Are memecoins tarnishing the image of crypto?

[poodle63]

For most of us meme coins are damaging the image of crypto but if we look into it deeply, no they are not. They're just making the crypto market more exciting and quite more risky to invest knowing we can be in profits all of a sudden or we can lose all our funds instantly.

only until these meme coins start luring newbies and some random with the unrealistic promise that they have and causes many to lose their money because as you know meme coin is heavily manipulated then its not about making the market exciting anymore.
people speculating on meme coin is fine as long as they know the consequences but its not rare phenomenon that sometimes these meme coin
promising massive returns to the people that don't understand cryptocurrency even a little bit and when they lose they blame cryptocurrency in general.

[JoyMarsha]

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.

No matter how we perceive memecoins to be, she has made many millionaires through their investment in her, and in the same way, people have been scammed through her.

Having an Investment in memecoins is what someone should consider as a pump and dump kind of investment that anything can happen within a short given time. People should at least stay off investing in memecoins to avoid stories that touch the heart. Not only did the newbies have fallen victim to it, but the well-experienced crypto fellas have somewhat fallen victim to it. That makes it seem that, nobody is an exception to falling victim to scams of memecoins, or altcoins.

[Bushdark]

Depends on how the market approached it, the recent stuff really makes it even worse these days. Back when Doge first started we used it to help a lot of good causes with it and that made sense, but pepe? Really? Pepe? Thats of course terrible. But we do not have to take responsibility for it at all, that doesn't make sense and we shouldn't be really considering that as our problem. If people do not like it then they do not like it and that's going to be fine in the end. I get that some people may lose ton of money due to these shitty stuff but its their own fault and nobody else's problem. We should be just considering that as a normal situation for people who do not make their research.

I don't see it from an angle that there is a particular coin that is posing a thread to other coin in the crypto market. Every projects need to survive and try there posible best to make sure that things works for them that is why we have been seeing that there are lost of projects in the market even with the ones that don't have an experience team to push the project forward.

 For a project to grow, there is lots of things that need to be put into consideration or else things work like the way it was planned. We need to make sure that we put our money in a good.projects that would not end up becoming a scam at the end of the day. So many bad projects are in the market struggling to survive.

[suzanne5223]

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.

No matter how we perceive memecoins to be, she has made many millionaires through their investment in her, and in the same way, people have been scammed through her.

Have never seen someone who millionaire through meme coin investment but I am sure meme coin space is the playing ground for cryptocurrency aka the humpback, whale, shark, dolphin, fish investors, etc. Taking advantage of shrimp and naive investors to increase their profit since they don't want to do that using BTC cause they can't afford to miss the surprise BTC will present.
This is why Justin Sun also made a public announcement of joining the meme coin space.

Having an Investment in memecoins is what someone should consider as a pump and dump kind of investment that anything can happen within a short given time. People should at least stay off investing in memecoins to avoid stories that touch the heart. Not only did the newbies have fallen victim to it, but the well-experienced crypto fellas have somewhat fallen victim to it. That makes it seem that, nobody is an exception to falling victim to scams of memecoins, or altcoins.

Yes, nobody is expert in not falling for scams but the meme coin pump and dump activities are something that didn't require any expert knowledge. If just invest in Bitcoin since the meme coin market is super manipulated.

[mirakal]

If those meme coins are scam coins, then they are clearly tarnishing the image of crypto. But we can’t tell that all meme coins are scams, some are even highly profitable than bitcoin but only for short term, as they are not advisable for long term hodling. However, with all the newbies coming in the market today, and majority of them are entering the market with greed, then it’s not really surprising for us that they will fall for these too good to be true meme coins and end up blaming the crypto market for their loss.

[Awaklara]

If those meme coins are scam coins, then they are clearly tarnishing the image of crypto. But we can’t tell that all meme coins are scams, some are even highly profitable than bitcoin but only for short term, as they are not advisable for long term hodling. However, with all the newbies coming in the market today, and majority of them are entering the market with greed, then it’s not really surprising for us that they will fall for these too good to be true meme coins and end up blaming the crypto market for their loss.

that's what happened, with the popularity of several successful memecoins gaining great attention from the market. Of course there will be several new memecoin projects that want to take advantage of this momentum to make a profit.
This is like when the ICO project exploded a few years ago. and that makes there are more new ICO projects that are dirty with the end of a scam. This will also apply to memecoins, and all beginners should be wary if they want to play with highly unpredictable memecoins.
Bitcoin may seem slower than memecoin, but memecoin will never last as strong as Bitcoin. short profits may be obtained. but that's when you have the skills. otherwise, there will only be losses.

