Bitcoin Forum

And I am especially talking about those memecoins like dogecoin, shiba inu and those other coins that pump and dump in those shiba doge and those make up coin names?  There is zero purpose of these coins.  They had that squid game token I believe.  What is the purpose of these coins?  It literally sounds like someone creating a video game and making up coins.  The worst part is you have people buying these coins to most likely try to make a profit and then sell since rarely are these coins meant for holding.



Not only that, these coins have no usage.  When there are coins called bluecoin and greencoin, what exactly is the purpose of these?  The only coins that make sense is btc and litecoin.  I don't even know why ETH is a coin since its not like currency.  Ripple for example does seem like a coin since it seems like a penny or nickle so to speak.  I know there are tons of those memecoins are pancakeswap and uniswap and many of these coins are top earners for the day before they later all go down.  Are there many that even stay up?



Anyone can make up coins but why is anyone even buying any of these?  If dogecoin has no real use... then none of those other coins have any use.  So why do these new coins keep showing up?

It's all started after the huge surge in Doge coin and SHIB price these days people don't want to underestimate meme tokens because as we know some meme tokens have given huge return in the past so many people would be expecting something like that with other meme tokens that's why people are preferring to invest in meme tokens and shit coins by falling in greed, they don't care about fundamental and use cases they just expecting huge return.

There is actually no problem with dogecoin being a meme coin. That's the real purpose of it upon creation and it's not hidden because it was made long time ago when there's not that much hype with meme coins.

With Shiba, it's just the same since it's categorized the same as dogecoin. The main thing about these is that there's someone who has hyped these meme coins when they started to gain traction and hype and that's Elon Musk while the rest just followed the hype.

Most of the altcoins have their own basis of why they've been developed and made but the sad reality, is that they've been overly made because they think to each other that they're better than the rest.

Lol there is a huge problem with people and hype this days, since dogecoin has brought high ROI to to investors no one wants to build a crypto portfolio without meme coins in them,  I'm also one of them lol but I limited my risk with dogecoin and Shiba inu only.

It's obvious that this meme coins don't have a purpose, I mean Doge has been in the crypto ecosystem for years and dubbed as meme coins because it has no usage except for being in the market. And then influencer such as Elon Musk just ride and create more hype resulting to multiple copy cats of the said project, then used for pump and dump to make money out of thin air for those people behind.

Because that makes the price up is usually speculators, and retail will follow to buy because seeing the chart leads to price increases and taking the opportunity to make a profit. Dogecoin is pretty much accepted as a payment at Casino Online, can't this be said to be a use case?
For Dogecoin already provides high ROI for long holders, isn't that the target? get a big profit.

Still many who are looking to profit from hype and trends so memecoin will be very likely to appear, if you feel uncomfortable having it then do not get into it.

For Dogecoin it started as a meme coin and an educational coin to understand how things works in blockchain if I am not mistaken but when Elon Musk joins in the cryptocurrency and chooses to support Dogecoin it started now the meme era where a lot of meme coins especially new comes to join the market without actual purpose and was thinking that they can make their coin hyped and make profit out of it, same as others.

In my opinion if you are looking for meme coins make sure that they have actual use and you can use those coin anywhere as per Dogecoin I think that was the meme coin that is worth it since it was the most known meme coin and many retailers and online shops and gambling site accepts Dogecoin so for me Dogecoin has a utility now and as a mode of payment unlike others that doesn't have any uses at all.

Altcoins appeared mainly as solutions to Bitcoin problems, but most of them were an easy solution, such as increasing the size of the block, facilitating mining and others.
 
 - Some altcoins have uniquely solved Bitcoin's problems or added something new, such as Monero and ethereum.
 - Other altcoins have the main goal of making their developers rich or increasing their bitcoins like BSC.
 - In the past, those coin were mined or some of Hashrate used in bitcoin mining was used to mine them and thus achieve more profits.
 - Currently, profit has become easier and faster, so you do not need to spend money to buy devices, but rather speculate on platforms.

