Are memecoins tarnishing the image of crypto?

[Renampun]

...memecoin is mostly created only for profit for the owner. ..

Let's be really honest with ourselves, because we know perfectly well that this is the main goal not only of the creators of the meme coins, but also of most altcoins. After all, most crypto projects work fine without their own coin, but at some point the team realizes that you can literally make millions out of thin air.

they form a team then spend money on marketing so their goal is profit and practices like this are mostly carried out by most altcoin developers, memecoin is part of altcoin, every day there are memecoin projects that appear, developers are inspired by the success of senior memecoin (dogecoin)

but newbie investors do not understand how the crypto market works so they continue to buy new memecoin tokens that appear, this is what often causes many newbie investors lose, remember there is only one dogecoin and only one shiba inu, it's just a dream if there is a new meme token developer who claims they will be the next dogecoin or the next shiba inu.

[Sanitough]

If you look at a beginner’s view, you will really believe that meme coins come to tarnish the image of crypto. Whatever the fate of meme coins, it will always reflect on the whole image of crypto space. However at some point, if you are in the old traders and investors view, meme coins have their own position in the crypto industry. Their failure will not determine the failure of crypto space. Unlike bitcoin which is the blood of the crypto that will totally be affected once bitcoin is certainly in a bad shape.

[doomloop]

We can't deny the fact that these meme coins and tokens have some influence to a lot of newcomers in this market.
They have come to know about crypto because of these projects, so we can't totally discard their significance in this industry.
However, users or investors should still do their own job of research or study on what and how to invest on this market.
Not all meme projects are popular as doge, or shib. Even shib, I still doubt their longevity on this market.
So it is not because they are tarnishing the image of crypto, but all these creators who have no aim but to screw naive users, are those that ruining the image of this type of project.

Are you saying that as a positive thing when you say that a lot of newcomers are influenced by the meme coins? I don't see that as a positive but it leaves a negative effect on those newcomers since it makes them think that cryptocurrencies are a get-rich-quick scheme which is not true but when they hear about meme coins and the significant success some people have received because of them, they will surely think that way about the market.

So, I believe meme coins and shitcoins are actually creating a negative image for cryptocurrencies among new investors because they don't do their research and just believe that all cryptocurrencies are like meme coins when the reality is totally different than that and cryptocurrencies don't provide that much profit in such short periods of time.

[dunfida]

We can't deny the fact that these meme coins and tokens have some influence to a lot of newcomers in this market.
They have come to know about crypto because of these projects, so we can't totally discard their significance in this industry.
However, users or investors should still do their own job of research or study on what and how to invest on this market.
Not all meme projects are popular as doge, or shib. Even shib, I still doubt their longevity on this market.
So it is not because they are tarnishing the image of crypto, but all these creators who have no aim but to screw naive users, are those that ruining the image of this type of project.

Are you saying that as a positive thing when you say that a lot of newcomers are influenced by the meme coins? I don't see that as a positive but it leaves a negative effect on those newcomers since it makes them think that cryptocurrencies are a get-rich-quick scheme which is not true but when they hear about meme coins and the significant success some people have received because of them, they will surely think that way about the market.

So, I believe meme coins and shitcoins are actually creating a negative image for cryptocurrencies among new investors because they don't do their research and just believe that all cryptocurrencies are like meme coins when the reality is totally different than that and cryptocurrencies don't provide that much profit in such short periods of time.

Those realizations would really be definitely be able to experience or would be able to encounter because people would most likely dive in into this market just because for the sake of money or really having that profits
this what makes or pushes them to invest without even trying out to think or make out some research first on which it would really be that resulting into devastation on which this is where people would be able to realize
on what are the things that must done or do because if you do find yourself that being too greedy then you are prone to lots of mistakes and errors which causing for you to lose even more money.
There are lots or tons of memecoins that we do have in the market and its not something that you could easily get hold with or for long term because most of them are just pure pumps and dumps.