[JoyMarsha]

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.

No matter how we perceive memecoins to be, she has made many millionaires through their investment in her, and in the same way, people have been scammed through her.

Have never seen someone who millionaire through meme coin investment but I am sure meme coin space is the playing ground for cryptocurrency aka the humpback, whale, shark, dolphin, fish investors, etc. Taking advantage of shrimp and naive investors to increase their profit since they don't want to do that using BTC cause they can't afford to miss the surprise BTC will present.
This is why Justin Sun also made a public announcement of joining the meme coin space.

If you haven't seen, it doesn't necessarily mean that investing in memecoins hasn't resulted in the creation of numerous billionaires. Consider dogecoin and Shiba inu as an example. Due to their investor's entry into it by investing hugely in them, these two memecoins made their early investors millionaires

If investing in memecoins is something one thinking about, one should at the very least start doing so early stage of memecoins before it will be well known, because that's when the price of them starts to rise(sell off by then). The following step is a price drop after it must have been initially pumped up in price.

To be on the safe side about memecoins investment, one should be able to sell at the time when there are pumps in price

[stadus]

If you haven't seen, it doesn't necessarily mean that investing in memecoins hasn't resulted in the creation of numerous billionaires. Consider dogecoin and Shiba inu as an example. Due to their investor's entry into it by investing hugely in them, these two memecoins made their early investors millionaires

If investing in memecoins is something one thinking about, one should at the very least start doing so early stage of memecoins before it will be well known, because that's when the price of them starts to rise(sell off by then). The following step is a price drop after it must have been initially pumped up in price.

To be on the safe side about memecoins investment, one should be able to sell at the time when there are pumps in price

It does seem similar to a game or a pyramid scheme, where the early entrants tend to reap the benefits, even though the project they're promoting might not have a promising future. Legally, it can be challenging to prove that. Speaking of Shiba, it's remarkable how its price has plummeted. It gives off the impression of being a defunct coin, despite maintaining a reasonable trading volume.

[sulendra12]

It's been like this since early days of crypto where it's been used for crimes and that's what makes crypto have really bad reputation in the world. Also recently not too long ago, with the garbage innovation of NFT and meme coins which makes the hole go deeper because most of the people think Bitcoin is just nothing but a pile of worthless assets that will suddenly vanished.

You can see that in lot of youtube videos talking about this, while those cases are true to make crypto become worse in reputation but still there are so many good use-cases to look for if you go deeper, hence why we are here.

[jrrsparkles]

If those meme coins are scam coins, then they are clearly tarnishing the image of crypto. But we can’t tell that all meme coins are scams, some are even highly profitable than bitcoin but only for short term, as they are not advisable for long term hodling. However, with all the newbies coming in the market today, and majority of them are entering the market with greed, then it’s not really surprising for us that they will fall for these too good to be true meme coins and end up blaming the crypto market for their loss.

Not just meme coins, almost 99% of the crypto launched became scams or went to zero so it's not just limited to meme coin segment only but also NFT, BitcoinX, and tokens on various networks. But with meme coin especially Doge and Shiba lot of new people entered the market after the Bull run and Elon tweets which is the only thing that happened positively apart from people being taken advantage of by the shit coin projects as always.

[shinratensei_]

If those meme coins are scam coins, then they are clearly tarnishing the image of crypto. But we can’t tell that all meme coins are scams, some are even highly profitable than bitcoin but only for short term, as they are not advisable for long term hodling. However, with all the newbies coming in the market today, and majority of them are entering the market with greed, then it’s not really surprising for us that they will fall for these too good to be true meme coins and end up blaming the crypto market for their loss.

Not just meme coins, almost 99% of the crypto launched became scams or went to zero so it's not just limited to meme coin segment only but also NFT, BitcoinX, and tokens on various networks. But with meme coin especially Doge and Shiba lot of new people entered the market after the Bull run and Elon tweets which is the only thing that happened positively apart from people being taken advantage of by the shit coin projects as always.

honestly should differentiate between a true crypto and just some random shitcoin created out of thin air because otherwise it will just give unfair statistics like 99% of crypto are going to zero.
because if you judge from the fact that there are many innovative cryptocurrency out there like for example is the latest L2 also L0 its just really innovative that I don't think it will be hitting zero anytime soon.
moreover it will give clear definition between the difference of true crypto with shitcoins so that the image of crypto isn't tarnished.
regardless though the fact that there are so many shitcoin actively trying to find some greedy newbies to invest in their project is really making reputation of crypto in general bad its something we just know.

