"Meme" coins are ruining everything

[redsun114]

    Thanks, OP, for making this issue in this section about that. In my personal understanding of thinking, I think this is also the bull we are facing, and it looks like meme coins today.

     It is just a matter of observations. If 2017 had been an ICO season, it would have been a period of playtoearns or defigames, metavers and NFTs, and now meme coins. So as I see it, it doesn't seem like the meme is ruining some of the crypto. The development of the Sol Network is just as good as the development of the Sol Network, so many memes are usually under SOL because the fees are cheap.

Certainly, some meme coins, such as Doge and Shiba are likely to  endure because of the internet culture and backing of Influencer like Elon Musk and Vitalik Buterein (Founder of Ethereum), and most of them are likely to fail in the long term due to absence of any real life use case.

Certain crypto enthusiasts perceive meme coins as stress test for block chain networks due their high volumes of transactions. DYOR

Whatever, those two are still a meme coin and they are still covered in the hate of the people. Their reputation are already scratched, which is too bad for their supporters but they can only look at the bright side. Both coins are still standing strong and will likely to remain for many more years even though there is no groundbreaking increase that will take place. That's cool if meme coins truly acts like a stress test.

Now, can we still say that the meme coins has no use cases? Though established cryptos still got more volumes than them but meme coins are only lightweight and perfect from spamming, which can still be part of that test you are talking there.

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[Abiky]

Nothing stops the industry from being utility based and at the same time a speculative one. In fact, from all indications this industry has been more of a speculative one than utilitarian if we must follow facts as they're. Investors are coming into this space because of what ROI their capital will afford them within a specified or expected time range. Anyone who tells you they're only in this industry purely for its utility and not for the profit isn't being truthful.

And developers seem to be "going on with the flow". They aren't focused on the quality aspect of their project as they've used to do in the past. I remember the early days was all about innovation mainly in the privacy and smart contracts area. Nowadays, it's all about worthless "meme" coins and NFTs with no purpose in life. The vast majority of these coins live within existing Blockchain networks. It's even worse these days because anyone can create a token without any coding knowledge whatsoever. This added convenience is what has made a lot of scams possible.

I sure hope we get to see independent Blockchains focused on utility and quality than anything else. Maybe with "Wall Street" joining the game, developers will start taking things more seriously? It's a crazy world we're living these days, so expect the unexpected.

[andyou1234]

I don't agree if meme coins are claimed to be able to destroy everything, but in my opinion the existence of meme coins is a huge advancement in the world of cryptocurrency, where some of us have been able to develop technology by creating new things. coin to be able to compete in the crypto market, but our task in using crypto is to study as much detail as possible the memecoin that we want to invest in, because if we are lucky meme coin can make us billionaires in a very short time.

[Webetcoins]

Memecoin craze in cryptocurrency world is very interesting. It is getting more popular every day. Some people are investing in memecoins to make quick money while others think memecoins could become more important. Memecoins could open up new possibilities for cryptocurrencies. For example Solana value went up because of memecoins. This shows how meme coins can affect market. Developers are also thinking to use memecoins in their projects showing how creative crypto community is. If people can balance excitement with practicality memecoins could do well in future. It will be exciting to see what happens next and if memecoins become a big part of digital assets.

Who thinks meme coins can become more important? Meme coins don't offer any utility, they don't serve a purpose, and they are created only to ride the hype and make both developers and investors money, however, only a few of them manage to do that out of hundreds that are created because not all of them manage to catch the hype from the community and get enough attention to gain significant value in a short period and provide huge profits to investors and developers.

Meme coins can only become more important if the developers create proper meme coin projects where the tokens or coins can be used for some practical purpose and holders of the meme coins can get some benefits or maybe utilize their tokens instead of just buying and selling them.

[oktana]

Yes, crypto will do fine even with meme coins. And I think that there will forever be meme coins. I am not expecting all the memecoins that we see today to keep existing. The truth is that a majority of them will fail, and only the ones that have the capacity to live long will be the ones that will stay. It’s just the same way we have seen so many altcoins come and go over the course of the past years. 

If a "meme" coin has strong community backing, it could last for a long time. Dogecoin was once thought to be a failure, only to succeed after it gained the attention of Elon Musk. Now it's hard to believe it'll go away anytime soon. The same could happen with other coins such as Shiba Inu and Pepe. While "meme" coins don't hold any value, they're a great way to learn how crypto works due to their inexpensiveness. You can send money around the world without "breaking the bank" (subject to the Blockchain's network fees).