[serjent05]

I do not think that meme coins are tarnishing the image of cryptocurrency.  People know it being created for humorous purpose and have no intrinsic value, they also know that it is highly speculative so those traders and investors that dive into it know this characteristic beforehand.  I believe it is the coins that are created to scam people is the one tarnishing the image of cryptocurrency.  They pretend to be a legit project that will stay but then they just run away with the investor's money.

[justdimin]

When I started in this industry, the only thing I knew was meme coins that are known even though the price value in the market is very cheap, its community is very large, and it is the Dogecoin. Then, after Elon Musk mentioned it on Twitter, it suddenly changed, the wind blew on the dogecoin, and the value suddenly increased where the previous ATH was around 0.7$ something.

Dogecoin was followed by Shiba Inu, which was also mentioned by Elon Musk on Twitter. And the latest this year is the Pepe coin, which has shown something different from other coins and has been ahead for a long time in the crypto space as well. These three I mentioned are the top meme coins that are in almost every exchange you can see now, whether it is CEX or DEX.

So, it means that out of 100%, we can say that only 5 percent can give us a good income in this business field, as long as DYOR is still needed.

It was obvious that he was just having fun, and people took it too seriously and invested all their life savings to it as well. For years after that and even today it sometimes happens, if you check the reply section of Elon's tweets you will see people begging him to talk about doge again so that it would go up. Most people worked for maybe a few decades and made some money and invested it into something as silly as dogecoin, which still doesn't make sense to me at all.

I believe that was a big mistake by them, and I have never done something like that and would never even consider doing something like that, but it's obvious that they made a mistake and they are doing a big mistake along with it as well.

[Jatiluhung]

I think just looking at the name and token/coin category it is already a project that doesn't look serious. But it turns out that there are also many projects that are developing very well. Like Doge and Shiba. So Memecoin is a memecoin. So beginners must realize that sometimes memecoins are not created to continue to grow. It's just that memecoins sometimes just rely on hype or involve pumping and such. So no need to expect much. The presence of memecoins has actually given a different color to the diversity of altcoin types. And I think that's a good thing for those who understand that.

[Oilacris]

I think just looking at the name and token/coin category it is already a project that doesn't look serious. But it turns out that there are also many projects that are developing very well. Like Doge and Shiba. So Memecoin is a memecoin. So beginners must realize that sometimes memecoins are not created to continue to grow. It's just that memecoins sometimes just rely on hype or involve pumping and such. So no need to expect much. The presence of memecoins has actually given a different color to the diversity of altcoin types. And I think that's a good thing for those who understand that.

Im already that done with this kind of perception or impression on which good looking coins or legit looking ones would succeed which this isnt the case on this space but rather you would see the opposite

on which it would really be that boggling your mind that hows it possible for a shit looking project would really be gaining so much value without having those common qualities of a good coin?
This what really proves out that it is really that everything is really random and good looking projects or known dev kind of project doesnt assure speaking about success because market
demand would be always be the ones that dictates on which project should pump or not.

Doesnt matter if its a shit or good looking one.This is why analysis would be made isnt something that gives assurance about profitable or good taking because we know
that meme coins arent really that something that totally garbage because there are ones who do really be able to fly out or even with those shit looking altcoins in the market
which it might be looking shit but it did make some huge pump.lol

[YOSHIE]

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.

Elon is a riot, he is the mastermind behind the rise of meme coins, believe it or not, memes are only used as stuffed toys by entrepreneurs and those who are irresponsible, Doge/dog/Elon is to blame for making the market fall apart, coins are now easy to create with capital of just a few BNB, anyone can create that meme.

So stop thinking about buying and selling memes, in my own country there are already 5 artists and comedians who make memes such as: ASIXV2 and so on. The creator is not responsible. The current price is $0.0001. What a joke, For that reason, whatever happens, memes are not my idea or choice in the crypto world.

Game memes for rich people who are greedy to fool ordinary people, don't be fooled by irresponsible people.

[Peanutswar]

If you look at a beginner’s view, you will really believe that meme coins come to tarnish the image of crypto. Whatever the fate of meme coins, it will always reflect on the whole image of crypto space. However at some point, if you are in the old traders and investors view, meme coins have their own position in the crypto industry. Their failure will not determine the failure of crypto space. Unlike bitcoin which is the blood of the crypto that will totally be affected once bitcoin is certainly in a bad shape.

