"Meme" coins are ruining everything

[wxa7115]

If it's just hype, it won't last for very long so these clogs can clear on its own but I just want to mention about the quoted part. How many crypto users are actually using cryptos for payments not as investment?

Majority of the crypto users are here because of its speculative nature not because of decentralisation and no need of third party called banks between payments but we can't force anyone to do anything and that's what the decentralisation is meant to be.

Exactly. I can't recall of anyone using crypto for payments other than as a long-term investment. Only a small minority does otherwise. We can blame exchanges for this. They've encouraged people to buy/sell crypto like stocks. Crypto/Blockchain tech can never reach its full potential this way. Things are even worse with "meme" coins as they become some sort of "get rich quick" scheme.

Developers these days are focusing more on quantity instead of quality. The mere fact that most "meme" live on existing blockchains (instead of their own) says it all. At least, it's a "free market". As long as decentralization wins, there should be nothing to worry about.

Even if centralized exchanges did not existed, I would expect for a similar scenario to the one in which we are now to still happen, and this is because people on aggregate will not take a decision that goes against what benefits them.

So if bitcoin keeps going up in price, it is clear investors will prefer to hold their coins over spending them, as spending their coins will only bring them a small short term benefit by allowing them to buy what they want, while by keeping them not only they could still buy what they want, but at the same time they will have a lot of money to spare as well.

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[peter0425]

We knew that there are no permanent thing in this world so what more about the hype? this trend is pushing because of what they meant to be , there are whales that trying to manipulate the system so they can make more money from weak investors and those greedy one , investing in meme coin is like putting your money in a not so sure investment but you are only ready to earn and not to lose.
don't worry and be alarmed because this will pass mate and that is for sure.

[Strongkored]

There are many parts of cryptocurrency that we cannot avoid, apart from just accepting it, because perhaps for us the presence of meme coin is enough to disrupt the network, causing transaction costs to increase, but more people accept cryptocurrency presence because is used as a way to make a quick profit compared to those who use it as a transaction tool at least that we can see because there are more discussions about price than the use of crypto, and also because the system allows new projects to emerge without having a network so things like meme-coins cannot be avoided.

[AVE5]

If I'm not wrong then almost 90% or more of those meme coins are either useless coins or are rug-pull schemes. They are seeing growth because of the greed of the investors and that's why they are able to ruin everything but I'm quite sure that such intensity of ruining will not last for longer.

This is basically known as meme season by some people and the greedy developers are making those meme coins only to rug-pull greedy investors. Both the investors and the developers are greedy and that's why it won't be wrong if we call it greed season.

The worst thing about the huge number of those meme coins is the ease of creation. Anyone with $1000 or more can easily created and mint those meme tokens. Most of those are popping on Solana blockchain, and on that blockchain creating of a meme token is a child's play these days.

Exactly. MemeCoins are rug diffused schemes deigned to cause commotion by overhyping of the coins even beyond bound of of its potentials. While Investors are ignorantly dancing to the tunes that they've emerged on a lucrative investment meanwhile they're all bonded with the taste of greeds.
I wonder why Investors doesn't keep investing their funds after those memcoins goes dump.

[bitLeap]

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one? Will the hype last forever? Do you think crypto will do fine with "meme" coins in the way?

Your input would be greatly appreciated. Thanks in advance.

Memecoin will always have a place in the crypto industry, but it depends on the season. We've seen meme coins over the years, none of which have really stayed at 100 CMC. There are only a few old coin memes, one of which is Doge, which has now also undergone changes. As for the new memecoin, in my opinion there is no positive impact that helps in a positive direction, instead there is more of a negative impact where beginners who want to learn crypto fall into a vicious circle. Entering memecoin with the aim and view of wanting to get rich quickly was finally faced with a bitter reality. Then the influencers are also not responsible for the opinions they convey to beginners under the pretext of 1000x etc.

I don't deny that there is a phenomenon of memecoin giving instant wealth to a beginner but the ratio is 1000:1, and even then it is not pure investment or trading but more like gambling.

However, there are other opinions regarding meme coins, according to Vitalik as reported by dailycoin, he admits that he recognizes the appeal of meme coins, even if meme coins must make a positive contribution to the ecosystem. But in general, in our view the fact is that memecoin is a “pull the rug” scheme. Many people close to me, especially my friends, are asking for it and want to put money into it, but I don't recommend that at all.

