Does any meme coin has the ability to challenge bitcoin dominance ?

[Minor Miner]

Recently, meme coins have experienced a high price increase and of course this increase has made many people become fomo and in the end people are busy buying meme coins and it cannot be denied that many people are lucky to invest in meme coins, but of course there are also many people who suffered huge losses as a result of investing in meme coins.

but in my opinion bitcoin is still a more valuable asset than meme coin because bitcoin certainly has good future potential because if bitcoin didn't exist altcoin wouldn't exist and actually investing in altcoins in my opinion is full of speculation. and I feel and experience investing in altcoins is full of uncertainty but bitcoin certainly has a bright future and the current increase in bitcoin prices proves that bitcoin is a good asset.

While Altcoins have great potential, they will not rise if Bitcoin does not rise, so it is clear that the key to crypto is in Bitcoin and of course no one will be able to beat Bitcoin because Bitcoin's supply is limited and there are many other advantages that Bitcoin has.

If you say that bitcoin is the best asset, the safest investment on the market then I really couldn't agree more. But investing in memes depends not only on luck but also on each person's experience and knowledge. If you pay attention, every bull season has the presence of a certain memecoin name that makes a difference. And if someone is confident about their search abilities, they can spend some time and capital on them.

I don't invest too much in memes but last year I invested a small amount in Shib and Pepe. Currently, the value of those 2 meme codes has brought me a profit of 3 to 7 times the initial capital. If this were bear season, I would definitely sell them for bitcoin but we are in bull season, I believe they will be even crazier.

You are right, they are not valuable assets like bitcoin, they are used for speculation, but speculating in them for profit and long-term reinvestment in bitcoin is not a bad idea.

Yes, I agree, of course investing in meme coins is fine, but before investing in meme coins, knowledge must come first and if are in class you I'm sure your skills in crypto will definitely be many and your knowledge will certainly be extensive so you can be lucky investing in coins. memes and you're in at the right time. but yes, I also like investing in meme coins, but sometimes it works, sometimes no because my knowledge is not extensive, but I also made a profit in Pepe coin, but unfortunately I only bought a little at that time. but yes, we only rely on speculation in investing in meme coins, but of course it depends on our luck and how broad our insight is.

but yes, of course bitcoin is the best and cannot be compared with any altcoin because bitcoin is the king of crypto. and for our simple example, if we look at the market or for example we want to buy altcoins, of course we will first look at the price of bitcoin and the movement of bitcoin so that bitcoin is the best crypto asset.

Yes, pepe and shiba are giving me quite a profit compared to the initial capital but in my opinion. We should still only invest small amounts of capital and limit investing too much in them, we should not be too greedy or blind when we see immediate profits and sell bitcoin to all in memecoins.
I still maintain the opinion that although memecoins have the potential to bring huge profits, but risks can strike at any time, so you should still only spend 1-3% of your capital on them, the rest let's focus again on bitcoin and altcoins that you see have potential. But don't forget to get rid of all the memes and altcoins when the bear market come because then only bitcoin is the most reliable and safe currency.

[Cvetik56]

Memecoins are not capable of challenging BTC dominance. Bigger and better coins haven't done that yet, questioning that is a bit hilarious.

[retreat]

In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?

Not only Pepe, but there are also other meme coins that have increased thousands of times, but can that make them worthy coins to fight Bitcoin's dominance? apparently not. Because even if it rises hundreds of times or even thousands of times, it is still a meme coin which is only based on market speculation and has no real economics to support it. People invest in it just to make a profit, and that's it. Meanwhile, talking about Bitcoin, its potential is much greater than that of meme coins, and its economy is very large, so it will be very difficult for these meme coins which do not have a strong economy to be able to disrupt Bitcoin's dominance.

[Odohu]

In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?