We cannot deny the fact that meme coins or the shitcoins can instantly gives you and becomes a millionaire because once you make at early investment and the coin makes a good skyrocket you can instantly call a good profit x1000+~ but of course there's still the risk this can be a honey pot, or just a waste of time in life there's always a risk, but sooner or later you will realize you don't need to catch up too much and make a call for a step by step process there's no instant millionaire in investment in crypto.

[Vaculin]

What meme coins is doing, is being a good competition to the originals. Else, how would innovation arise.
It also serves to enable upcoming or newbie traders learn how to trade seeing the ease of buying some of these meme coins.
Meme coins,  although it is not advisable to invest huge funds in them, they more than help create awareness for crypto.

They are serving some purpose in the crypto market. They create fast wealth for the wise with the pump and dump nature of not hodling for long. Then this important one of creating hype can not be over emphasize, they create buzz for cryptocurrency. Memecoins like doge gave a big hype for cryptocurrency last year and gave lucky investors unexpected profit from the hype by Elon musk. Shiba Inu is another of such that some investors have spoken about to be able creating some vibes in the future. Memecoins make the market to be lively with quick buy, quick sell which the market also need to create traffic also.

Meme coins have amazed a lot of investors due to its surprising potentials. People may be thinking that once a meme coin, then it’s something to be avoided so as not to end up losing. But it has proved its own worth and made those investors experienced massive profits. So if we analyze it well, meme coins do not tarnish the image of crypto. It’s even a good promotion for crypto market to become more recognized due to the hype about dogecoin.

[Viscore]

Meme coins might be considered red flag in the market but know that at some point, they were able to bring some hype in the market especially in the case of Dogecoin and followed by Shiba Inu. So for me, they're not actually tarnishing the image of crypto, it's just that they are not reliable and profitable enough compared to bitcoin.

[TheUltraElite]

Meme coins might be considered red flag in the market but know that at some point, they were able to bring some hype in the market especially in the case of Dogecoin and followed by Shiba Inu. So for me, they're not actually tarnishing the image of crypto, it's just that they are not reliable and profitable enough compared to bitcoin.

Memecoins generate hype but that is not always a good thing or directed in a good direction. However this depends on what your definition of good is. For me they misdirect the new traders into false promises and scams. Therefore I don't recommend them to anyone asking me. Bitcoin on the other hand has been here for more than a decade now and we have seen how profitable it can be.

Eventually the memecoins get burnt out and this cannot be identified quickly for a trader to react and sell even at a break even but at a huge loss.

[Jocuserious]

Of course 95% of memecoin are scams now and the ones that are still alive are floating in the sea because they planned that in a bull market investors of their project would increase. Also you will find some good memecoin that entered the crypto market a long time ago and their investment community is very strong now so if you like memecoin then invest in those older meme coin.
Also i think it's risky for new investors to invest whether it's memecoin or any other new coin. It is very tempting for new investors to come in because they will just jump at the profit.
On the other hand the reputation of crypto investment is alive because there are many ways and types of investment so it is not only dependent on memecoin.

[Minecache]

Of course 95% of memecoin are scams now and the ones that are still alive are floating in the sea because they planned that in a bull market investors of their project would increase. Also you will find some good memecoin that entered the crypto market a long time ago and their investment community is very strong now so if you like memecoin then invest in those older meme coin.
Also i think it's risky for new investors to invest whether it's memecoin or any other new coin. It is very tempting for new investors to come in because they will just jump at the profit.
On the other hand the reputation of crypto investment is alive because there are many ways and types of investment so it is not only dependent on memecoin.

Memecoins like dogecoin are safe, I even find it safer than other top altcoins, and we can invest in it, but whether it will bring high profits is unpredictable. But people will not invest in old meme projects or other top projects because they think their prices are already too high and they will flock to new memes in search of higher profits. But most of them are just scams and they will lose money because 99% of projects are scams, not 95%.

