[DEBATE] Are meme coins ruining cryptocurrencies?

[Teraboy]

The basic thing about this.

When someone we called as a newbies has found a meme tokens from his friend but he known nothing about this meme token. his friend was promisnig a big return for him to invest in the meme token and he was doing his friend's advice to invest in the meme token then meme token was disappear and he was loosing his money. This means if he was also getting triggered caused by losing his money.

That newbie will be starting to blame the crypto caused by he was losing his money and he will call crypto as a scam.

[hyudien]

The negative sentiment towards memecoin is that most of them have just played with the price which provoked traders to come and then manipulate the price and drop the price in a very irrational way. Whereas in general, the crypto market has not moved that badly. In fact, memecoin is more likely to be considered a shitcoin for reasons of a cruel degree of price manipulation that is detrimental to many traders. It is worth remembering that loss is more like a kind of gambling, so it does not align with the purpose of cryptocurrencies in the market.

[sulis sudibyo]

meme coins ruin the crypto ecosystem?
yes, but not only that all tokens are also included. basically projects using smart contracts are damaging the crypto ecosystem. 99% of projects released in the past to date that use smart contracts end up as scam projects, get forgotten or even die. all those projects are damaging the crypto market and harming investors. surviving projects are projects that use a private blockchain. they are actually developing the project and not just aiming to profit from investors.

[StormHawk]

I'm not against meme coin ideas and if dogecoin can make it this far then any community base crypto project is welcome, the problem with most projects isn't the use case but the people behind the project, to figure out which teams are serious is very hard, because dogecoin became big thanks to Elon many meme coins are created, it's obvious and clear that they are here to take the advantage of dogecoin success.

[kidbounty]

I don't think it's damaging as long as the meme coin has good utility and ecosystem. After all, the meme Coin is also one of the hype and it contributed to the pump in the crypto market last year. and I think that what is destroying the crypto market is the coins that come from fraudulent projects. it is these coins that lower investors' confidence in investing in the crypto market. such as past market crashes resulting from the many fraudulent projects being released. at that time the market was really chaotic and it took a long time to recover

[tvplus006]

When someone we called as a newbies has found a meme tokens from his friend but he known nothing about this meme token. his friend was promisnig a big return for him to invest in the meme token and he was doing his friend's advice to invest in the meme token then meme token was disappear and he was loosing his money. This means if he was also getting triggered caused by losing his money.

That newbie will be starting to blame the crypto caused by he was losing his money and he will call crypto as a scam.

In the same way, this beginner can lose his money, even if he chooses an altcoin that has certain goals and declared usefulness. Thus, if you do not conduct a comprehensive analysis of coins for investment, then the risk of losing your money will be very high.

[Findingnemo]

It is completely useless coin but it can survive as long as it has volatility because most people uses cryptocurrencies as investment so basically they don't really care about the technology they just look at the price growth chart before making investments that's it.

[MFahad]

It is completely useless coin but it can survive as long as it has volatility because most people uses cryptocurrencies as investment so basically they don't really care about the technology they just look at the price growth chart before making investments that's it.

I think good and long projects have been given as much damage by these memes and Shit coins, No other factor did this . They completely change the way of investing. Before This investor first researched well in project and then selected a best suitable project for long term but when meme  trend come , everybody just looking for Zero . The more zero in coin the higher chances the investor will buy it. They did research who's behind the team and what is vision of project but invested blindly.

[arwin100]

It is completely useless coin but it can survive as long as it has volatility because most people uses cryptocurrencies as investment so basically they don't really care about the technology they just look at the price growth chart before making investments that's it.

I think good and long projects have been given as much damage by these memes and Shit coins, No other factor did this . They completely change the way of investing. Before This investor first researched well in project and then selected a best suitable project for long term but when meme  trend come , everybody just looking for Zero . The more zero in coin the higher chances the investor will buy it. They did research who's behind the team and what is vision of project but invested blindly.

For some reason it really change the perspective of investor as checking the good coins they going to invest since these meme scam coins create huge awareness that not every hype coins are good to invest. That's why at this moment we can see more speculators and good advices from new people towards this trading talks here if there's a newbie asking for certain tokens also with coins they wish to trade.

[LogitechMouse]

Meme coins are just coins that has no use case and sometimes doesn't have any benefits to the investors.
I think meme coins aren't that necessary but not to the point that they are ruining the crypto market and one thing more is that, meme coins will always be there whatever happens so... yeah lets just live with it.

TBH, this is kinda subjective because it will depend on the investor that you will ask. Probably for some, it ruins other crypto because they lost money investing into it but for somebody that hasn't touch any meme coins they might disagree with this or maybe no comment at all. I also invested into meme coin once (SAFEMOON) and I lost money to it but it was a small amount only and I'm ready losing it.