If there is anything that will challenge Bitcoin, why will it be memecoins? What do memecoins offer? I see memecoin mostly from the angle of entertainment,  I mean something those involved just use to entertain themselves and make themselves feel hyped and pseudo-happy. There is no sustainability in memecoin.

Those who are highly experience and focus on the utility of any coin they put money into only use little fraction of their income for memecoins because they know that the risk in them is multiplied. They can die any day their founders decided that they are satisfied with the money they have made from them. It takes just few of the founders to dump their holding and everything will crash.

[Ayers]

In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?

If there is anything that will challenge Bitcoin, why will it be memecoins? What do memecoins offer? I see memecoin mostly from the angle of entertainment,  I mean something those involved just use to entertain themselves and make themselves feel hyped and pseudo-happy. There is no sustainability in memecoin.

Those who are highly experience and focus on the utility of any coin they put money into only use little fraction of their income for memecoins because they know that the risk in them is multiplied. They can die any day their founders decided that they are satisfied with the money they have made from them. It takes just few of the founders to dump their holding and everything will crash.

This happens to all projects, not just shitcoin or memecoins projects. Luna is also the top project in the 2021 bull season and was highly rated but also became a scam afterwards. Once we have invested in altcoins including memecoins, we need to be clearly aware that they can crash at any time. But we must also admit that the profits they bring are unexpected and the desire of any investor.
Memecoin is rising in price and it is a sign that a bull season is about to begin where newbies will be attracted by 100x or 1000x returns.

[Volimack]

In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?

Seeing from the percentages obtained, there are many meme coins out there that exceed bitcoin, maybe there are also meme coins that reach 1000% increase in a short time.

As far as I know bitcoin is the king in the crypto market. That's why memecoin can never surpass bitcoin. We all know that meme coins have very low performance and investors will never get the same profits as bitcoin if they jump here. Bitcoin longterm investment is much stronger than any other currency.

[lizarder]

As far as I know bitcoin is the king in the crypto market. That's why memecoin can never surpass bitcoin. We all know that meme coins have very low performance and investors will never get the same profits as bitcoin if they jump here. Bitcoin longterm investment is much stronger than any other currency.

ETH, which has a fairly large market capitalization, cannot surpass Bitcoin, so what about memecoins which do not have fundamental strength? Memecoin or other coins have not had the opportunity to break the dominance of Bitcoin prices because their strength depends on other influences. Meanwhile, bitcoin is strong and has a good fundamental level for itself so that bitcoin can position itself as one of the popular coins that is in demand by many people.

I am not dismissing memecoins as a general step towards the development of cryptocurreny but it has nothing to do with dominance. Because memecoins do not have the power to defend themselves and instead they are present and abandoned by investors and developers when they have no long-term prospects.

[Kelvinid]

As far as I know bitcoin is the king in the crypto market. That's why memecoin can never surpass bitcoin. We all know that meme coins have very low performance and investors will never get the same profits as bitcoin if they jump here. Bitcoin longterm investment is much stronger than any other currency.

ETH, which has a fairly large market capitalization, cannot surpass Bitcoin, so what about memecoins which do not have fundamental strength? Memecoin or other coins have not had the opportunity to break the dominance of Bitcoin prices because their strength depends on other influences. Meanwhile, bitcoin is strong and has a good fundamental level for itself so that bitcoin can position itself as one of the popular coins that is in demand by many people.

I am not dismissing memecoins as a general step towards the development of cryptocurreny but it has nothing to do with dominance. Because memecoins do not have the power to defend themselves and instead they are present and abandoned by investors and developers when they have no long-term prospects.

It was not just the capitalization itself but the utility of the project which meme coins don't have, even other altcoins. Meme coins are an example of a crypto project that exists with no real purpose or commendation. It was just built to hype the crypto market, and it gained attention really, but also, these projects ruined the market as well as we know that a lot of people suffered losses from investing in them.