[Bushdark]

We knew that there are no permanent thing in this world so what more about the hype? this trend is pushing because of what they meant to be , there are whales that trying to manipulate the system so they can make more money from weak investors and those greedy one , investing in meme coin is like putting your money in a not so sure investment but you are only ready to earn and not to lose.
don't worry and be alarmed because this will pass mate and that is for sure.

Meme coins are even doing pretty well these days than many of the so called utility tokens that are in the market.
It is important we look for a good meme token and invest small amount on it, the amount we know we could afford to lose.
The crypto market is big enough and we need to take good risks not the one that would make us regret why we ever invested in cryptocurrency. Their are bad meme that would make us lose when we hold and we must ensure we prevent that from happening.
 

[microsurfer]

That's true, they creating additional load to chains and all kind of spam in the internet and making reputation of crypto worse

[AnonBitCoiner]

I don't think that every meme coin will exists longer but some of them will end with the end of Bull season therefore don't trust too much on such type of coins. Some people will say good words about meme investment and some will be against it so everything is happen due to matter of choices and the way they find meme coins.

Every coin has its own importance so I don't think that meme coins will ruin every crypto coin because everyone is familiar about its risky nature and all they know better about top coins that they aren't risky as that of meme coins.

[bluebit25]

There are a large number of memecoins that certainly will not last long and will sooner or later evaporate. While I wouldn't necessarily call them "useless," the long-term viability of most memecoins is slim. However, it is true that some people are profiting from short-term fluctuations.

This madness probably won't last forever. As things stabilize, hopefully transaction fees will normalize and cryptocurrencies can continue their journey towards wider adoption as a means of payment.

[oktana]

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one? Will the hype last forever? Do you think crypto will do fine with "meme" coins in the way?

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. 

[JeffBrad12]

There are a large number of memecoins that certainly will not last long and will sooner or later evaporate. While I wouldn't necessarily call them "useless," the long-term viability of most memecoins is slim. However, it is true that some people are profiting from short-term fluctuations.

This madness probably won't last forever. As things stabilize, hopefully transaction fees will normalize and cryptocurrencies can continue their journey towards wider adoption as a means of payment.

meme coin is like cycle it exists because people want to flip their money, those whales participating in the meme coin massive pump and dump are no different they trying to make money off shrimp that have no idea, meanwhile the shrimp trying to make money form whale who are reckless and not smart enough thats the essence of it i guess since in other field such thing also exists like in stocks i doubt it will vanish anytime soon at best its just gonna recycled into another form of meme coin pump and dump.
to be honest, the fact that many exchange just clearly trying to list these meme coin that gained billions of volume to their exchange mean they just want that share of profit from the massive volume, after all, 0.5% of fee from billions of volume isn't measly.
therefore its understandable if people got fed up with many exchange reckless decision to just put some random meme coin up to their exchange and facilitate these meme coin to grow.

[Churchillvv]

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one? Will the hype last forever? Do you think crypto will do fine with "meme" coins in the way?

Apart from the fact that memecoin has reduce the initial purpose of cryptocurrencies as payment method to investment ideology, I personally do not have problems with memecoins.

For sure the crypto industry will do well with or without the memecoins in it, but for the fact that they already exist what then can we do it's just best to maximise the opportunity which memecoins offer, hence profit is being made.

I don't really know, about how long memecoins will last but for each memecoin it depends on how good or reputable the coin has been in the market that will determine it's longevity, in the crypto space every thing has its own time and hype and I believe it's still meme time and when it's done it will begin to disappear from the space.

[God bless u]

I see "meme" coins are clogging up Blockchains and rendering them useless, as the hype shows no signs of slowing down. Blockchains like ETH, BTC, and even Polygon/MATIC have seen an increase in network fees. Even Coinbase's ETH L2 network (BASE) have been affected by "meme" coins.

This is frustrating, because there are users who want to use crypto for day-to-day payments. Not for speculating or getting rich quick. Developers are going to need to constantly improve on-chain scalability to keep fees as low as possible. That's without undermining decentralization, of course.

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one? Will the hype last forever? Do you think crypto will do fine with "meme" coins in the way?

