Bear Run and the end of many of the Meme/Sh*tCoins

[BTC113]

Personally, I think and hope that a longer bear run throughout summer could potentially lead to the end of many projects that were created solely to cash in on the hype of crypto. My analysis is that less than 20% of crypto holders are invested because they believe in the utilization or general functionality of their coin or token. The overall market cap of all of crypto is around 30% of its stated amount on CoinMarketCap, IMO.

If crypto is going to continue to climb the mainstream latter in terms of quality investment tool, stability and actual utilization for the purpose many of these tokens/coins were originally created then we are going to need to purge some of the craziness. I am hoping this bear run will be the beginning of that process.

[BrewMaster]

it won't happen because even if someone finally appeared to create a useful cryptocurrency it will be buried under hundreds of shitcoins. the more mainstream crypto becomes the more pump and dumpers will appear who are more interested in those shitcoins that can go up 1000% in a day and dump and lose the same 1000% the next day so that they could make a ton of profit from it in the shortest time possible.

[Altcoinsintel]

It will certainly clean the market once again out of useless projects that don't worth $1, not the billions they had in market cap.

I'm expecting the total market cap to go down by 90% before even considering investing in anything again.

[virtualdn]

Dogecoin has become a pain in the butt coin thanks to genius clown Elon Musk. I hope all this crap will end one day and people will see who he really is. This guy must be ignored and left alone with his narcissistic ego.

[Yogee]

All of these meme tokens are inspired by a coin that currently sits at no. 4 in market capitalization. You'll have to end that first before you can end all the copycats. That probably wouldn't happen since another popular and influential guy is backing it up.

[Fortify]

Personally, I think and hope that a longer bear run throughout summer could potentially lead to the end of many projects that were created solely to cash in on the hype of crypto. My analysis is that less than 20% of crypto holders are invested because they believe in the utilization or general functionality of their coin or token. The overall market cap of all of crypto is around 30% of its stated amount on CoinMarketCap, IMO.

If crypto is going to continue to climb the mainstream latter in terms of quality investment tool, stability and actual utilization for the purpose many of these tokens/coins were originally created then we are going to need to purge some of the craziness. I am hoping this bear run will be the beginning of that process.

It's fascinating to watch the current implosion and shows how easily hundreds of billions can vanish over the course of days. I have a strong feeling that many institutions and holders of large wallets have been dumping into this selling frenzy. This may scare off and quickly cool down interest from wall street banks, causing a sort of snowball effect. Heavy selling invokes even heavier selling because nobody want to be left with a bag of rocks. We're now 50%+ below the peak with small rebounds, showing it was vastly overvalued and the anti-green credentials seem to have stuck to crypto now. I wonder if some day we will look back on these times and consider them to be the "Tulip mania" phase of the 2020s where even supposed financial professionals started getting sucked in.

[Coin-1]

I have seen bloodbaths in the cryptocurrency market many times, so I calmly contemplate the current situation. I didn't bought expensive coins at a high price, so now I want to buy a dip. Honestly, I do not know how long the bears will trample the quotes, but I am almost sure that the strong support level has risen significantly. People saw the new ATH capitalization, so their minds, opinions and expectations have already changed.

Undoubtedly, most of shitty coins/tokens are likely to disappear after this bear run, but I think that the well-known meme coin will stay in the TOP-10 CoinMarketCap for a long time because one of the richest persons of the world vouched for it.

[desticy]

Personally, I would rather sit in a bearish trend for a few more years than watch this crazy market allow a lot of scam coins to rip off ordinary people.
The market is in dire need of cleansing, and what we are seeing now is exactly that.

[asriloni]

The FOMO for shitcoin already ended and this article is worth to be read by any shitcoin investor who has been loosing their money.

https://cointelegraph.com/news/altcoin-roundup-bitcoin-price-crash-is-a-reminder-to-put-fundamentals-over-fear

The bear market will make anyone in competition to get out from the market and the early sellers will always become a winner in thbis case and we can take a look at the market. It's very good to see that the market is starting to clean the shitcoin although a small amount of people are still betting into the garbage coin.

[samcrypto]

Bear trend always kill the useless project so we will see a big decline on many shitcoins/memecoins because they have no purpose on this market but just a hype. I’m still hoping that this is a not a bear market yet, we still have a hope to reverse the trend, let’s focus on Bitcoin for now and hopefully to become more stable on a good price.