Indeed, it was noticeable for its current pump but as usual, they will dump afterwards. If we think this will challenge Bitcoin to dominate the market, then the developers must prove that their projects are worthy. Otherwise, people are right that these meme coins are worthless.

[DooMAD]

It's like asking: What will be the next network to challenge 'The Internet'?  

So in that analogy, what is Ethereum? There are not thousands of competing products with the Internet, which is not a specific product but rather a concept.

(...)

I can be pretty sure that digital currency will be what we use in the year 2124 for everyday transactions, but specifically Bitcoin--or anything else that exists today?--who knows.

Perhaps given more time to consider, I'd have chosen a better analogy, but Internet was the best I could come up with.  

Yes, each digital currency generally has something it specialises in, since Bitcoin can't be a one-size-fits-all platform and can't do everything (At least on the base protocol, anyway.  More specialised functions can conceivably be built on higher layers if needed).  Currently, Ethereum is one of the most accommodating platforms for tokens and smart contracts.  That isn't one of Bitcoin's primary use-cases.  However, of all the myriad networks out there, I'd say it's difficult to argue that anything other than Bitcoin is best equipped for overall longevity.  There's certainly no guarantee that people will still be using Bitcoin in 2124, but it's a far more likely candidate than any other network out there right now.  And it would take something significant for that to change.  If development continues and no major bugs or errors arise, Bitcoin can move with the times, remain technologically relevant, continue to grow the userbase, etc.

In effect, the ball is ours to not drop.  

I can't personally envision any technological advancement, which Bitcoin couldn't adopt itself, that could lead to another network gaining traction at a rate which surpasses Bitcoin's network effects.  If we don't drop the ball and stay technologically up-to-date, we would naturally remain the incumbent dominant force in the market.  Perhaps that sounds arrogant, but it's the way I perceive the situation.

[legiteum]

[...]
I can't personally envision any technological advancement, which Bitcoin couldn't adopt itself, that could lead to another network gaining traction at a rate which surpasses Bitcoin's network effects.  If we don't drop the ball and stay technologically up-to-date, we would naturally remain the incumbent dominant force in the market.  Perhaps that sounds arrogant, but it's the way I perceive the situation.

Fair enough. I don't object to people being hopeful, or optimistic, or even arrogant (I'm probably all of those things on any given day).

But framing it the way you do, you point out that the Bitcoin community could drop the ball and fall behind (not respond quickly to market changes), and it's possible that Bitcoin could diminish in popularity in the future. That's a sensible position.

Edit:

When we analyzed software technologies in the past, the primary factor in determining a technology's longevity is cost of switching. In other words, how much would it cost a user of the technology to switch to using another technology?

In the case of something like the Java programming language, or the Windows or Linux OS, or other software that provides a platform, the cost of switching is basically infinity: we will never get away from those things unless there's a major paradigm shift for all computing.

Other technologies like say RDBMS software can have an extremely high cost of switching for many customers, but for others more reasonable. Here one can imagine a company shifting away from (say) Oracle to Postgres in order save money.

Other products have a conceivable cost of switching, but still very high because of network effects: Facebook, Twitter, etc. Users can switch away from these platforms if there is a lot of reason to do so, but there is still a (temporary at least) cost in terms of reduced functionality while the network effects equalize on the new platform.

Still other products have almost zero cost of switching. An internet search engine is like this: it's as easy typing in a new URL on your browser, and using a new product.

So in this context, what is Bitcoin's cost of switching?

Here we need to look at two kinds of "users" of Bitcoin.

First there are "end users", e.g. somebody who uses some brokerage or app to buy and sell Bitcoin. For these users, the cost of switching is essentially zero: they just click a different button on the app's UI, and they move their holdings from Bitcoin to something else.

The other kind of user is B2B users, e.g. those using the API to integrate Bitcoin into their app. Here the question is how long would it take your average app provide to offer a new product to their users. In the specific case of Bitcoin, it would depend on the complexity of the API of the new product, but (since I have very direct experience with this), I would estimate that development cost here is comparatively very small. (This is also demonstrated by the very high number of products that most of the end-user apps support).