If we talk about fraud in the market, besides bitcoin, most of them are scam projects, even leading projects like Luna can collapse. So, we cannot completely blame memecoins projects for tarnishing the reputation of the cryptocurrency industry.

[bayu7adi]

Of course, this has an impact on the world of cryptocurrency, and it has made some people less trusting of cryptocurrencies. Memecoins, in reality, are something beginners should steer clear of because there's no more mature concept behind them than relying solely on luck to make x1000 profits in a short time. Such concepts greatly affect the health of the cryptocurrency ecosystem, as victims of memecoin scams become wary when dealing with anything related to coins.

The excessive freedom in crypto regulation has led many individuals to act on their own and attempt to create new hype. I consider this an abuse of the decentralized system.

[Dunamisx]

Nothing is tarnishing the image of anything here just as the wheat and weeds all grow together then later during the harvest, the farmer decides to separate them both, if there are thousands of memecoins today, we all know that only few can be trusted that are reliable and yet we don't know which one from each other except for bitcoin in cryptocurrency, so making an investment in memecoins is taking a risk on itself and if care is not taking, scam may end it all, therefore we should research well about anything investment we are making in cryptocurrency because this will be part of what will shield us from being exposed to any scam token or coin.

[abel1337]

Nothing is tarnishing the image of anything here just as the wheat and weeds all grow together then later during the harvest, the farmer decides to separate them both, if there are thousands of memecoins today, we all know that only few can be trusted that are reliable and yet we don't know which one from each other except for bitcoin in cryptocurrency, so making an investment in memecoins is taking a risk on itself and if care is not taking, scam may end it all, therefore we should research well about anything investment we are making in cryptocurrency because this will be part of what will shield us from being exposed to any scam token or coin.

98% of the meme coins in the market right now is just plain trash that really don't have anything to contribute in the growth of crypto. Developers treat it as a money machine and people who put their money into are just hoping to be an instant rich by luck. Majority of the one who lost their money are the newbies who are the one are very hopeful that they can get money from their investment. Memecoins is another form of sh*tcoins in the market given that they have no purpose and the developers aren't really determined to have plans for it in the future, plain basic money machine or a cash cow.

[Mahanton]

Nothing is tarnishing the image of anything here just as the wheat and weeds all grow together then later during the harvest, the farmer decides to separate them both, if there are thousands of memecoins today, we all know that only few can be trusted that are reliable and yet we don't know which one from each other except for bitcoin in cryptocurrency, so making an investment in memecoins is taking a risk on itself and if care is not taking, scam may end it all, therefore we should research well about anything investment we are making in cryptocurrency because this will be part of what will shield us from being exposed to any scam token or coin.

98% of the meme coins in the market right now is just plain trash that really don't have anything to contribute in the growth of crypto. Developers treat it as a money machine and people who put their money into are just hoping to be an instant rich by luck. Majority of the one who lost their money are the newbies who are the one are very hopeful that they can get money from their investment. Memecoins is another form of sh*tcoins in the market given that they have no purpose and the developers aren't really determined to have plans for it in the future, plain basic money machine or a cash cow.

Lets say on a certain situation on which the price of a certain meme coin did make out some pumps on which it is really that something significant then this is where FOMO or hype kicks in and then it would really be starting for those meme coin projects that would really be spamming out on the market and due to hype and then with those noobs circling around then this is where money would easily flow even on the shit project
which it would really be raising up question on how they hell these projects are really that getting too much investment support or recognition which it is really just that obviously that its creators or devs are just simply mimicking out to those memes that had become popular. Its not really that something new or shocking condition on which it is really just that so normal that hype would be molded and there would really be those people who do jump in into the ship and having those beliefs that they could become easily rich when they do invest on meme coins without even trying out to realize the impose risks within it and this is where
people should really be looking at.

[Distinctin]

Well, a lot of us are being warned to avoid meme coins because they can be dangerous for our funds. But why do all of a sudden those who invest for dogecoin and Shiba Inu way back then have experienced maximum profits even more than they can imagined. That is why I don’t see them as tarnishing the image of crypto. If there would be any, those are the people who only invest for crypto as a get rich quick and then turn their backs on them when  they are already on the position of losing.