The current goal of altcoins is to make their developers rich.

That's the most altcoins main idea, especially those meme coins without technology behind. Those are based only on the hope that greedy ppl will joint the boat to make a quick buck and the more ppl join the higher the price will go but this benefits only those who buy early. There comes the hype.

Which bring us to the next level of shitcoins, the scam coins. Those who make a project just to dump it after they made good amount of $ from the fools, which often takes just a few months.

Whether it is a memecoin or a shitcoin or any kind of coin, there is only one reason why people are creating altcoins.
Money...

If you want to get rich quick, make a coin that is relative or the same as the one who is at the hype at that time and then when you collect enough, do the rug pull. Most of these altcoins are being created just for the sake of money and nothing more especially those memecoins who are just the same with any use case or any benefit for the people at all. Maybe we can exclude DOGE since it has a usage because of its high transaction speed and low transaction fees and it's being accepted in many exchanges so it will be easier for you to transfer your cryptos. Either way, most of new coins are being created just for money that is why many are saying to the investors to always research and think twice before investing.

What about shiba inu that has swap, metaverse and play to earn game? This project has proven to be a better dogecoin that's worth holding, I know doge has been around for a while but I will go with shiba over doge now, shiba adoption is mad.

It is for shill and pump, then dump. That is most likely their use, to gain money, I bet 90 percent of alts are like that. They are going to the deep abyss and never come back. It is the power tweets, from famous and known people, that these coins are still on the run, but if they failed at some point, then the coins that are linked to them will follow.

Other than seeking the usefulness of this meme coin like doge or SHIBA considering the demand is a more better approach to considering it as an investment option. They might not be fulfilling a purpose but been backed by a renowned influencer makes  a big difference. The only caution that should be considered is risk minded management scheme where investors take good caution not to invest more than they can lose.

 In the early days of meme coins, everything was used for gifts, but a few months later, the shiba inu was used for charities, such as donations and nowadays it is developing into tokens that have products like metaverse and NFT, the real purpose in my opinion is for investment options, because there are no new products, everything is just copypaste but managed to make many investors choose this coin.

If you go into a search for the use of these currencies you will see no end to your search, it is futile to go there.

Rather you have to accept that these coins were made just out of sheer popularity and they became community sensations, not as a means to transact in a broader sense. Still DOGE enjoys the position of the third among the "Big three" and hence it gets more mainstream attraction than the rest, while other memecoins have remained memes while their owners attempt to popularize them among social media.

Truely speaking, these coins give profits to the ones who are running them and not the ones who are investing in them. If you want to make money from them, get in early and get out early too, otherwise you get stuck and bulldozed in the rat-race.

The ETH market currently resembles the sideways consolidation that is also taking place across all other cryptocurrency markets. On a 4-Hour timeframe, the price fluctuates inside a triangle and below the Ichimoku cloud. This combination makes it challenging for ETH to break above it. Now wanted to be secure, i hold some tokens for staking, but also like to have more money to support engine's project on arcade game i'm following for a while.

Looking at the markets we've been having for the past 6.7 months i've also started digging into staking as well, to get some of my money back, but don't know where to start any ideas ? And as for Engine's project i've heard about them before but ain't so sure if the project has it what it takes to launch off, any more info on Engine ?

The purpose of those tokens are clear to be a money grabber for the investor's money. You didn't even need to mention all of them in your thread. They are being created using the non sense idea. Those tokens are exist to be scam tokens. I have seen that so many times the new tokens created by scammers are used as a way to rug pull the investors. We know that so well these days investors are so crazy. Look at what ape coin does to its buyers. The creator of this garbage NFT art was airdropping meme tokens to the meme NFT holders. So many people are getting scammed caused by they bought it at a peak price.

They have no purpose and they are money grabbers.