Crypto newcomers will surely get into "meme" coins before trying out serious project such as Bitcoin or Ethereum. As long as scammers are taken down, there should be nothing to worry about. Who knows what future will "meme" coins have?

If you ask me, meme coins aren’t a good start for people who are looking to get into crypto. The great start is Bitcoin. Learning from who created it and why it was created, and then Ethereum and other altcoins, also learning why they were created. People who join crypto today are 99% likely doing it to make money, so if they want to learn how to make money from crypto and they’re starting on a risky ground. That’s dead.

[Dave1]

Yes, crypto will do fine even with meme coins. And I think that there will forever be meme coins. I am not expecting all the memecoins that we see today to keep existing. The truth is that a majority of them will fail, and only the ones that have the capacity to live long will be the ones that will stay. It’s just the same way we have seen so many altcoins come and go over the course of the past years. 

If a "meme" coin has strong community backing, it could last for a long time. Dogecoin was once thought to be a failure, only to succeed after it gained the attention of Elon Musk. Now it's hard to believe it'll go away anytime soon. The same could happen with other coins such as Shiba Inu and Pepe. While "meme" coins don't hold any value, they're a great way to learn how crypto works due to their inexpensiveness. You can send money around the world without "breaking the bank" (subject to the Blockchain's network fees).

Crypto newcomers will surely get into "meme" coins before trying out serious project such as Bitcoin or Ethereum. As long as scammers are taken down, there should be nothing to worry about. Who knows what future will "meme" coins have?

If you ask me, meme coins aren’t a good start for people who are looking to get into crypto. The great start is Bitcoin. Learning from who created it and why it was created, and then Ethereum and other altcoins, also learning why they were created. People who join crypto today are 99% likely doing it to make money, so if they want to learn how to make money from crypto and they’re starting on a risky ground. That’s dead.

So true, meme coins are not good for starters here, and maybe they got this idea from so called crypto influencers that they can make a lot of money by investing on this meme coins. But that is wrong in the beginning, they should start from Bitcoin or the top altcoins.

I have nothing against those who invest on meme coins, but it's a different risk and I don't have that kind of appetite to begin with. I don't like to take that risk and plunge to meme coin because I did that once and it didn't turn out good with a $1k investment and lost everything.

[mich]

Well I do think there is so many meme coins now. That there is good chance that most of them will turn into nothing but shitcoins.
But I am interested when a major token does a meme coin. Solana meme coins are big interest for people and new meme coin called Slothana. 
And there is some people already who is making millions trading it. https://crypto.news/traders-think-slothana-could-be-the-next-big-solana-meme-coin/

[Abiky]

Well I do think there is so many meme coins now. That there is good chance that most of them will turn into nothing but shitcoins.
But I am interested when a major token does a meme coin. Solana meme coins are big interest for people and new meme coin called Slothana. 
And there is some people already who is making millions trading it. https://crypto.news/traders-think-slothana-could-be-the-next-big-solana-meme-coin/

It's insane. People are wasting money into worthless tokens that are only driven by hype. What real use cases does a "meme" coin provide? Nothing. It seems like Solana will become the #1 chain for this kind of garbage. It's the only thing that's been "pumping" SOL's market price (besides the sale of the Saga smartphone). I wonder how low will Solana go once the "meme" coins hype comes to an end?

Instead of focusing on "meme" coins, people should pay more attention to serious cryptocurrency projects. I'm talking about Bitcoin, Ethereum, and the likes. You're more likely to build generational wealth with BTC and ETH, than any of the "meme" coins listed across mainstream crypto exchanges. Considering that "meme" coins are a passing trend, expect 99% of them to die in the future. Only Dogecoin will survive because it's the oldest "meme" coin in existence. Crypto land behaves in many strange and bizarre ways, so expect the unexpected.

[oktana]

Yes, crypto will do fine even with meme coins. And I think that there will forever be meme coins. I am not expecting all the memecoins that we see today to keep existing. The truth is that a majority of them will fail, and only the ones that have the capacity to live long will be the ones that will stay. It’s just the same way we have seen so many altcoins come and go over the course of the past years. 

