Note: This is not financial advice. This is for educational purposes only. Please note that cryptocurrency is a highly volatile asset class; only invest what you can afford to lose.
"How to buy Loser Coin" is a new question popping up among daredevil investors after an Ask Me Anything (AMA) went viral. The AMA highlighted the founder of Loser Coin's trials and tribulations, which shed some light on why they decided to give Loser Coin such a strange, off-putting name.
The two founders painted themselves as poor traders from China who had aspirations of becoming wealthy via stocks and crypto, but unfortunately, they were — well — "losers." Striking a chord with other losers who failed to secure highly sought-after fortunes, Loser Coin is now in the spotlight as a brand spankin' new altcoin that many investors are eager to support.
What is Loser Coin (LOWB)?
Loser Coin (LOWB) is a new altcoin that launched in late April. Allegedly, there are two founders: one is a father of two from a poor village and the other is a coder "living a miserable life" and working 60 hours a week.
Eager to escape their circumstances, the duo dabbled in the stock market and cryptocurrency trading. Unfortunately, as the name Loser Coin hints, the two men were unlucky during their trading ventures and lost a lot of money. Despite their history of loss, the duo decided to YOLO and invest all of their savings into launching LOWB.
According to Decrypt, Loser Coin aims to embrace "diaosi," a Chinese subculture of "poor, unattractive" men who live with their mothers and play video games all day. The founders are hoping that Loser Coin mobilizes a crypto community of underdogs who often feel marginalized and unlucky.
Speaking of luck, the founders got a taste of it on May 9 when Loser Coin got listed on two large Chinese crypto exchanges: Gate and MXC. On May 11, Loser Coin reached an all-time high of $0.002.
Keep in mind that LOWB doesn't seem to have any intrinsic value or utility. In a recent interview, one of the founders said, "[Loser Coin] is an improvisation; the future positioning and route are still very vague." Like Dogecoin and Shiba, it is just a meme token. I also couldn't find Loser Coin's white paper on the official website. Lastly, the founders are anonymous. Sure, Bitcoin has an anonymous creator, too, but the duo's concealed identity is a sore point worth considering before purchasing Loser Coin.
As with any investment, be sure to take proper risk management before investing in highly speculative assets.
How to buy Loser Coin
Loser Coin is a BEP20 coin, which means that it runs on the Binance Smart Chain. According to the Loser Coin website, Pancake Swap is the only exchange where you can buy Loser Coin. In order to access Pancake Swap, you need to download the Trust Wallet app.
Unfortunately, the iOS version of TrustWallet doesn't include the required browser needed to purchase Loser Coin by default, so iPhone users must activate it by typing in “trust://browser_enable” into Safari. A prompt will appear with the following message: “Open this page in ‘trust’?” Tap “Open.” The four-dot icon should appear with the word “Browser.” Once you're all set up, let's dive into how to buy Loser Coin.
1. First, you need BNB tokens. You can buy them directly on the app by scrolling down to BNB and tapping "Buy BNB."
2. Once BNB hits your wallet, tap on "More," select "Swap to Smart Chain" and tap on "Swap."
2. Next, head to Loser Coin's page at CoinMarketCap.com. Copy the address under "Contracts."
3. Open TrustWallet again and tap on the four-dot icon on the bottom taskbar. It should say "dApps" or "Browser."
4. Scroll down and select PancakeSwap. Tap on the circular icon (next to the URL) and ensure that Smart Chain is selected.
5. Next, on the top-right corner, tap "Connect" and hit "TrustWallet."
6. Under "Select a currency," paste the string of characters you copied from CoinMarketCap.com. Tap on "LOWB."
7. Enter the amount of BNB you'd like to swap for LOWB. Tap "Max" if you'd like to swap all of your BNB for LOWB.
8. Tap "Swap" (If you encounter an error, make sure to leave enough BNB in your balance to pay for gas fees).
9. Click on "Approve," and congrats, you've got your Loser Coins.
How to see your Loser Coin balance in TrustWallet
The transaction will take some time to process, so don't panic if you don't see your LOWB right away. In the meantime, follow these steps to see your Loser Coin balance when it hits Trust Wallet.
1. Tap on the top-right icon of TrustWallet's main page and type "LOWB" into the search bar.
2. Click on "Add custom token." Input "Smart Chain" for Network, the copied string of characters for Contract Address, "Loser Coin" for Name, "LOWB" for Symbol and "18" for Decimals. Tap on "Save."
3. Once the transaction is fully processed, you should see your Loser Coin balance in TrustWallet.
Beware that meme tokens like Loser Coin are highly speculative and could experience wild swings in price activity. As always, make sure you do proper research of Loser Coin and assess whether it's worth the risk.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!