What is the purpose of all these altcoins?

[bruntBrunt]

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 ?

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!

[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 ?

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!

[martha1]

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".

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?

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.

[el kaka22]

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.

[WalkerIVIV]

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.

[Sarah Azhari]

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?

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.

[TelolettOm]

What is the purpose of all these altcoins?

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.

[Oilacris]

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?

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.

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.

[adaseb]

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.

[cryptoaddictchie]

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?

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.

[DanWalker]

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.

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.

[adzino]

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?

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.

[kojektea]

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.

[Sled]

Not only that, these coins have no usage.

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.

[TribalBob]

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

[eaLiTy]

~
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?

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.

[doomloop]

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.

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.

[Kavelj22]

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?

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".

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?

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

[Scripture]

I think the main reason of altcoins is to suppress Bitcoin, because every month people are developing token with different names, so believing that Bitcoin now have another opponent of different kinds but from different sub group, so with only that alone is known that Bitcoin have Challenger's because of plenty altcoins

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.

[Jackl87]

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.

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.