If a "meme" coin has strong community backing, it could last for a long time. Dogecoin was once thought to be a failure, only to succeed after it gained the attention of Elon Musk. Now it's hard to believe it'll go away anytime soon. The same could happen with other coins such as Shiba Inu and Pepe. While "meme" coins don't hold any value, they're a great way to learn how crypto works due to their inexpensiveness. You can send money around the world without "breaking the bank" (subject to the Blockchain's network fees).

Crypto newcomers will surely get into "meme" coins before trying out serious project such as Bitcoin or Ethereum. As long as scammers are taken down, there should be nothing to worry about. Who knows what future will "meme" coins have?

If you ask me, meme coins aren’t a good start for people who are looking to get into crypto. The great start is Bitcoin. Learning from who created it and why it was created, and then Ethereum and other altcoins, also learning why they were created. People who join crypto today are 99% likely doing it to make money, so if they want to learn how to make money from crypto and they’re starting on a risky ground. That’s dead.

So true, meme coins are not good for starters here, and maybe they got this idea from so called crypto influencers that they can make a lot of money by investing on this meme coins. But that is wrong in the beginning, they should start from Bitcoin or the top altcoins.

I have nothing against those who invest on meme coins, but it's a different risk and I don't have that kind of appetite to begin with. I don't like to take that risk and plunge to meme coin because I did that once and it didn't turn out good with a $1k investment and lost everything.

Sorry for your loss. I’d say it was your luck. Probably at the same moment you lost that money, someone else got rich from a meme coin. If I had $1k to invest in meme coins, I think it’d be smarter to spread it across various meme coins (instead of in just one), proportioning the money based on how much trust you have for the meme coins.

[Abiky]

Sorry for your loss. I’d say it was your luck. Probably at the same moment you lost that money, someone else got rich from a meme coin. If I had $1k to invest in meme coins, I think it’d be smarter to spread it across various meme coins (instead of in just one), proportioning the money based on how much trust you have for the meme coins.

The risk of loss will always be there. Even if you diversify your investment across multiple "meme" coins. You're much safer investing in BTC and ETH alone than "meme" coins. If you're looking to make short-term returns, "meme" coins are for you. Otherwise, I'd suggest you look elsewhere.

Among the popular "meme" coins on the market, I think only Dogecoin will survive for generations. Shiba Inu comes close to it in terms of community support. The Shibarium L2 network is one of the latest innovations from the Shiba Inu project. Other "meme" coin projects are lacking behind in this regard. For what I know, the crypto market is unpredictable. Hence, it's advised to proceed with caution to avoid losing everything in an instant.

[oktana]

Sorry for your loss. I’d say it was your luck. Probably at the same moment you lost that money, someone else got rich from a meme coin. If I had $1k to invest in meme coins, I think it’d be smarter to spread it across various meme coins (instead of in just one), proportioning the money based on how much trust you have for the meme coins.

The risk of loss will always be there. Even if you diversify your investment across multiple "meme" coins. You're much safer investing in BTC and ETH alone than "meme" coins. If you're looking to make short-term returns, "meme" coins are for you. Otherwise, I'd suggest you look elsewhere.

Among the popular "meme" coins on the market, I think only Dogecoin will survive for generations. Shiba Inu comes close to it in terms of community support. The Shibarium L2 network is one of the latest innovations from the Shiba Inu project. Other "meme" coin projects are lacking behind in this regard. For what I know, the crypto market is unpredictable. Hence, it's advised to proceed with caution to avoid losing everything in an instant.

I agree with you. For the $1k I mentioned, I was assuming the person has done the normal rites of investing in top currencies. I know some people invest just in meme tokens, but I think it’s best to have decent amounts of Bitcoin, ETH, and top solid coins so they have something strong to fall back on if anything went wrong with their meme coin investment.

[o48o]

If meme tokens are ruining everything, then the fault lays in the core of the platform itself, as the whole idea of permissionless transactions is not to control people. If you set people free, they act as they wish, not how we or you wish. It's only freedom of the people we can blame for that. No one is facing any consequences for acting immaturely or stupid, because that's build on the core of the design. I can't see why they would go away as they have just grown since start of dogecoin. So as long there are people there will be some abstract meme tokens and imho we just embrace them as a sign of freedom.

It might be frustrating, but freedom will bring in the worst and the best of people, and because majority of people are quite stupid, stupidity will overcome reason any day.