So in short, if the market is compelled to switch from Bitcoin to something else, the cost of switching is, on the whole, insignificant.  That's an important factor when looking at a product's potential longevity.

[snowpega]

Never mate memecoin never can dominate over Bitcoin do you know what is the market capital of Bitcoin for now? it is now $1.33 trillion and it is the world most largest digital asset that why it will it was it is king for a reason. For now, you should do some research on Bitcoin because this time big institutions are involved in Bitcoin and investing being bullish on it. Besides this Bitcoin's market cap is bigger than world-famous and big companies, for example, tesla a well-known Atuo car company.

On the other hand, memcoin works on pumping and dumping schemes and they are highly volatile so can you compare bitcoin with memecoins? There must be a clear statement in your mind also Bitcoin is king here in the digital world and you have to agree with it, if not then you really need to conduct good research on it.

[philipma1957]

Meme coins should not be seen as a serious investment. They have greater volatility which can lead people to believe they are more profitable than holding Bitcoin, when they see Shiba, Doge, and Pepe pumping hundreds of percentage points. These pumps are short term and quickly disappear, leaving many users with significant losses.

Memecoins were some of the biggest losers after today’s price correction, most of them going down 20% or more. This effect is even more pronounced during bear markets when memecoins have bigger losses and lesser gains.

Using Dogecoin as an example because it is the most known and established memecoin, despite going up 104% against the USD over the past year, it is still down -27% against BTC over the same period.

Do not think short term about doge.

Doge has true legs and will last a long time into the future. It is 16.9 cents and rising back.

the Bitmain L7 is making solid money as I type.

[Highway571]

When hell freezes over, twice.

[Orpichukwu]

In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?

Même coins can pump and most times dump, but when you talk about their challenges to bitcoin dominance, I really don't understand if the trust that people have in bitcoin is just because of the price or whatever. Bitcoin is not in competition with any comparable coin or altcoin; it's on its own; rather, the altcoins are there to tap into the glory of Bitcoin.
 
If you check very well, the day Bitcoin climbed from $69,000 down to $60,000, the same coins you are talking about were unable to withstand the fall; some of them dropped down by almost 30% just within the time Bitcoin dropped down, and when it started regaining its strength, meme coins posses a great risk in users investment, but if you want to be blinded by the high risk and chase profit, you are free to go.

[Cryptomultiplier]

Never mate memecoin never can dominate over Bitcoin do you know what is the market capital of Bitcoin for now? it is now $1.33 trillion and it is the world most largest digital asset that why it will it was it is king for a reason. For now, you should do some research on Bitcoin because this time big institutions are involved in Bitcoin and investing being bullish on it. Besides this Bitcoin's market cap is bigger than world-famous and big companies, for example, tesla a well-known Atuo car company.

On the other hand, memcoin works on pumping and dumping schemes and they are highly volatile so can you compare bitcoin with memecoins? There must be a clear statement in your mind also Bitcoin is king here in the digital world and you have to agree with it, if not then you really need to conduct good research on it.

Many of the memecoins if am accurate, may yet to have even undergone any halving or something that's of same process and still stood, consider this before we talk further.
The answer is no for real and it's only if BTC were to crash or fail before another crypto currency gets to take the dominant spot. So far Eth comes as close to dominance with their NFTs and other popular initiatives, still it doesn't stand to be more dominant than BTC currently, let alone any memecoins coming close. Shiba inu has been more dominant in the memecoins department and Doge coin has the potential of topping that spot should Shiba fail.
That's their class to be compared, not a memecoin trying to topple BTC, never!

[someone703]

The recent surge in Bitcoin's price has ignited a familiar frenzy – the meme coin mania. While it's true that altcoins often experience price bumps alongside Bitcoin, meme coins are a different breed altogether. They're a volatile mix of internet jokes, speculation, and sometimes, a dash of utility.

