MemeCoins becoming the new Shitcoins

[VanDeinsberg12]

Most of these SHITCOIN/ MEMECOINS had burned 50% of their supply and worked on a deflationary model to increase their prices. For purpose of burning the supply they chose the address of Vitalik Butterin as which address could be more trustworthy than his? So every coin almost burned 50% of their supply by sending it into Vitalik's Ether Address.

Vitalik Played a masterstroke. For whatever reasons he donated all this supply to the INDIAN CRYPTO COVID RELIEF FUND. The Total Amount of donation at yesterday's price before the crash was around 1 Billion$.  Now this supply which was expected to be locked is into the market again and Most probably the fund will realize it soon. Now when this supply would be realized into fiat for actual usage we won't get enough demand at the time of swap or selling as 50% of the supply would be on sale. This means price would go further down or basically rock bottom.

Why these shitcoins developer didn't burn their coin to a proper burning address though, I thought there's this 0x000000000000000000000000000000000000dEaD address that could be properly used when some project want to burn their coin but no, these shitcoins decide to send it to vitalik instead because reasons and now vitalik literlaly dump all the coin through swap platform everyone losing their shit and went ape rage.
If something could go wrong it will go wrong and shitcoin developer sending token worth millions of dollar to vitalik address, they definitely waiting for the dumping.

[Ararbermas]

 No wonder why they're bleeding right now also.. But those who successfully made a massive profits from each of that coin is very lucky, especially if they already sold it before the situation turn into this.. Because you know the situation right now seems it cannot recover immediately so this will become a nightmare for those late comers..unless if those coin or should i say duplicate coin, will react as well when the real doge keep moving again.. Indeed dogecoin at this moment turns into green again in the market.. If they don't make any progress after the doge for sure they will become a shitcoin without any further action, based also on its percentage in my opinion.

[Amejoaquim]

I think the momentum and hype of this coin is back again after Elon musk tweet about doge today and Doge will get list on Coinbase.

Damn, what can i say about this coin is useless but theres a hype on that so if you're invest on this it's look like you buying lotere.

[elda34b]

What Vitalik did and what retails investors did are just part of the game. You can't say one of them is wrong and one of them is right, since both of them has a conflict of interest. If we're talking about ethics then we'd need more than just a thread and tweets to discuss it.

On one hand, this is the power of decentralization, where anyone can create its own doge coin and then orchestrate a pump and dump on their own. On the other hand, you don't need million of dollars to start your own project and make your idea into reality, just like satoshi did.

[teosanru]

We all know after the Doge pump recently, numerous coins have hit the market claiming to be the next doge and most of them either have dog in their name or are having Elon in their name. Some like Shiba Inu even managed to pierce in the top 50 Cryptos and is now listed on Binance too. Utility? None. Thousands of investors or I should say normal people like us might have made 20-50x money with these coins. But an Equivalent number of people lost everything last night after what Vitalik Did. Here is the snapshot of the dog market after what Vitalik did:



Surprisingly Vitalik is now being seen as a traitor who has duped so much money of innocent investors. But up to what extent do you think he is wrong in doing so? I think he is absolutely right. These coins are just spoiling the name of blockchain and cryptos by making it a get-rich-quick scheme.

That Shiba Inu is now climbing still up to more than 1200% increase?

and about the traitoring of Vitalik Buterin , what more about Elon Musk Dumping Bitcoin now saying that Tesla will not accept Bitcoin anymore?

Is this worth believing more? and what will be those listed coins above reaction in the next days.

1. I do not consider Vitalik "Traitoring" it's too much to say. No one really sought his permission before sending 50% supply to his wallet. Yes this can be considered sad for many investors but not traitoring.

2. Shiba Inu is alive just because it got listed on Binance on time and would continue to be a hot trade commodity for traders. Now, If BTC goes up Shiba would follow and if BTC goes down Shiba would follow.

Rest of the others also might exist but the fanatic pump which attracted a lot of people has burst now. These coins may exist just like hundreds of useless altcoins floating around.

[milewilda]

I think the momentum and hype of this coin is back again after Elon musk tweet about doge today and Doge will get list on Coinbase.

Damn, what can i say about this coin is useless but theres a hype on that so if you're invest on this it's look like you buying lotere.

Not actually useless if we do consider the relevance when it comes to cheap fees and fast confirmation then DOGE is much more better than in most coins in the market.
It do just happen that this coin was called to be a meme coin thats why people does have that kind of perception for it to be a shitty or useless one but i do actually
see the opposite way and now the hype is on then you would expect different similar projects that would be available in the market.Its just on someones
decision if they would just blindly jump with the hype or be careful on dealing with these things.