[jrrsparkles]

because if you judge from the fact that there are many innovative cryptocurrency out there like for example is the latest L2 also L0 its just really innovative that I don't think it will be hitting zero anytime soon.

What you are defining as L2 projects?

As far as I know, L2 is another layer on the existing blockchain for example Lightning network of Bitcoin is running on L2 layer which solves the issues of high TX fees and waiting time for small transactions but its just a part of an existing project and it has no value beyond the bitcoin.

[Mahanton]

If those meme coins are scam coins, then they are clearly tarnishing the image of crypto. But we can’t tell that all meme coins are scams, some are even highly profitable than bitcoin but only for short term, as they are not advisable for long term hodling. However, with all the newbies coming in the market today, and majority of them are entering the market with greed, then it’s not really surprising for us that they will fall for these too good to be true meme coins and end up blaming the crypto market for their loss.

Not just meme coins, almost 99% of the crypto launched became scams or went to zero so it's not just limited to meme coin segment only but also NFT, BitcoinX, and tokens on various networks. But with meme coin especially Doge and Shiba lot of new people entered the market after the Bull run and Elon tweets which is the only thing that happened positively apart from people being taken advantage of by the shit coin projects as always.

honestly should differentiate between a true crypto and just some random shitcoin created out of thin air because otherwise it will just give unfair statistics like 99% of crypto are going to zero.
because if you judge from the fact that there are many innovative cryptocurrency out there like for example is the latest L2 also L0 its just really innovative that I don't think it will be hitting zero anytime soon.
moreover it will give clear definition between the difference of true crypto with shitcoins so that the image of crypto isn't tarnished.
regardless though the fact that there are so many shitcoin actively trying to find some greedy newbies to invest in their project is really making reputation of crypto in general bad its something we just know.

There would really be generalization when someone do have been able to experience that bitter things here on this space on which if ever they have stepped on a shitcoin and made out a devastation with their investment
then it would be normal that the blame would really be entirely be applied out on all coins in the market on which they would be having those thoughts that crypto is shit and its not a worth investment without even trying out to look deeper on how coins do really differentiate to each other which it would really be classified into those actual having utility coins/projects compared into those who do just simply mimic out or just trapping those newbie
investors on which it is really just that very common on here on this space. Tarnishing? Its been long time that it does create that kind of impression but doesnt mean that we would really be seeing on completely stop kind of production or creation of these shit projects. As long that money is really that circulating on this space then expect that there would really be that scam developers would really be continuing on making those shit projects and made out with those fake utilities on which hooking up those greedy investors to take in and invest with it and this is something that really be should look upon if you dont really like yourself on getting fucked up with your investment on which it is really that suggested or recommendable on always DYOR and dont rush up things when it comes to decision making.

[Twentyonepaylots]

It's been like this since early days of crypto where it's been used for crimes and that's what makes crypto have really bad reputation in the world. Also recently not too long ago, with the garbage innovation of NFT and meme coins which makes the hole go deeper because most of the people think Bitcoin is just nothing but a pile of worthless assets that will suddenly vanished.

This is why people are now taking extra caution with crypto, hence we are on a bear market for a long time. Although this is expected in a growing industry, where people sees an opportunity to earn money, illegal things would start impending. I would agree that NFT is less of an ideal for what's crypto is worth but we can all agree that art isn't free. It is just that there are people who are driving these ships for this and hyping it for no reason buying overpriced stuff on the internet and decide its value for totally no sense.

You can see that in lot of youtube videos talking about this, while those cases are true to make crypto become worse in reputation but still there are so many good use-cases to look for if you go deeper, hence why we are here.

Speaking of crypto's reputation, I think it's all fine with taints coz we know all the news and stuff, be crypto guys always know the truth of crypto. Crypto isn't bad at all, some people do, and they are just making it all for one reason, $$$.

[o48o]

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.