Blockchain developers should increase on-chain transaction capacity to prevent "meme" coins from clogging the network. Or they could force everyone to move to a L2 network for complete peace of mind (like how Ethereum is doing today). The problem with "meme" coins is that most of them are simple tokens living on existing blockchain networks. This tells us that developers are none other than "script kiddies" or amateur coders without any Blockchain experience. The only exception is Dogecoin because it has its own chain. If all of the "memes" had their own chains, crypto land would be a better place.

I hope to see more quality over quantity in the crypto industry soon. Projects that actually have a real use case and aren't driven by hype/speculation. It's only been 15 years since the inception of BTC, anyways. Crypto/Blockchain tech is just starting to blossom. Maybe it will mature sometime in the future?

Enforcing something like that would mean some serious changes to L1 that most people wouldn't agree with.
It also most likely would make everything even more centralized, as there would need to be a consensus where people would need to agree about very specific definition of a "meme" token.

That would create more tokens that would just game the system and change themselves just enough to bypass the definition. They would add smallest amount of functionality that fooled most of the people, and teams wouldn't call them meme tokens, even if they would be identical to them. Concept of meme is very vague, and it seems like a lost fight to me. Some of them would seem like a meme from the outside, because meme sells, and at the same time good experimental tech under the hood. And at the end, chain would end up just full of copycat tokens that have basically identical code.

With freedom comes also insufferable stupidity, and that's going to be enforced by at least 50% of population. So i wouldn't put any trust on stakers voting for coins that get to be in L1 either. Even if they wouldn't want those tokens in L1, there would be a problem with stakers selling their votes when new meme tokens wanted in L1.

[Ben Barubal]

     Maybe the title is wrong; maybe for others it can be ruining, but for the majority of people who believe in meme coins, I don't think so. Although most of the meme coins are just memes, literally speaking, Because there are many poor people who want to advance in life.

     And meme coins are what they see as the hope that can do this because of the few meme coins that suddenly become successful in the crypto business industry and suddenly make others rich, which is like betting on the lottery, where when you suddenly pump or increase the price value in the market, it is sudden wealth.

[SATWAT]

     Maybe the title is wrong; maybe for others it can be ruining, but for the majority of people who believe in meme coins, I don't think so. Although most of the meme coins are just memes, literally speaking, Because there are many poor people who want to advance in life.

     And meme coins are what they see as the hope that can do this because of the few meme coins that suddenly become successful in the crypto business industry and suddenly make others rich, which is like betting on the lottery, where when you suddenly pump or increase the price value in the market, it is sudden wealth.

Everyone is having his own point of view about this all but I have to be agreed with OP because there is no doubt meme coins are ruining, and many newbies are losing their money which is important for them with greediness kills but no one trying to understand and taking their chances in this fake world which is set for the having their hard-earned money through these meme coins which are completely fraud.
We need to understand ground realities with things are surely going to be on wrong side with these fake things which are really hurting crypto world as well but no one can do anything about this all still we have large members of this community those are having big loses due to them and now want to create well awareness about this all but its never been easy.

[Abiky]

Enforcing something like that would mean some serious changes to L1 that most people wouldn't agree with.
It also most likely would make everything even more centralized, as there would need to be a consensus where people would need to agree about very specific definition of a "meme" token.

That would create more tokens that would just game the system and change themselves just enough to bypass the definition. They would add smallest amount of functionality that fooled most of the people, and teams wouldn't call them meme tokens, even if they would be identical to them. Concept of meme is very vague, and it seems like a lost fight to me. Some of them would seem like a meme from the outside, because meme sells, and at the same time good experimental tech under the hood. And at the end, chain would end up just full of copycat tokens that have basically identical code.

With freedom comes also insufferable stupidity, and that's going to be enforced by at least 50% of population. So i wouldn't put any trust on stakers voting for coins that get to be in L1 either. Even if they wouldn't want those tokens in L1, there would be a problem with stakers selling their votes when new meme tokens wanted in L1.

I guess you're right. There's nothing we can do to stop the "meme" coins craze. Especially when crypto is all about freedom. Its decentralized and open source nature allows anyone to experiment on it without restrictions or limitations of any kind.