[Darktongue]

You presented your experience as I do, but the prediction base must be a good point. You didn't reveal, on what basis you predicted crypto future. I know that bear run kills so many shit coins or some average projects. I know some names of projects that return the money to investors because softcap didn't reach them. Now some of us know that panda finance project history. Overall, I don't think OP is right about his prediction.

[Yamifoud]

Personally, I would rather sit in a bearish trend for a few more years than watch this crazy market allow a lot of scam coins to rip off ordinary people.
The market is in dire need of cleansing, and what we are seeing now is exactly that.

NOPE, honestly...many were so happy when the altcoin season has come, they're getting more profitable out from these shitcoins that they got from joining the bounty campaign and I think they have the right to get compensated and get their rewards at a good price. Aren't you happy seeing them for just one day after months and years of holding they got the prize?
Anyway, their happiness has nearly come to an end. The bear season is coming near or even has started already so these people will still need to wait for another months and years, it is a long struggle for them.

[FinneysTrueVision]

It seemed like almost every day a new garbage token was getting hyped. Even mainstream publications were talking about ASS coin. The other day I watched an Instagram live stream where a porn star was interviewing an altcoin developer, who was really just some scammer with face tattoos, and they were trying to pump their new shitcoin. It was getting ridiculous. This is why I hate bullish periods. If dogecoin went to $0.01, I would be very happy and I hope every other altcoin gets dragged down along with it.

[nurilham]

Bear trend always kill the useless project so we will see a big decline on many shitcoins/memecoins

Unfortunately, I have bought some meme coins. Now the prices of those coins are getting cheaper and cheaper, almost zero dollars for now. The current big drop really kills meme coins, especially the coins with Dogs name.  

I’m still hoping that this is a not a bear market yet, we still have a hope to reverse the trend, let’s focus on Bitcoin for now

Me, too. I also expect the bullish trend will continue again after this big drop. I have some top coins on my wallets and will plan to sell them if the prices can increase again. I am surprised the prices of those top coins can drop very significantly. I saw the prices already decrease more than 50%. Very very poor!!!!
Why do you want to focus on Bitcoin only? I think top altcoins need to consider as well.

[crwth]

What I think of it now is that the best approach to create new coins and to profit is to have the best marketing team and market the shit out of it and profit from those who will be foolish enough to invest. It's a marketing game now and it will never end for sure. A lot of people have profited from it and a lot of people will continue to do it because it's profitable to them.

I was even surprised when a game that I'm playing played Shibacoin song. Can't even find the song though.

[apityeh71]

I checked on coingecko many copy of DOGE only tokens of ERC20, BEP20 and SLP, those tokens very easy to created it. Without any product and tokenomic behind it, will make the price keep dropping. So becarefull to trade copy of DOGE.

[robelneo]

Dogecoin has become a pain in the butt coin thanks to genius clown Elon Musk. I hope all this crap will end one day and people will see who he really is. This guy must be ignored and left alone with his narcissistic ego.

After creating FUD on Bitcoin he has another tweet defending and going to the side of Cryptocurrency against its battle to fiat, he just tweeted this let's see if this will have an impact on the market, because of Elon Musk series of tweets about Cryptocurrency, we just found out that majority of us here are still immature and still supports and believes that the easiest money in Cryptocurrency are the pump and dump coins.

[isaac_clarke22]

~

Actually just many but not all.
Elon Musk is hyping one of the memecoins already and it still looks like it doesn't gonna go anywhere and anytime.
Sure those other coins in lower rankings will fade out to obscurity, but celebrities hyping some coins wouldn't until a real bearish market without any celebrity manipulation comes.

[pealr12]

Personally, I think and hope that a longer bear run throughout summer could potentially lead to the end of many projects that were created solely to cash in on the hype of crypto. My analysis is that less than 20% of crypto holders are invested because they believe in the utilization or general functionality of their coin or token. The overall market cap of all of crypto is around 30% of its stated amount on CoinMarketCap, IMO.

If crypto is going to continue to climb the mainstream latter in terms of quality investment tool, stability and actual utilization for the purpose many of these tokens/coins were originally created then we are going to need to purge some of the craziness. I am hoping this bear run will be the beginning of that process.

This is a temporary solution to shitcoins being created in every bull circle, even if the bear succeed to purge out most of the shit meme coins created solely for the defi hype, once there is another bull circle more will be created, any new trend also brings along more shitcoins, so you see the solution to erase or wipe shitcoins is temporary.

[john1010]

Saw this meme on tweeter, yeah part of it are true, but real trader always has a fundamental analysis in trading are the one who gain the profit.

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