One could say it's tarnishing the image, and one could say it was tarnished from the beginning. Whole idea behind crypto is freedom, and you can choose just the best things from it if you look at the cryptocurrency scene as whole.

Memecoins could be indeed defining the image of crypto as it is. Because it's a big part of it no matter if we want it or not. All the scams, weak and good projects, all the lost wallets and gained money, all the memes, most idiotic crazies and tech geniuses are all part of it. It doesn't really have an ideology. Left and right are both investing into it and laughing at it.

If you want to polish the image of crypto, just do your part, that makes this a better place. Asking everyone else doesn't really cut it. It all starts from example.

[Cryptomultiplier]

If we consider the failure of many meme coins that have been launched and have failed, the distinguishable difference is that in its failure, the customers eyes is opened to the stability and endurance of BTC.

Meme coins offer instant profit in good proportion but cannot be relied on for long term investment.

It only goes to pressuring other crypto currencies to perform better so as not to be ranked among the lesser meme coins with high volatility.

[suzanne5223]

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.

No matter how we perceive memecoins to be, she has made many millionaires through their investment in her, and in the same way, people have been scammed through her.

Have never seen someone who millionaire through meme coin investment but I am sure meme coin space is the playing ground for cryptocurrency aka the humpback, whale, shark, dolphin, fish investors, etc. Taking advantage of shrimp and naive investors to increase their profit since they don't want to do that using BTC cause they can't afford to miss the surprise BTC will present.
This is why Justin Sun also made a public announcement of joining the meme coin space.

If you haven't seen, it doesn't necessarily mean that investing in memecoins hasn't resulted in the creation of numerous billionaires. Consider dogecoin and Shiba inu as an example. Due to their investor's entry into it by investing hugely in them, these two memecoins made their early investors millionaires

I think you misunderstand my statement, All the so-called meme coin is now the paradise where the whales manipulate the market for their own profit while the shrimps are the ones used as prey.
Having said that, memecoin are among the reason why major of new cryptocurrency investors have the impression that crypto is a scam.

If investing in memecoins is something one thinking about, one should at the very least start doing so early stage of memecoins before it will be well known, because that's when the price of them starts to rise(sell off by then). The following step is a price drop after it must have been initially pumped up in price.

To be on the safe side about memecoins investment, one should be able to sell at the time when there are pumps in price

How can you know a meme coin that will flourish in the future before it's known by the public when 95% of all meme coins are exit scams and some have vaporized off the market?
I have never invested in meme coin and I don't see any reason to join it early. The safe investment is to stay away from memecoin, invest in BTC and if you must invest in altcoin go for layer 1 coin with good concept with team.

[Mehedi72]

I think so op. Memecoins weren't in trend so much even before but nowadays bags of memecoins are launching daily. A few memecoins are good, listed on good exchange, very much in demand and rest of memecoin can be considered as trush. Just get launched and then scam. But people still keep investing on those memecoin cause each & every memecoin used to create hype by increasing their coins value, sometime 8-10x and that's the reason why people invest there & plan to sell their token with little profit but most of them fail to sell at all because team already withdrawal all lequidity from all exchanges while its time to vanish with people's investment and left them behind

[TimeTeller]

I think so op. Memecoins weren't in trend so much even before but nowadays bags of memecoins are launching daily. A few memecoins are good, listed on good exchange, very much in demand and rest of memecoin can be considered as trush. Just get launched and then scam. But people still keep investing on those memecoin cause each & every memecoin used to create hype by increasing their coins value, sometime 8-10x and that's the reason why people invest there & plan to sell their token with little profit but most of them fail to sell at all because team already withdrawal all lequidity from all exchanges while its time to vanish with people's investment and left them behind

People keep investing because of the idea that they will get easy profits from this type of project.
However, only few are worth looking at as most are just riding the hype and banking from naive users.
If you are long enough in this market, you can easily spot crap projects as they don't have anything to offer but just pure talk.
This is why hard to trust new alts specially meme projects as they will just screw your funds.

[gunhell16]

That is not to imply that meme coins are immediately unattractive; they are not. People sometimes claim meme coins are bad, and they always say meme coins are garbage. which should not be the case. It's similar to Bitcoin in that it's used as a ruse to defraud investors.

Meme coins can also be used for an exploitative person's nefarious purposes. As a result, most meme currencies are not listed on the market's leading exchanges. It's really tough to control these scammers who utilize meme coins; in actuality, meme coins are frequently used.