1,000% returns and 500%+ APY with useless coins? Seems legit
This is a true story.
Memecoin season happens fast and Arbitrum is an interesting place to be. Everyone and their dog has a story about making 10x PEPE gains, but I made a memecoin play in an unexpected place that got me a sweet 10x return in a week — WHILE farming 500%+ APY. Let’s start at the beginning.
My team and I are building a dApp called One Click Crypto and we’re considering the option of launching first on Arbitrum. In fact, according to the most recent community vote in our Discord, it’s looking very likely that’s where we’ll launch. So that’s why I’ve been paying close attention to the Arbitrum ecosystem lately.
There are a few projects I’ve been watching for a while with a lot of promise, but none of them have done a 10x in the past couple of weeks. If you’ve been paying attention to Arbitrum, then you already know the project I’m about to discuss.
My 10x Arbitrum memecoin play was on ArbDoge AI, and its native tokens $AIDOGE and $AICODE. More on them soon.
Keep in mind this story is 100% true, and I really did make 10x while farming outrageous APY in this memecoin, but I’m not endorsing it or recommending that anyone invest in this project. Rather, if you want a chance at making your own 10x in a week, you could try to learn something from my process and find your own opportunity. I’m just sharing my experience as a way to show that opportunities exist if you’re willing to look for them.
Now, let’s dive into the story of how I made it happen.
First. How did I even find this fringe memecoin called ArbDoge AI? Easy. I used the LunarCrush Trending tab to look for what was hot in the crypto Twitter sphere.
There was this new project making its first splash on April 21, 2023. So, obviously I didn’t know anything yet about the project or its tokenomics — I simply knew that they had somehow risen to the top of Lunar Crush and were therefore worth further investigation. It was time for due diligence.
Here is a due diligence checklist you should live by:
HOWEVER. Being that this was a memecoin and I just wanted to dip my toes into some emerging Arbitrum pools, I took the easy route.
I just followed the most basic degen rule in the book: never put in what you can’t afford to lose.
I bought a mere few trillion $AIDOGE and dropped 1.2T of it in the staking pool at over 500% APY.
Is 500% APY sustainable long-term? Of course not. It won’t last forever — their tokenomics dictate that the APY will decrease over time. The APY right now includes a lot of buybacks and rewards that are not going to be part of the emissions long-term (assuming ArbDoge AI even lasts long-term).
The APY is already below 500% at the time of writing.
You’ll also notice that I only have 1T $AIDOGE left. Let me tell you why.
It’s because of ArbDoge AI’s other token, $AICODE.
I burned 200B $AIDOGE to get a few $AICODE tokens.
The staking rewards on $AICODE are something truly astonishing. Make sure you’re sitting down for this.
I’m currently farming almost 500,000% APY on $AICODE, and at times I’ve seen it over 2M%, and the rewards are in Arbitrum.
I’m well aware, and you should be too, that 2M% APY is in no way even remotely sustainable — again this is a result of their buybacks and rewards campaign along with the airdrop allocation of the tokens being included in the APY allocation. It will not last, just like the vast majority of memecoins will not last. But it sure can be fun in the moment!
And also note again that I didn’t put a significant amount of capital into this investment. I was just testing the waters and having fun with memecoins and exploring Arbitrum, and since I like Doge and AI, I chose to use ArbDoge AI to dip my toes in.
That’s kind of how memecoins work!
Since buying ~3T $AIDOGE on April 21, I was up 10x several times by the end of the month if you include the 500%+ APY and and the ridiculous, unsustainable, memeish 500,000–2M%+.
I didn’t sell the local top — that’s hard to predict — but on the first dead cat bounce around .x80 I sold enough to double my initial investment. I plan to let the rest ride out to eventual higher highs or lower lows. I don’t care what happens or have any expectations beyond this point, I just hope it’s fun!
I recommend you always employ the same strategy when it comes to memecoins: invest a small amount that you can afford to lose, and if it ever goes 5–10x you should take your initial investment + 100% profits off the table, and then decide if you want to let the rest ride or cash in.
So I just want to make it abundantly clear that I’m not recommending ArbDoge AI to anyone, or even necessarily any memecoins. There are literally 1000s of memecoins out there that have come and gone, and the vast majority go all the way to zero. Be vigilant.