[uelque]

Many mecoins or shitcoins were already existing for more than years now yet we still see cryptocurrencies and some projects making progress, meaning people are still into cryptocurrencies. So I believe memecoins are not ruining the crypto space but those people who got involved on those because of course they just lost their money investing on such. And we should accept that there will always be things like this in any kind of space whether it is crypto or not. But it will not ruin the space it belongs and I'm sure of it

[bounceback]

The presence of meme coin has changed people's view of the cryptocurrency market because most people have to accept losses after investing with some of these meme coins, before meme coins entered the crypto market, many people think and believe that crypto is a very good investment place for the long term but After the coin meme appeared, everything just changed and made some people have doubts about the future of cryptocurrencies.

[Teletalk.org]

 meme coin is transient. It has no effect on cryptocurrency and is not destroying it. So there is no reason to worry about meme coins. Some coins can be noticed like Bitcoin Etherium etc. which are usually much earlier. These cryptocurrencies can affect different markets.

[Psynthax]

Yeah, maybe giving some negative impacts on cryptocurrencies but anyway i am not fond of any meme coins.

You can try to find meme tokens easily on CMC based on its total supply. Mostly of meme tokens were using multi billions as total supply and you can't even calculate it without the help from the calculator. i can easily mention some of them like dogelon, safemoon and many more. These meme tokens are still exist in the crypto market. It was giving very big impact to create so many fear around the crypto users especially for newbies that are newly coming to the crypto. Meme tokens are just a plague for the crypto users.
If you are not investing your money carefully and you will be rug pulled and by the way meme tokens are destroying the reputation that already built in the past

[Smack That Ace]

I don't think it's damaging as long as the meme coin has good utility and ecosystem.

I think all meme coins don't have any utility.

After all, the meme Coin is also one of the hype and it contributed to the pump in the crypto market last year. and I think that what is destroying the crypto market is the coins that come from fraudulent projects. it is these coins that lower investors' confidence in investing in the crypto market. such as past market crashes resulting from the many fraudulent projects being released. at that time the market was really chaotic and it took a long time to recover

Meme coins are both beneficial and harmful, as you say after all the hype mostly happens around memecoins and thanks to these hype has attracted a large number of new investors into the market. But besides that, a lot of scammers have taken advantage of memecoin to scam and cause damage to investors, especially newbies, making them lose confidence in the cryptomarket.

[masterrex]

IMO, I believe it is because in the very beginning those meme coins are just like experiments that's why it has no clear development plan at all, but as we all know that cryptocurrency is a very competitive industry that's why you must have a clear roadmap for its development including utilization and use cases to sustain or create the demand that can drive the price of its coin or token shortly, but mostly in meme coins those important ideas are absent that's why most of it is just die in the process and burn the investor's money, so let us think twice before investing in meme coins unless you are a risk-taker then it is fine for you.

[sulendra12]

That just opens up more ideas to come by interpreting it to cryptocurrencies, even the stupidest things like meme and viral things could be the next cryptocurrency that touches the market. Who knows we might see some good project on crypto from the weirdest ideas you could ever thought, we don't know what is coming next in terms of new technology and stuff so I'm more excited into this kind of stuff although there are always some downside that ruins the new cryptocurrency project.

[jostorres]

Meme coins are just coins that has no use case and sometimes doesn't have any benefits to the investors.
I think meme coins aren't that necessary but not to the point that they are ruining the crypto market and one thing more is that, meme coins will always be there whatever happens so... yeah lets just live with it.

TBH, this is kinda subjective because it will depend on the investor that you will ask. Probably for some, it ruins other crypto because they lost money investing into it but for somebody that hasn't touch any meme coins they might disagree with this or maybe no comment at all. I also invested into meme coin once (SAFEMOON) and I lost money to it but it was a small amount only and I'm ready losing it.

If a meme coin never gets listed and they only grab money, yes but for the meme coins that stays a little bit longer, investors gets a benefit with it as long as they are early to invest. They aren't necessary because we already have lots of cryptos on this market but like it or not, there will still be new meme coins that we will see because of those greedy coin developers.

An investor can complain and can say that all cryptos are a scam after they got scammed by a meme coin, this ruins the reputation of other coins but meme coins is the root of all of this, if only there are no meme coins, no investors will lose and they will give a positive impression towards this market.

[el kaka22]

Of course, they do. I mean we are talking about losing all of the credibility of crypto at one project and then you are expecting it to gain it with another.

People who made 200% returns on doge, will not look at bitcoin as a serious thing, they want to join in the "fun" of making money. That is what they caused, they turned money making into something fun, which is awesome if sustainable but as we can see it is not, if it was something people kept doing forever, then I would be fine with it, but since it ended, people can't find fun anywhere and that causes them to look at wrong memecoins where they lose their money. If this keeps up, I do not think that we could recover from it.

[calya]

It is completely useless coin but it can survive as long as it has volatility because most people uses cryptocurrencies as investment so basically they don't really care about the technology they just look at the price growth chart before making investments that's it.

trend and hype, that is be the reason why alot investors investing in shiba and i think they were not wrong with this decision as long as we remember the goal investing in crypto was about profits and profits. no one care about utility right now , joining at hype and trend for most traders now be easiest way to earn money. just look at poject that have utility, some of them even have no trading volume and price stuck in a range.