Are memecoins ruining crypto?

[ajiz138]

No, memes do not damage crypto it even increases transactions in large numbers, who needs to say whether the coin memes bought can damage you, then the answer is: very likely.
Then one more thing I don't know the meme coin you said but there are meme coins that don't require any funding from the community, there are many examples of this because the community is so large that the capitalists become large, for example PEPE and other memes.

Not sure, have you seen some exchanges already announced about listing these memes? I wouldn't be interested in memes.

[Gozie51]

and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I don't think so totally and I debunk it to say that Ethereum chain have had so many memecoins too in the past and I think Ethereum has lasted because of its projects and utility.

However, crypto is all about freedom, freedom to choose where to belong and what to do with your coins. Everyone knows or should know what decentralized or centralized is when it comes to crypto or they should make enquiry or ask questions.

[Yatsan]

Nope. Many investors are benefiting from these coins qnd I see nothing wrong with it. Problem more is with people easily getting carried away by hype. Meme coins or tokens are just getting more popular at this point because of high chances for investors if things will be executed well by the respective people. The only downside I am seeing for this increase of interest is the appearance of rug projects running as meme coins. This is what I am referring to with knowing what you are engaging yourself with. Nothing'e ruined, it is just the whole which is showing growth. If you're not one with those who have high hopes for meme coins then you have a choice not to invest at it so never be thinking that it ruins if there are real people who are gaining from this token concept.

[Beparanf]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

Memecoin is still part of decentralization since they are using blockchain to distribute wealth to its investors.

It’s not ruining crypto but rather it revives crypto through attracting new investors to invest on crypto due to the profit potential of memes. You can consider memes as high leverage tokens which makes it high risk but that doesn’t mean that they are destroying crypto in general since provides profit to other traders and it the same give hype to crypto marker in general.

Som project might be overshadowed but that doesn’t mean memecoin is bad already just because the majority is purchasing. Meme coin is indeed a garbage shit coin but it doesn’t ruining crypto in general because crypto is decentralized which means one crypto doesn’t affect the other.

[Chulabebest]

Memecoin is another part of Cryptocurrencies and it has been a live changer for a few and a big deal to those who lost plenty of their hard earned money into it. It is risky to invest in them but if the investor should experience a bull market in the system then for sure he has a lot profits to talk about.

[Godday]

Memecoin is another part of Cryptocurrencies and it has been a live changer for a few and a big deal to those who lost plenty of their hard earned money into it. It is risky to invest in them but if the investor should experience a bull market in the system then for sure he has a lot profits to talk about.

Investing in meme coins is very risky. If you are lucky you will get a return of up to tens of times. But if you fail you will lose all your money. But I don't think meme coins are ruining crypto. Many people get to know crypto because of meme coins and then they get to know other coins which are actual crypto assets like Bitcoin,Ethereum or Bnb. And like NFTs, Meme coins will always have a role in the crypto ecosystem even if it is a risky gamble.

[camilocollin6]

While the memecoin frenzy dey represent one aspect of the crypto world, projects like LPM dey show the deeper, more idealistic side of the space. E dey important for the ecosystem to get both types of projects, as dem each dey serve different purposes and attract different kinds of participants.The success of LPM and similar initiatives fit help balance the speculative nature of current trends with the core goals of decentralization and community empowerment.The incident wey you describe dey highlight the dual nature of the current crypto landscape. On the one hand, the popularity of meme coins and speculative projects na testament to the community-driven and often quirky nature of the space. On the other hand, projects like the Love Power Movement (LPM) dey remind us of the core ideals of decentralization, empowerment, and community support without the need for initial funding or presales.

[shinratensei_]

Meme coin is a niche, it has its own fans which mostly consists of speculators and degens that seek volatility, the fact that meme coin still presence until now because it got its own market and there are no shortage of people that are trying to multiply their $50 into some 7 figures profit within a night, no point getting agitated to meme coin because its just natural growth of crypto market trying to find place to speculate.

and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I don't think so totally and I debunk it to say that Ethereum chain have had so many memecoins too in the past and I think Ethereum has lasted because of its projects and utility.

OP might be more agitated if he found out that back then Ethereum ecosystem was so full of meme coin there even trend of wrapped token, literally just creating wrapped version of certain token, sort of more ridiculous form of meme coins .
his concern about SOL being so populated with meme coin also holds true to most of the other blockchain anyway, even bitcoin has ordinal which inscribes meme coin.

[Sayeds56]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

What do you guys think about this

Although as a crypto enthusiast and Bitcoin lover I don't like it but crypto landscape is generally perceived as a a market where people come to make quick profit and meme coins seve this purpose more than other sectors of cryptocurrencies market. However, there are numerous robust projects in addition to Bitcoin that are based on the concept of decentralization such as Ethereum, Solana and new emerging coin TON which is one of the highest speed chains. I believe these projects are here to stay for long term and reward their investors with significant rewards in the long term.

[aima55]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

What do you guys think about this

I don't think they are ruining crypto, just my opinion though. Look at the Solana chain. It was close to dying 2 years ago but Memecoins revitalized Solana.

Nowadays, developers are often greedy and create Memecoins just to dump on investors instead of building something valuable.

