What is the purpose of all these altcoins?

[jerry0]

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?

[Kunnu]

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.

[sunsilk]

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.

[DevFile90]

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.

[TravelMug]

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.

[Strongkored]

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.

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.

So why do these new coins keep showing up?

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.

[joeperry]

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.

[hugeblack]

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.

[TheBeardedBaby]

Other altcoins have the main goal of making their developers rich or increasing their bitcoins like BSC.

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.

[LogitechMouse]

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.
~
 So why do these new coins keep showing up?

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.

[S3300]

it's all about hype, there are some people who think they want to get rich quick by buying these shit coins. because of that, there are many shitcoins similar to shiba/doge created. the greed that drives all this is created. so it's not surprising that there will always be new memecoins being created every day, and there will always be someone buying them.

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.

[kaya11]

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 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.

[dbc23]

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.

[llecrf]

 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.

[TheUltraElite]

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.

[isukcole]

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?

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.

[ZaMRoneY]

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?

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 ?

[JeffBrad12]

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.

[coin-investor]

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.

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.

[coco23]

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.

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.