Just don't have anything to do with these pumps and dump coins and you will be fine, the one thing that motivates these people from investing and supporting these coins is greed there's nothing really on these coins but for a few people to make money if you are not part of the pump team you will likely lose a lot of money, the rule of the thump is a coin should have a platform or usage attach to it, we are past the time where you just create a coin and everybody will make money.

Well, for some of them this is true definitely. Any serious Altcoin comes with a white paper with some unique underlying vision. If you can't find a white paper, then chances are good that it's a copy-paste coin with zero purpose. Also a roadmap and a list of the team and partners are trust-building for a new coin. Anything missing can already be considered as a red flag nowadays with so many new coins appearing every day.

It should be mentioned that Dogecoin was created as a joke initially. People liked it, it became popular and it's still sticking around after many years. Many of the newcomer Altcoins from last year might disappear much quicker again.

I personally love Engine, because it has so many features including an arcade, NFT marketplace, VR rooms, AR services and a native token. So I definetly suggest to check it out, it has a lot of potential!

Huh.. That does sound quite exciting, seems like they're trying to do it all, i'll go check them out later today,  Thanks!

You just answered your own question, they're meme coins they dont need to have any usage or purpose they're just made for "fun".


Easy and fast money.Everybody these days want to find the next  doge or shiba so they invest money on these shitcoins to hopefully hit the jackpot on one of them.

There is no purpose for it, they are just simply easy ways to make money for the people who fail to see any other method to make money and can't wait years to get rich. So, all these people get together, build communities and then make a good amount of profit together by hyping it up, selling at the top to each other, making some of them richer and some of them poorer and some of them holders.

That is it, that is literally the only thing these are good for and that usually means that we should not be able to actually work something out by just checking these type of results, we just have to realize that just because a few people made some money, doesn't mean it is a good investment.

they are mostly being used as gambling tools, you know the reason they are called memecoins and shitcoins because they have quite literally zero purpose of innovation instead it’s just easy money grabbing.
you see the recent rugpulls happened mostly coming from all these random altcoins that are under the category of memecoins and shitcoins because anyone that invests in such thing really love speculation.
they are also being called shitcoins because they are just low quality altcoins made out of thin air. so if you are asking what is the real purpose of their existence, its for speculation.

because everyone wants to get profit, whether the coin can use or not they don't care about that. new coins will also be showing up every minute because of greed to create more profit and to plunge more people.

Sometimes, the purposes of these coins or tokens are only"
- To getmoney
- To make pump and dump, finally for money again
- To rise up the hype, finally for money again
- And to follow what people love, that is about instant money (although they also don't consider about the risks of getting into those altcoins.
They may have too good to be true fundamentals or utility, sometimes, it doesn't make sense.
And sometimes, they have no fudnamentals, but only pump and dump, utilizing the popularity and hype to rise up the funds and token sale and also the price.

Been the typical scenario on this market on which you should really be careful on choosing on which one but there are people who are really like gambler like minds when it comes on choosing coins.

Whats the purpose of these altcoins? None. most of them are trash and just here for making some fast profits or money grab from newbie investors thats why you should really be careful

on dealing with these investments unless if you are ready to take up some risk then go ahead but if not then better be wary on each step you do make.

Dogecoin was created as a joke pretty much back in 2014 so people had something else to mine other than Litecoin. However it gained popularity. They even raised money to sponsor some NASCAR and some Bobsled team.

It lost its ways ever since 2021 when Elon musk just couldn’t stop tweeting about it. If it wasn’t for him and the wallstreetbet people along with RobinHood adding Doge trading it would of never hit $.70 during the SNL stint.

But in reality it doesn’t have much use. Like you said it’s nothing but a meme coin.

Its because they are trying to gain profits. Yes plenty of tokens and coins without use case but has value and yes this is due to market buy and sell. Some hyped the ptoject and when the coin price increase they will exited it. Thats really the reality of crypto trading. More people often trade tokens just to gain not to stay there and be a fan of certain coins.