Despite the fact that "meme" coins increase network congestion, they're a great way to attract noobs into the world of crypto. You can thank their inexpensiveness for that. I've seen "meme" coins being built on L2 networks to enhance user experience. Dogecoin has its own chain, but it might need some scaling improvements if the masses use it like crazy. Don't expect "meme" coins to become serious long-term investments due to their high inflation rates. Nothing can beat the "King" (Bitcoin), anyways. Who knows where the future will lead the crypto/Blockchain industry? 

[fullhdpixel]

    Maybe the title is wrong; maybe for others it can be ruining, but for the majority of people who believe in meme coins, I don't think so. Although most of the meme coins are just memes, literally speaking, Because there are many poor people who want to advance in life.

     And meme coins are what they see as the hope that can do this because of the few meme coins that suddenly become successful in the crypto business industry and suddenly make others rich, which is like betting on the lottery, where when you suddenly pump or increase the price value in the market, it is sudden wealth.

Those who haven't experienced losses in meme coin investments so far wouldn't think this way about them because they are still hopeful if they have made investments in them. Most meme coin investors these days are investing in them after reading or hearing about the success stories of people who managed to become millionaires or earn significant profits from their meme coin investments, and they will only learn about the reality if they experience some consecutive losses.

Those of us who have experienced it already understand that meme coins are mostly useless because even if they have become a very popular trend, you can't know which one might explode and you will most probably waste all your money unless you are lucky and one of them you have invested in manages to gain significant value.

[Pithaxz]

Yes I think Meme coins play both a positive and negative role in the cryptocurrency market. Yes, they make cryptocurrencies a little frivolous and clog up blockchains. At the same time, they force developers to improve blockchains and increase their scalability.

[Joseph-P]

Well I do think there is so many meme coins now. That there is good chance that most of them will turn into nothing but shitcoins.
But I am interested when a major token does a meme coin. Solana meme coins are big interest for people and new meme coin called Slothana. 
And there is some people already who is making millions trading it. https://crypto.news/traders-think-slothana-could-be-the-next-big-solana-meme-coin/

It's insane. People are wasting money into worthless tokens that are only driven by hype. What real use cases does a "meme" coin provide? Nothing. It seems like Solana will become the #1 chain for this kind of garbage. It's the only thing that's been "pumping" SOL's market price (besides the sale of the Saga smartphone). I wonder how low will Solana go once the "meme" coins hype comes to an end?

Instead of focusing on "meme" coins, people should pay more attention to serious cryptocurrency projects. I'm talking about Bitcoin, Ethereum, and the likes. You're more likely to build generational wealth with BTC and ETH, than any of the "meme" coins listed across mainstream crypto exchanges. Considering that "meme" coins are a passing trend, expect 99% of them to die in the future. Only Dogecoin will survive because it's the oldest "meme" coin in existence. Crypto land behaves in many strange and bizarre ways, so expect the unexpected.

First of all, I wouldn't call it a "waste" since its their money and they are free to spend it the way they deem fit. But that aside, this is part of the features of a bull market and we have to get used to it. I myself don't believe its smart, but some people are truly printing millions through this means, so who are we to judge?

[Abiky]

First of all, I wouldn't call it a "waste" since its their money and they are free to spend it the way they deem fit. But that aside, this is part of the features of a bull market and we have to get used to it. I myself don't believe its smart, but some people are truly printing millions through this means, so who are we to judge?

Of course. People are free to do whatever they want with their money. It's a "free market" after all. But I think there should be some regulatory action to help prevent scammers from making baseless projects that will eventually ripoff people. Around 99% of "meme" coins are like this. Still, you can lose money with legitimate ones. Especially when they have a large supply. More coins in circulation = high inflation = lower value in the long run. People get what they pay for.

Among the zillions of "meme" coins on the market, only one has its own Blockchain network (Dogecoin). The rest are built on existing chains which ultimately makes them useless as fees rise like there's no tomorrow. They should move to an L2 network or a Blockchain of their own. At least the competition is healthy. As long as decentralization prevails, there should be nothing to worry about.

[sotelorene]

They are not ruining everything but they serve their own purpose.
Many are still making money with the meme tokens despite of being manipulated and hyped. If you’re into the meme token then you can see this as an opportunity to make money but if you are a victim of scam meme token then you’ll see a different description of the meme tokens

You are right mate, but to an extent I think memecoins are a kinda distraction to some higher investors though there are people who are actually feeding from it that's why we can't use one side to justify it. They are just like those cheap products imitation we are actually see in the market.