thrive on their communities because they lack any inherent utility.

Post made by Cabelo Escobar link: https://x.com/cabelo_escobar/status/1865667360549663038/photo/1

Pump.fun

This tool has stirred up a lot of controversy recently. Why? Because it allows users to stream while promoting their coins, leading to questionable and even dangerous marketing strategies.

images from Bitget

The platform helps identify “larval-stage” memecoins — those that are just starting to gain traction with a small community and a handful of investors. This is where whales and investors can find hidden gems, pump their value, and even get them listed on exchanges.

Creating a memecoin on this platform is incredibly easy. The real challenge? Making it take off and grab people’s attention. That’s why many creators tokenize popular and trending memes right on the site.

Once you collect a certain amount of SOL (yes, this is exclusive to Solana), your memecoin can move to the next phase.

Dexscreener

This tool is a bit more structured. Coins listed here must meet basic requirements, such as having a website and social media channels like Telegram.

If a coin makes it to this stage, it’s likely to attract liquidity injections because the big players are here. Promotion shifts from being platform-based to happening on social networks like Telegram or X (formerly Twitter). This is where the real difference is made.

Communities like Chill Guy or PEPE have succeeded because of their incredibly active members, constantly creating relevant content and expanding their reach.

However, there’s a potential downside. If the person holding most of the tokens decides to sell once liquidity hits a certain level, new investors may be left with nothing while the early holders take all the profits. If your community is strong, it might survive. But if it’s full of mercenaries looking for quick cash, the coin will likely die before reaching its full potential.

To assess the authenticity of a token’s ownership — whether it’s backed by a loyal community or a group of mercenaries — you can use a tool like Bubble Maps.

For example, we can see here how many of the tokens were allocated just in a few accounts that were related, thanks to Bubble maps.

Image from bubble.io about the Hawk Tua Token

Exchanges

Once you make it to an exchange, you’re playing in the big leagues. At this point, you’re likely receiving offers to promote your token in various places. However, there are risks:

• Mercenaries: Your coin will attract investors who only care about profits.
• Temptation: Your community members might sell their tokens and retire to a tropical island.
• Community stability: Your community could either grow stronger or collapse entirely.

One example is Chillguy, which started on Pump.fun. Early holders ended up becoming millionaires.

Conclusion

If you’re hoping for a formula to make your memecoin a guaranteed success, I’m sorry to disappoint you — it doesn’t exist. However, one thing all successful cryptocurrencies share is a strong online presence ( you can see it in my recent article).

That’s where I can help. If you’re interested in creating a website connected to SOL or any other wallet, feel free to reach out to me:

• Medium: Well, you’re already here, but I’d appreciate it if you follow me! Or subscribe to my newsletter — it’s free, and I’ll send you tips and advice every week.
• Also, please join The Capital and their articles that help me to create new content.

P.S. My next article will be about how I accidentally launched a cryptocurrency, and how it unexpectedly went to the moon.

These People Became Millionaires With This Crypto — Here’s How It Happened was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.