Dogecoin was created a long time ago, then the rest of the memes are created for the purpose of pumping and dumping. It all has a purpose, which is money. Meme coins, they have no technology or utility for users to experience.
The meme coins are useless but it's an integral part of the market and it is the coin that has contributed to bringing in new users to the crypto market because of the hype surrounding it.

Most of the memecoins are made to scam people. Quick pump and dump scheme. People invest in those coins with the hope of getting rich. But only few lucky ones that act quick make some profit, while rest of them loses everything. None of those meme coins survives long enough. They all eventually die. Dogecoin has no real use case, but it was the first meme coin and so it has a huge advantage along with a strong community support. Shiba is also another meme coin, but they also have a huge community and actively wants to develop it and bring actual use cases.
Those coin keep on showing up because it is a decentralized market and no one can stop them from making a new coin.

I'm sure not all altcoins are created as "alternatives" to a mainstream coin.
Sometimes they do it just for profit by making other people's losses their gain.
Usually they duplicate projects that are successful in one or more ways, an example is Dogecoin as a meme coin.
So many imitate the concept of the dogecoin meme but none of them succeed, perhaps the most likely alternative is the Shiba Inu.
In my opinion, there is only one Altcoin, and one main coin. If it's more than that, it means that they are intentionally seeking profit at the loss of others, in other words they want to steal.

You overly stated that because even we can't see the real purpose of these coins but you have to know that Dogecoin is usually used by traders to transfer their coins to other wallets/exchanges due to its small fees. Quite you don't know that for sure, in fact, I'm using it sometimes.

https://withdrawalfees.com/coins/dogecoin
https://www.bankrate.com/investing/what-is-shiba-inu-shib-cryptocurrency

You like be thinking bad with these meme coins but not all are totally nonsense, they are some like Doge and Shiba are good and has role in the market.

new coins will usually appear because of hype and fomo trends, such as shiba is successful because of hype but does not have a clear purpose and there are many followers under the name shiba xxx and on average rely on fomo
For doge himself, I think the meme coins that have lasted a long time and new fomo suits chirping
without Elon Doge still loved by its users. in terms of transactions
The plus value from Elon makes Doge more valuable than other meme coins

There are literally thousands of projects that pops up on a early basis and why do you think that these projects keeps creeping up, the sole reason is anyone could raise funds if they are able to convince the investors that they can make a quick buck and that is the reason you keep seeing all these projects popping up. I would not list Dogecoin in the list you mentioned as it is accepted in multiple gambling sites and merchants and that is the use case that is necessary for a coin.

Meme coins and shitcoins can be an equivalent to pyramid scheme/scams because only early investors gets the benefits the most. Early investors must also invite people in the form of shilling the coin so that more people joins and more money for them and for the developers of the coin.

This is can be their true purpose on why they are created because they don't have other real use cases anyway however there are coins with a unique technology around them but the only problem is they join the hype of the meme trend where they also use a name of an animal, this makes them mistaken as a meme coin and legit investors will avoid them.

Bitcoin and litecoin were first designed to be used for electronic payment. Each one of them represents a currency and a payment system as well. While other coins were designed to serve for other purposes; take the example of Eth, it's the token that help interact with the Ethereum virtual machine while creating smart-contracts. Mainly traders who used it as an instrument for trade then it becomes a currency who can serve for better transactions with instant validation and less fees, and as you can see it doesn't play this role anymore after btc got several updates and Ethereum facing scalability issues.
The same condition for almost all the utility tokens out there in the market except for those called "Meme Tokens".

Since their lunch, they are useless tokens which serve for nothing but generating profits from new comers leaded by Hype.

I don’t think just because of Bitcoin, most probably new tokens are here to replicate other project and either to scam people here or to really compete with those altcoins, that’s the only purpose they came here in cryptomarket. We should be able to see their difference and invest only with the good projects.

