Are memecoins tarnishing the image of crypto?

[ananyabushra]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

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[dunfida]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Its already been long time since these crypto scam projects are existing and this one would really be that starting with those ICO days on 2017-2018 and even to now. The trend now is into those fast launch project
or memecoins that we do have in the market on which it cant really be that denied that meme coins could make you rich but it would really be having the disaster if you arent really that careful on what you are investing.
I could really say that it would really be that a gamble if you are really that not careful on choosing but knowing that crypto meme coins doesnt have that actual utility then investing into it
is really that not that ideal nor worth at all because you would really be putting yourself on great risks.

Its not tarnishing because people already get used to those scams but honestly there's no one would be scammed if they wont really be tending to feed out those scammers or fraudsters with those
fake projects around but it seems that people are really that fan on dealing with scam projects and continue on doing so.

[Bushdark]

Not all meme coin are scam but it is obvious that many scammers have hijacked the trend and all they have to do is keep creating new meme coins and launching them to make money from innocent investors that have no experience about the market. Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull. We just need to be very careful enough so that we are not going to fall Victim to scam projects that will nit last long in the market.

[Bananington]

Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull.

They are tarnishing the image of cryptocurrency, but giving people more of a reason why they should invest and focus more on bitcoins that has always been the better option of the category. Some people become victims to these scam projects that leave bad lessons on cryptocurrency because they feel that they cannot make profit from bitcoins again if they buy only it, or either because they are already late to investing, or because many people have already invested in it.

[nelson4lov]

Memecoin are have a bad impact on crypto overall when we take a step back to take a macro look ay it. they have successfully painted crypto as a get-rich-quick scheme and often leaves a sour taste in the mouth of many when the whole thing implodes (which happens often).

One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

It's a good approach to manage risks but then, I don't think there is anyway to properly vet a memecoin project especially one that is yet to prove itself. I'll suggest one not to be too trusted with Biget's listed memecoins. Binance had innovation zone and it didn't work out well in the long term.

[jeraldskie11]

Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull.

They are tarnishing the image of cryptocurrency, but giving people more of a reason why they should invest and focus more on bitcoins that has always been the better option of the category. Some people become victims to these scam projects that leave bad lessons on cryptocurrency because they feel that they cannot make profit from bitcoins again if they buy only it, or either because they are already late to investing, or because many people have already invested in it.

Aside from that, if the government comes in and sanction those potential scam projects, the number of legitimate project that were sanction will increase. Those too good to be true projects are tend to be scammed but those who aren't are real. It's easier to said than done that's if ever we have a chance to accused a project, better to think it twice before we make a noise because we don't know what their real motive. Other than that, some of those in a government are good at taking advantage of opportunities so be careful.

[wxa7115]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Without a doubt they are a contributing factor, but it is not as if meme coins are the only coins being created each day which later on turn into a scam, most of the altcoins on this market do the same and it would be unfair to blame meme coins exclusively over this problem.

That being said, there is not much which can be done to solve this problem, as due to the nature of this market anyone can create their own coin and promote it through social media if they want, and newbies are also free to buy any coin they may like, even if it means losing all the money they invest in those coins.

[rhomelmabini]

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Is there any information regarding this Bitget's memezone and how does this work? So there's some kind of collateral if you want to get some of these memes you're talking to? I wonder what's with this security if you're just buying a meme, you should have explained it here precisely rather than leaving us behind with too many questions.

[Wexnident]

I wouldn't say so. Crypto itself already had a bad image due to the many scammers that popped up in the past (and even now), meme coins being one of them. While some, while questionable, do bring about some value due to the avid fanbase it has, a lot of the rest are just scams though.

I wouldn't blame memecoins though, every type fo industry has a bad side that most people despise, not just in crypto. And beginners, being well, beginners, can end up being there and incur a lot of problems. It's probably just more apparent here since money is directly involved. Besides, if people get to know crypto well enough, they'd know it's just that side there that's like that.

[tbct_mt2]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams.

I agree most of meme tokens, tokens not coins, are scam but I disagree with you that every day, thousands of meme tokens launched.

Would you mind sharing sources of this figure, please.

This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

Can you change them?

If they are greed, let them be and they will stop their greed and stupid investment style when their losses hit their limits. Because they are greed, they are vulnerable to all types of scam, not only scam meme tokens in cryptocurrency market.

Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Removing LPs is called as rug pulls but scam projects can scam exit even they already listed on centralized exchanges CEXs. Newbies should not think if a project is listed on Binance, it is not a scam project.

Rug pull definition, what is it?

The definition of a rug pull is a malicious maneuver in the cryptocurrency industry where crypto developers abandon a project and run away with investors’ funds. Rug pulls usually happen in the decentralized finance (DeFi) ecosystem, especially on decentralized exchanges (DEXs), where malicious individuals create a token and list it on a DEX, then pair it with a leading cryptocurrency like Ethereum.
 
Rug pulls thrive on DEXs because these types of exchanges allow users to list tokens for free and without audit, unlike in centralized cryptocurrency exchanges. Furthermore, creating tokens on open source blockchain protocols like Ethereum is easy and free. Malicious actors use these two factors to their advantage.

[Mahanton]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

Without a doubt they are a contributing factor, but it is not as if meme coins are the only coins being created each day which later on turn into a scam, most of the altcoins on this market do the same and it would be unfair to blame meme coins exclusively over this problem.

That being said, there is not much which can be done to solve this problem, as due to the nature of this market anyone can create their own coin and promote it through social media if they want, and newbies are also free to buy any coin they may like, even if it means losing all the money they invest in those coins.

This is a free market on which it wouldn't really be that so hard on making a new coin specially on BSC or even on erc. Most scammers would really be just having to put some liquidity on the time that it would be touching up those DEX on which it would really be just a show off and trying out to lure in those investors and believing that it would really be that some coins that would burst out in terms of their  value in short time.
We cant really be able to blame some people because once you do really be able to get in on earliest time as possible then returns would be massive but of course the risks is really that too high.

Its true that it isnt only all to be blamed on meme coins but also in other altcoins as well on which there are really tons of rugpulls that do happen on this market on which its not really that only limited into this space.
There's no way on stopping these coins to exist because it would really be that just easy on creating one on which it is really just that a normal situation here on the market.
As an investor then the best thing to do is always do your own research and always having that risk management when it comes to your investment decisions.

[mindrust]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget's memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.

I think it is quite the opposite. Memecoins are actually making crypto even more famous among the youngsters and that's obviously not a good thing. Lots of young people started their crypto journey with dogecoin probably. If dogecoin didn't exist, these people would never know much about crypto. Don't focus on the prices too much, yes climbing prices are a part of this game but the network effect is far more important and dogecoin brought lots of people in. I think there are some good memecoins and the absolute best of them is obviously dogecoin and I don't have any problems investing in it.

[palle11]

Memecoins are better invested during the bull, this is the best time because you should be ready to cash out soon with the pump before it dumps. So it is not all of them that are scam but they are low volume as they hardly create demand because of their usage which doesn't really reach out to large number of people niche. Another factor to look for is who is under the memecoin, who controls or hypes it. Like Elon musk hyped dogecoin, many people began to buy it because of who was identifying with dogecoin .

[Husires]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

People are seeing the Dogecoin market as a success for memecoins, and in fact the price of Dogecoin has increased due to the increased demand for it due to Elon Musk's tweets.
All memecoins that succeeded were not the criterion for success being memes, but rather because of the demand, which will lead to a rise in the price of any currency, regardless of its nature.What is happening in memecoins is scam, as they promise the user quick profits and false promises, and the problem is not in the memecoins, but in the people who believe this propaganda without any analysis or thinking.

[Dr.Bitcoin_Strange]

Although it's true that some people have had bad impressions of cryptocurrency generally because of the experience they have had with some scam altcoins out there, if only anyone in that category also realised that there are thousands of cryptocurrencies and made sure that they invested in the one that was more dominant, like Bitcoin, then they would not really fall victim to scams. But the reason why some fall victim to scams is because they saw crypto from the beginning as a means of making a short-term profit because of the pump and dump scheme of those alt and meme coins. Most people see Bitcoin as an asset whose price is too high for them to purchase, and for that reason they rush to look for those cheaper coins, which at the end of the day will still disappear with their money. The fact is that those memecoins will never cease to arise; people just need to get used to having better knowledge about crypto generally so they know what decision they are making to invest in any crypto.

[Flexystar]

Yes definitely it is getting worst day by day. In the past we were so clean with the Bitcoin alone but immediately Altcoins started popping out from nowhere. Initially even the altcoins were giving good results but they also started to scam people. Then thousands of altcoins hit the market.