[tabas]

Surprisingly Vitalik is now being seen as a traitor who has duped so much money of innocent investors. But up to what extent do you think he is wrong in doing so? I think he is absolutely right. These coins are just spoiling the name of blockchain and cryptos by making it a get-rich-quick scheme.

I'm not defending Vitalik but they should know that investing in meme coins is considered very high risk. They should look also at what Elon did, with his tweets, the market is changing a lot and it won't always be a boom for the market.
It's becoming a strategy and norm that everybody should invest in meme coins because of what Elon did but it's always the discretion of investors that we should all behave and be aware of what we're investing.

Obviously one definitely should defend Vitalik. It's Elon Musk who is being insane and pumping and dumping every Crypto as much as possible. Talking about people, the herd would anytime be crazy for money no matter which year we are in. Whenever you tell someone I can make your money 2x 3x there ears are wide open to hear you anytime.

That's what I'm hearing from time to time. They are quick choose which altcoins that they're going to buy and wait for awhile and then that's how they make money from it.
It's becoming easier for them to choose yet they should also be aware that it's a risky strategy.

[Fivestar4everMVP]

They are not becoming the new shitcoin, they are the new shitcoins, and to sincere, my love for vitalik grew more after what he did, not saying I don't feel sorry for those who must have lost a lot of money on this new set of shitcoins, but they should have known better that putting money in a shitcoin is a gamble with big risk.
And to see how dumb this developers are, they wanna burn coins and choose the address of vitalik to burn the coins, if I was vitalik, that would be an insult to my person and would have done the same thing vitalik did, vitalik already knew that this tokens aren't gonna last long and they will all return to zero, so he's probably protecting he's wallet from hodling trillions of shitcoins with absolutely no value in the future, so he did the right thing by sending those funds out of his wallet and using them to help humanity while they still have some value, this will serve as a lesson to this developers and also to those who think investing in meme coins is the best way to make money.

[brooksby]

I agree and those who believe they should buy one of those coins from that list should also be able to lose it all. Vitalik all spent it on charity. I think one problem is also that many of the coins are ETH based and spam the blockchain when trades happen, hence bring the transaction fees up. It was right what Vitalik did. Now the money goes to people who need it more. Blame the devs who sent the coins to Vitalik, not Vitalik.

Exactly, those coins that vitalik has sold also sent intentionally by the developer to vitalik address, those people who bought shitcoin at the peak price should only blame the devs and themselves. His address wasn't created for burning shit coin tokens, it was all his personal posession and yeah those coins are polluting the eth chain because they gonna execute swap smart contract address which usually quite heavy, imagine what kind of impact those buyers have when they buy very frequently because of the hype. i mean, atleast wait until july when fee resolved that one i can tolerate.

I agree with you 100%!!! They are all to blame themselves. Vitalik took the perfect measure as they wanted to abuse him for promotional reasons and those who believed Vitalik took tokens from those projects in exchange for his name and reputation are just dumb. Kudos to Vitalik for that outstanding decision!

[tippytoes]

They are not becoming the new shitcoin, they are the new shitcoins, and to sincere, my love for vitalik grew more after what he did, not saying I don't feel sorry for those who must have lost a lot of money on this new set of shitcoins, but they should have known better that putting money in a shitcoin is a gamble with big risk.
And to see how dumb this developers are, they wanna burn coins and choose the address of vitalik to burn the coins, if I was vitalik, that would be an insult to my person and would have done the same thing vitalik did, vitalik already knew that this tokens aren't gonna last long and they will all return to zero, so he's probably protecting he's wallet from hodling trillions of shitcoins with absolutely no value in the future, so he did the right thing by sending those funds out of his wallet and using them to help humanity while they still have some value, this will serve as a lesson to this developers and also to those who think investing in meme coins is the best way to make money.

If nothing else, make those tokens valuable to humanity. Not only to fatten the pockets of those developers. So yes, I also agree with Vitalik's move. Instead of letting those tokens sit in his wallet, at least make it valuable to others in need, especially during this pandemic. And it is not his fault if it will go down hard, if there is solid foundation, they can always go up again. But if not, it means, it is indeed a shitcoin.

[Entei]

Well, these projects have no difference in relation to ICOs or coins when they were launched at a time when mining was a hot topic. This movement of token launches and "meme" projects is super normal. Each person must DYOR and avoid having losses and be deceived by those people who seek quick profit and dump.

[RbiggerG]

Well, these projects have no difference in relation to ICOs or coins when they were launched at a time when mining was a hot topic. This movement of token launches and "meme" projects is super normal. Each person must DYOR and avoid having losses and be deceived by those people who seek quick profit and dump.