Well i have to say that i totally agree with you here and i also think that all those meme-coins are completely useless as they have no functionality and they are providing not service or other stuff for it's investors and users. The reason why they exist even though they don't have a purpose is quite simple. Dogecoin was invented as a likeable, kinda ironic community project and is around for many years now, everything is fine with that. Then the tweets of Elon Musk about came out where he said he likes Dogecoin and the whole meme-coin craze started. Then we saw literally 1000's of new meme-coins appearing each and everyday. Not because people wanted it, but because the people that were creating those coins wanted to make money with as little effort as possible. Thank god the meme-coin hype is dying at the moment and in a year or two only a few of them will still be alive.

Dogecoin was created a long time ago this memecoin hype. It was useful as tip coin and to pay cheaper fees when transacting money between addresses. The problem started after Elon Musk adopted it and then the speculation went out of control, shiba inu was created within so many other useless clones and people started losing money being lured by sharks like Musk through apparently innofensive jokes.

The genuine purpose of dogecoin was subverted into the purpose of scamming money through pump and dump schemes making use of a plethora of altcoins which are supposed to be funny.

Why isn't ethereum like a currency?

Because they were told by internet financial specialists to do this. :D
There are financial companies selling their signals of which shitcoins altcoins people must buy to make huge profit. And the result of that are so many people losing their investments value in 50%, 80% or even more...

Well each coin has its purpose why they created either it will use or it is pure hype. Dogecoin was created as an alternative to high transaction fee coin and also this is a memecoin that was hyped much during that time. Each coin has its own purpose but they are a limited purpose and none of them serve truly decentralized. That is all about bitcoin since bitcoin is decentralized and no one could be changed, so they created a copycat to bitcoin and the features that don't bitcoin have they applied on it until such there are too many discoveries that have happened just to discover a good blockchain network. So far, only Ethereum has a good smart contract network.

new altcoin will have same idea with previous coin and  it repeatly happen till many investors realize this is fake project that will take their money.easinest creating token now be feature that provide by smart contract platform and unfortunately it bring new negative concequence to cryptomarket.

its only fun project which its creator and even dev team never think doge will survive and even have current price. but now doge used to reduce transaction fee and alot traders convert their coins to doge while sending to another wallet

                       

If it's only for reasons of cheap transaction fees at the moment, I don't think Dogecoin is the only one that has this, but there are also several others such as Matic and some even free ones like BUSD if the transaction is considered with others or internally in the network.
So for now, it's not only Dogecoin that has cheap transaction fees.

Hah, correctly said, the main purpose behind them is the rugpulling of money from newbies who are enthusiastic about new projects and therefore they can be labelled as scams. There are those who are not educated enough to be able to detect scams from legit projects in this sector and they fall prey of such scams.

Although not every project is made to be a scam, but strictly speaking, legit projects are like a needle in a haystack. Today some project might seem legit, tomorrow it might go bankrupt and run away or the humongous amount of fake projects will overshadow the legit project.

Use an altcoin, only if you feel it is solving a real life problem, not some made-up thing that is not even a problem at all.

That rugpulling is mainly done in hidden ways for all those who say they didn't even rugpull. I mean if they did an open and obvious rugpull then you are done with it and you should be fine. But there are some places that act as if the project just failed, when in fact they just rugpulled in a sense that they took the money and did absolutely nothing to better the project.

I have to say it is a bit our fault as well, where did this "pay some guys to build a good coin" idea started from? Back in the day you would have to work really hard, and build something new, and you released it, nobody paid you, maybe you held some coins of your own, but that was about it.

the main reason for all that is money. everyone wants to get rich quick and some people try to profit from all that by creating new coins/tokens. so there will always be new cryptos released by looking at the existing ones. what everyone looks at when buying is not about utility or use cases, but hype. everyone is aware that new coins are shitcoins, but they will keep buying because of the hype.