Your input would be greatly appreciated. Thanks in advance.

No I don't think you. The use case of the coin is very important and it's the major factor that plays the most important role in the long term development of the coin. We can see the example of ETH and SOl both are very useful that's why they are performing well over a longer period of time.

Now another side of the picture is that people like to invest in meme coins for large profits and that's something that is hitting me too. Meme coins will continue to come and if this trend continues what will be the future of altcoins. Answering this is quite complicated.

[Denamen]

All of us accept that memes are just a hype trend to attract new people to crypto, but what trend do you guys think will make mainstream adoption useful for crypto now, gaming or AI?

[jaberwock]

If you do try to look into those DEX around then you would really be able to see on how many coins that been created which some do pump on x1000 or even more and this is where some traders or investors
do really love on diving on.Yes, its risky but this one could really give out that kind of possibility that could make you rich once you do hit up the right coin and this is where these traders do really love to put up some money.
Meme coins are shit but its a shit that you would really be able to make you rich and this what makes that interesting and this is why they would really be that tending to take up risk for those probabilities.

They do really ruin? In personal perspective or pov then you would really be that be ruined if you are really that knowing about to handle up the risks but to those who do able to
to have that kind of risks management and able to make money then this is something that positive for them.

I do agree that there are a lot of people who just put up very tiny portion of their money into these stuff and that makes sense, if you want to put up very tiny portions of your money into it then you shouldn't be worried about it. But, when we are talking about something that could be considered different, like something that could take some time, then I would understand the difference without a doubt. I get that it may not be all that easy, but it could be done in a way that would make it work.

These people who put up very small part of their investments into it, then could be considered a little different in the end and can't really make it change all that much, so we shouldn't be worried for them, let them do whatever they want.

[crwth]

As far as cryptocurrency goes, I believe that meme coins are here to stay and are somewhat helpful in establishing more in the cryptocurrency space. With the BASE network, it's important to get ahead of it since it's just quite new and there are many things that I know of like NORMIE, HIGHER, DEGEN, etc.

The meme coins are going to last in terms of how much it has impacted the market. Like the SHIBA and PEPE with all those coins.

[Furious 7]

I see "meme" coins are clogging up Blockchains and rendering them useless, as the hype shows no signs of slowing down. Blockchains like ETH, BTC, and even Polygon/MATIC have seen an increase in network fees. Even Coinbase's ETH L2 network (BASE) have been affected by "meme" coins.

It is difficult to create a secure network of meme coins if in the end the way of making and the cost is still very cheap as well as for Base because even though it is the L2 network of ETH still at a fairly cheap price it will always be utilized by those who always make memecoins as one of the options to create schemes for personal gain

We can't prohibit that because after all, everyone can do whatever they want including making meme coins like this because in this case what I feel is that as long as the fee costs can still be conditioned and are classified as very cheap for making meme coins then it will continue to happen no matter which network it is except if the gas costs are high like ETH maybe we will think twice about doing it.

[Abiky]

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?

[Natalim]

I don't think that every meme coin will exists longer but some of them will end with the end of Bull season therefore don't trust too much on such type of coins. Some people will say good words about meme investment and some will be against it so everything is happen due to matter of choices and the way they find meme coins.

Every coin has its own importance so I don't think that meme coins will ruin every crypto coin because everyone is familiar about its risky nature and all they know better about top coins that they aren't risky as that of meme coins.

No use case projects will never stay long but gone shortly. Indeed, we may be seeing them in the hype and become popular but after the bull season and hyped event, we can't find them anymore. Or maybe some of them are just still there but people are ignoring it because they are worthless and dying.
And the topic is right - Meme coins ruin everything. Might some people disagree with it especially those who make a lot of money these days. They will be happy these days but if they keep holding and buying meme coins, that also gives them a reason to hate crypto.

[Mpamaegbu]

What's your opinion on this? Do you think the "meme" coins craze will move the industry away from being a utilitarian one to a speculative one?

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.

Will the hype last forever?

I really don't know and I ain't sure anyone can confidently tell you that but I just wish it lasts forever. I like the excitement memes are causing in this space.

Do you think crypto will do fine with "meme" coins in the way?

The industry is already doing well with it. Whatever congestion in the Blockchain we see now will subside when the bull season is over.