So, op only ape the Memecoins that have strong community and a hardworking devs. This is the reason why I appreciate the devs building LPM, they’re trying their best to grow the project. I mean they even secured a listing on bitget and other exchanges.

At the end of the day it's all just a bit of fun if you don't go all in with money you can't afford to lose, mistakes are lessons to be learned and just enjoy the ride! good luck dude

[bastian466]

Maybe what you mean is destroying investors' trust or finances with the rise of fraud under the guise of meme coins. It's true, but on the other hand, those who have large communities make a big contribution by being able to bring in new people to get to know crypto by sharing predetermined referral links

[wheelz1200]

I don't think it's ruining crypto but it sure will stunt the growth of real projects.  Greed takes over and people put tueor good hard earned money into these pointless "projects".  Inevitably people will lose all their money they have in crypto and will be turned off from entering back in.  They are 99.9% scams or just useless tokens. 

[CK485]

Maybe what you mean is destroying investors' trust or finances with the rise of fraud under the guise of meme coins. It's true, but on the other hand, those who have large communities make a big contribution by being able to bring in new people to get to know crypto by sharing predetermined referral links

I think many investors are interested in this coin looking at memecoin with capitalization with teams working hard to build products to advance this industry, but to make a profit from this coin is very difficult but actually memes do not damage crypto and even increase transactions in large numbers, there are many supporters of memecoin are those who are new to the crypto industry who have not experienced the downside of earning money the easy way.

[Slow death]

in the past when there was only doge coin everything was fine, but after musk started promoting doge, many meme coins started to appear that were meaningless projects, some were named after food, others were copies of doge coin, I looked at those meme coins and I kept asking myself why were people investing in these meaningless coins? I know people are greedy and most want to make 10x profits when they invest in these meme coins, but the problem is that these meme coins are a pump and dump scheme

the first investors are the only ones who really profit, the last investors are the ones who lose everything, so I can say that the creators of these meme coins are the only ones who really profit without taking any great risk, and this has brought the attention of governments and eventually we will see governments being tougher on cryptocurrencies, and it's all the fault of these meme coins and so many meaningless projects

https://coinmarketcap.com/

on the first page of coinmarketcap there are more than 3 meme altcoins. I wonder how many serious projects there are in total on coinmarketcap

[Qiubell5]

There's always a way to stop it. Don't buy it. Simple as that.

The thing is, there are still many investors who are optimistic about meme coins just because one came out differently and gave loads of money to a number of investors. I think they are trying to mimic those accomplishments.

Is it ruining crypto? Yes, because now the investment money is divided and that slows down the value increase of many coins and projects that are legit and have use cases than them. But this is a new era now and I think we cannot go back to the time where the valuable coins are more looked at than coins made from joke.

With so many opportunities for coins and projects it means you can generally classify each coin, but before diving in, you should consider investing in cryptocurrencies and it's important to understand the differences between these coins the. They are built on different blockchain networks, but not just meme coins. which ultimately has like part of the cryptocurrency cycle and it continues to undergo rapid and unpredictable unexpected.

[X-ray]

The influx of memecoins in the market daily is surely a concern. What does this coin do though, distribute love to everyone? I'll need to check it out.. since it'll be on Bitget it'll be easier for me to checkout cos they mostly do list potential mooshots early. Probably it's an early investor, ahah.

I think its either just a governance token for the platform or just some token for utilization, the platform itself just another opensea, but probably more tailored specifically for arts instead of NFT which we know the hype has probably faded.
Personally I don't think its good investment though, since market for NFT markteplace token so saturated, most of them don't do good either just like BLUR token that has consistently never got any rally   but you can always do your analysis to find different opinion.

Maybe what you mean is destroying investors' trust or finances with the rise of fraud under the guise of meme coins. It's true, but on the other hand, those who have large communities make a big contribution by being able to bring in new people to get to know crypto by sharing predetermined referral links

fraud is everywhere, most of people that invests in meme coin that has fraud didn't do their due diligence, even there are tools to detect meme coin with malicious contract codes, i guess that's the disadvantage of permissionless platform, but i think it doesn't really ruin the decentralization aspect of blockchain whatsoever.
its true that it even attract some speculators into crypto with meme coin most of the time.

[Sebas.tian]

I don't think, memecoins are running cryptocurrency in the community which you need to re-carry out your research to know many cryptocurrencies you can invest in the bearish season, and you will not be thinking of memecoins investment again. I know there are some memecoins project you will invest your funds and you will have something reasonable to achieve in the future, but is not guaranteed like potential altcoins that has massive population in the community. If you have not invested in Ethereum and BNB before, I will encourage you to invest on them in a due season, because they give memecoins the opportunity to improve whenever there is a bullish season in the market and their income is high than the memecoins investment.

[FanEagle]

I think the reality is that people should not blame "coins" for it, it is the people who invest into these coins that are "ruining" if there is any ruin. I believe crypto is not ruined, so I can say that even though I dislike memecoins a lot, I wouldn't say they ruin anything.

However, even if we assumed that it was getting ruined, then it was the people who invest into them and make them a big news that are the cause, there are thousands of different type of tokens out there and people do not invest to those and that is why those things do not get hype and do not "ruin" anything. I think it is quite obvious that we are talking about something that is more regards to how people react to things, and as long as that is not fixed, nothing will be better.