I also wonder the purpose of some coins especially meme coins, but on a second thought I come to realize that human beings are psychological and emotional beings. Our emotional nature makes us to like or hate something merely by looks or just for some emotional feelings. Some people that have pets, for example, dogs in their house simply like them, not necessarily for the dogs to keep watch. Likewise keeping cats, etc. In a similar way, people may like some meme coins even though it has no utility. I think that is what is playing out in most meme coins. I think that is also what is playing out in the NFTs and metaverse. The emoji we have in our phones, for example, are miniature ways of expressing our selves. That is why most meme coins can be hyped especially when an influencer makes a comment on it, because to some extent we have emotional inkling to the influencer/meme coin.

From another view point, some people create coins, especially meme coins/tokens, just to make quick money. Both the coin holder and owner aim to make profit when the token/coin is hyped so that they can cash out. However, in recent times some meme coins are now built with utility function to boost its growth.

Actually not all coins have a clear purpose, some of them are sometimes just an experiment or even an intent for fraud.
The obvious question is why there are so many coins in the world of cryptocurrencies, as if the coins are trash because there are so many, this happens because everyone is competing to be the best.
It doesn't stop there, after they become the best they have to be able to survive for a long time in the face of market conditions, here many projects fail and they have to lose their top position and even disappear.

This is means that Shiba Inu is not just a joke and meme coin that most think about it. Of course, it has a function and role played in the market. Well, Dogecoins gains attraction and fame because of EM but aside from that, it only becomes a meme coin that has no significant role in the market. May people just say, at least it still has a market value, unlike the other meme coins.

Anyways, these two coins aren't good for investment, can't deny that. So those who look for long-term investment will simply not going to choose the two.

Let's think of these altcoins to be compliments of bitcoin and btw these are testaments to the world that the crypto world is a free market that has no barriers to entry for new coins hence the wide variety of coins for all of us crypto users...we spoilt for choice:)

And btw not all these coins are the same, which gives altcoins their purpose to fill the gaps that bitcoin has left.

Except the bitcoin,all the coin are altcoin.But only few altcoin survive in the crypto world.Most of the coins will get into trade and do all type of social marketing.Then the coin will be sold in all the listed exchanges.When the expected amount of dollars was raised for the project will close its move.Mostly this was happening with many projects.Only few sustained over year to year like bitcoin,Ethereum.

This happened with many projects true. They raised the money, went bankrupt and simply disappeared.

There is a group of investors who are over-enthusiastic about such projects. They want to invest in every new innovation, feasible practically or not, something like a gamble. That gambling mindset is what brings in the market of such projects. Hence the influx of scam projects ready to scam investors off their money.

But this is easy to prevent, if the investor is a diligent one. They would stick to ones that are time-tested and stress-tested and keep their portfolio limited to those only.

I think the purpose of all altcoins in crypto is to be an alternative investment to bitcoin itself, as we know bitcoin
created in very limited quantities and the value is very high, therefore altcoins are an option other than bitcoin for investment, but we also need to know that the price of altcoins is very dependent on bitcoin development, if btc goes up altcoins will also increase, as well as otherwise,

if you ask what is the purpose of all these altcoins ? then I will ask you back, what is your purpose for using and buying Cryptocurency? is it just for a collection in your wallet or you buy altcoins to seek profit from it ?? if you want to collect altcoins then you can say that Dogecoin and Shiba inu are memecoins that have no purpose. but for me in cryptocurency only to seek profit from various types of altcoins, which have the potential and trend of altcoins in the future.

Like I said, it is a free choice and bitcoin is not forced upon someone to be the only "alternative" to fiat currencies but there are options elsewhere too.

The difference in opinion is there and expressing it is possible too and shown in an healthy manner in this as an example. With bitcoin on the toplist, it does receive hate from the owners and bagholders of altcoins, but we all know that the biggest source of money to spend on altcoins is through bitcoin and not fiat and therefore the price movements.

They can have a purpose if they are used for something else other than just a mode of payment which can be true for any coin. That is why the developers of these coins attempt to bring in some merchant contacts into their their system in order to market the demand of their coin.