Investing in meme coins can be likened to riding a rollercoaster blindfolded. The potential for explosive gains is undeniable, but so is the risk of plummeting value. Unlike established players like Bitcoin and Ethereum, meme coins often lack a tangible real-world application. Their value hinges largely on community hype and social media trends.

Bitcoin's dominance is rooted in its first-mover advantage and its established status as digital gold. Dislodging it will be no easy feat. While a top meme coin challenging Bitcoin seems far-fetched in the near future, the cryptocurrency landscape is ever-evolving.

[darkangel11]

Regardless, Bitcoin is a specific product and not a general concept. I believe digital currency in some form will be around forever, but Bitcoin is just one possible way of doing that, and blockchain is just one possible architecture as well.

Just like a combustion engine, bitcoin can be made better.
I'll give you another example, which is a windows-based OS.
Microsoft came up with it and it continues to evolve. We have different systems like Android still using similar icons as windows did in the early 90s and the latest versions of windows look similar to early versions.
Why? Because people liked it. If people like bitcoin they will modify it to make it more robust, more secure, faster, but they will continue to use it in 10 years, just like they do now.

Most people I know only hold Bitcoin because they think it will go up in price. Almost all holders of Bitcoin use a broker or the ETF and don't physically hold their own private key

You may not know a lot of bitcoiners then. Show me a proof that what you say is true.
I don't believe that "almost all" users of bitcoin don't hold their own keys.

[God bless u]

When hell freezes over, twice.

A meme coin challenging the dominance of Bitcoin is as impossible as hell getting frozen, and it doesn't need to freeze twice, lol. People need to understand that Bitcoin is the king of the market, and meme coins are mere jokes turned into cryptocurrencies for fun, they became a trend because some of the meme coins managed to gain a lot of hype and success in the market which is why now every new meme coin is entertained in the market.

Keeping everything aside, one shouldn't compare any cryptocurrency with Bitcoin when it comes to anything including market dominance, price, demand, or anything else one can think of because Bitcoin is unbeatable.

[HideYourKeys]

It is quite unlikely imho... memecoins are usually quite dangerous, most of them actually end up in zero

[legiteum]

Just like a combustion engine, bitcoin can be made better.
I'll give you another example, which is a windows-based OS.
Microsoft came up with it and it continues to evolve. We have different systems like Android still using similar icons as windows did in the early 90s and the latest versions of windows look similar to early versions.
Why? Because people liked it. If people like bitcoin they will modify it to make it more robust, more secure, faster, but they will continue to use it in 10 years, just like they do now.

It's been 13 years since the original Bitcoin whitepaper, and Bitcoin is slower and more expensive to transact than ever. If that's the way it's "evolving" then I don't see it branching out of it's current primary use as a speculation instrument.

But this is all beside the point. The way people want Bitcoin to get "better" is for it to increase in price. That has nothing to do with the technology, it just means they want more people bidding for Bitcoin.

It's not going to get "better" in some way that most of its users don't care about.

Most people I know only hold Bitcoin because they think it will go up in price. Almost all holders of Bitcoin use a broker or the ETF and don't physically hold their own private key

You may not know a lot of bitcoiners then. Show me a proof that what you say is true.
I don't believe that "almost all" users of bitcoin don't hold their own keys.

My proof is the proliferation of brokers like Binance, Coinbase, and hundreds of others, and their obvious very large market presence. And now, the ETF.

And the other evidence is something I call the Anon Paradox: that people don't want the responsibility of physically carrying a large portion of their life savings and instead they would rather have professionals do that for them and hold the asset based on their personal identity (the paradox being that for small amounts of money, people want the opposite).

(I understand that you can also do chain analysis that will indicate the flows from major brokerages as opposed to individual wallets, but I haven't dug that deep on this path personally).