Now, we have “different categories” of altcoins with differently mastered scam ways. Lolz.

There comes the meme coins category. The cheapest one you can buy on the market and manipulate easily. Started to attract newbies a lot in the hunger of making quick profits. But it’s surely going in the bad direction.

[Chilwell]

Memecoins are better invested during the bull, this is the best time because you should be ready to cash out soon with the pump before it dumps. So it is not all of them that are scam but they are low volume as they hardly create demand because of their usage which doesn't really reach out to large number of people niche. Another factor to look for is who is under the memecoin, who controls or hypes it. Like Elon musk hyped dogecoin, many people began to buy it because of who was identifying with dogecoin .

Please note that only a select few memecoins are preferable to buy in during a bull market; otherwise, someone who is unfamiliar with cryptocurrency might assume that all memecoins are excellent to hold during a bull. Because they are aware that people are prepared to cash out in any case, coins, real or fraudulent, act in the same manner during this time. People have started to differentiate between legitimate and fraudulent pumps once Elon Musk started pursuing dogecoin. During this time, one of my friends lost money to a phony pump and gave up on investing in cryptocurrencies. Ever since, he has been vigilant about the type of coin he plays with.

[Asiska02]

Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.

Newbies shouldn’t rush into investing in any coin asides from bitcoin when they newly join cryptocurrency and want to invest. The best they should do is seek for knowledge first before going on to invest. This will immediately save them from the risk of investing in such memecoins.

The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.

Most of those newbies join the crypto space after been told about how a particular coin skyrocketed and people earn profit from them. There mindset were already groomed that they’ll make profits if they invest in some coins, which does not turn out to be so always. They were only told the advantage and not the disadvantage of investing in cryptocurrency.

For beginners, it's advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits.

That’s just like reducing their chance of loss. As long as it’s a meme coin, more than 90% of them will exit the market since they can’t withstand the market pressure and volatility. And some exit after the inventors already made their profits from people’s investments.

[palle11]

Memecoins are better invested during the bull, this is the best time because you should be ready to cash out soon with the pump before it dumps. So it is not all of them that are scam but they are low volume as they hardly create demand because of their usage which doesn't really reach out to large number of people niche. Another factor to look for is who is under the memecoin, who controls or hypes it. Like Elon musk hyped dogecoin, many people began to buy it because of who was identifying with dogecoin .

Please note that only a select few memecoins are preferable to buy in during a bull market; otherwise, someone who is unfamiliar with cryptocurrency might assume that all memecoins are excellent to hold during a bull. Because they are aware that people are prepared to cash out in any case, coins, real or fraudulent, act in the same manner during this time. People have started to differentiate between legitimate and fraudulent pumps once Elon Musk started pursuing dogecoin. During this time, one of my friends lost money to a phony pump and gave up on investing in cryptocurrencies. Ever since, he has been vigilant about the type of coin he plays with.

I think whoever that is investing in cryptocurrency or any other business should at least do an elementary research on what he or she is about to invest on. You don't expect to randomly invest on every coin that has low price or that is hyped. Your friend is part of those that wasn't careful to take his time , at least he would have known by the time of investing that the price have done far more than expected price from $0.02 to $0.70+, that was a big performance and it was expected to drop just as bitcoin was dropping also. We need proper research to avoid unnecessarily.

[Hamza2424]

Its already been long time since these crypto scam projects are existing and this one would really be that starting with those ICO days on 2017-2018 and even to now. The trend now is into those fast launch project

or memecoins that we do have in the market on which it cant really be that denied that meme coins could make you rich but it would really be having the disaster if you arent really that careful on what you are investing.

Hmm, ICOs and all types of pre-sale projects maximum of the time disappointed the investors as such types of projects are designed by the motive of fundraising and then wooofff.. Disappeared haha. I have seen a lot of such projects in my early days. Haha, I haven't seen a single person dear who is Millionaire by Investing in the Meme coin. I know you may argue with the Shib and Doge with huge returns, but do you really think most of the people who invested early really booked the profits at the ATH?

Even at ATh or on high prices those who really booked some decent profits made re-investments in Greed and lost what they've gained before. Meme hunting is Injurious for your health haha even though for your funds. I will endorse your view of never going before the meme hunting.