Haha ICOs at least had some awesome white papers that looked and sounded revolutionary. Kill Google, Kill Apple, Kill Facebook and what not. Well, now that I am saying this these meme coins all claim to become the next Bitcoin and the saddest thing about it is that DOGE even made it so far.

[bluebit25]

Only a few of them have any real effect, I also spent a small amount of money buying Shib before and I also made x100 profit from investing in it, but good luck I believe that it will not be possible to go to the crowd and do not try to get greedy on trending coins like this in the current market.

[dopee]

Gradually the crypto space is becoming a huge joke with all this meme coins popping out from different angle thanks to Elon Musk for sending dogecoin to another level of PnD, every lazy dev now thinks this is the easiest way of making money and gullible investors are depositing money freely into their joke.

[WalkerIVIV]

Only a few of them have any real effect, I also spent a small amount of money buying Shib before and I also made x100 profit from investing in it, but good luck I believe that it will not be possible to go to the crowd

There must be an exception for shiba. Shiba already traded on so many major exchange sites. It's quite difficult for shiba to go down like the new scam token that used shiba or doge as a part of its name.
You must know that the fundamental of shiba is different for now.
You are so lucky because you were able getting very big profit from shiba coin. people are so greedy to search for the new shiba coin and that's why they were betting their life into garbage coins.

[VanDeinsberg12]

When the market crashed, the decline that occurred on the shittoken was quite crazy. can be up to 90% and some even end up with a scam. This is why I'm not really interested in shit tokens. high risk. the risk is too high to be able to force the profits quickly. Some people who buy cheap may get high profits but most end up with fantastic losses. although the marketcap is high

feels like a freaking ponzi, anyone trying to get out when the ship is sinking and truth is, many of the people gonna left behind dying which means some of the buyers of these tokens gonna lost their money to the people who succesfully escape.
We're all being sponfed with the information that if we buy these shitcoins we gonna get rich and there's proof of that but those people who has cashed out definitely enters early and escape at the right time meanwhile for those who are late to the party, well you have become the food for those people who cash out.
maybe dex should give title to these coins as ponzi or any warning if possible since many newbies also lured into buying this coin.

[Woodie]

I understand doing something similar to what is trending is a good short term business, but with nothing to offer besides being a meme coin or built on speculations, it's clear these are after our genuine coins like eth and the devs or owners of the coin can easily pull of an exit scam leaving us with worthless coins.

Let's try to do our due diligence before investing in new projects.

[danherbias07]

We have seen this happen before. Nothing has changed.
They are easily fooled with token that are not real. No real product behind it, not even a single purpose of what they are meant to do in the crypto industry.
Just trash to make people buy cheap coins with a promise of profits in a short run.
I was manipulated by a same case before but it won't happen again. Let them learn their lesson on this one. Perhaps they also need it to see what the real coins should be and support them.

[geegaw]

I understand doing something similar to what is trending is a good short term business, but with nothing to offer besides being a meme coin or built on speculations, it's clear these are after our genuine coins like eth and the devs or owners of the coin can easily pull of an exit scam leaving us with worthless coins.

Let's try to do our due diligence before investing in new projects.

Due to the success of Dogecoin, several meme coins have appeared, all of which have almost the same function. This is used by many developers
to be able to generate profits in the short term, so it's no wonder that many of the new projects end up in scams. Therefore, I strongly discourage
investing in new projects that only copycat from previous projects. It is better to invest in old projects that are certain to be safe, even though
the resulting profit may not be as big as new projects.

Although this game is not highly recommended but when we think about the success of dogecoin and SHIBA, some people still cannot give up their hunger for profits and opportunities, many signal groups and some communities I know also post a lot about upcoming Memecoins projects, they don't talk about potential, they just talk about testing chance and luck. Shitcoin in the eyes of many people but suddenly turned into a huge block of gold, this is not a rare case, stopping people right now is probably too late, let them check the results for themselves, it's always better than a piece of advice

[leea-1334]

Gradually the crypto space is becoming a huge joke with all this meme coins popping out from different angle thanks to Elon Musk for sending dogecoin to another level of PnD, every lazy dev now thinks this is the easiest way of making money and gullible investors are depositing money freely into their joke.

Lazy devs and worse,,, even lazier investors. The worse thing also about the people buying up all the memecoins is that many of them are even veteran crypto holders who were busy in ICO days, and now tricking new people into buying up memecoins. This is the world where people's first crypto is not Bitcoin and not even DOGE but SHIBA?