"Meme" coins are ruining everything

[Abiky]

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.

[mk4]

Some memecoins will stay simply because of internet culture, most will crash and burn.

Personally, I don't find them useless and I don't see them "ruining everything". How are we going to expect the masses to be able to use these networks if memecoins are causing them to become unusable? Memecoins are the perfect stress test for these blockchains so everyone can improve the current networks we have.

[Ben Barubal]

     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.

[electronicash]

its manipulation to the masses where memecoins attract regular people into crypto and that they are going to invest the very little they have into the market and when they see that their crypto wallet looks better like that meme above, they invite friends to invest in memecoins.

memes are convincing just like this https://www.youtube.com/watch?v=KTf5j9LDObk 

[tsaroz]

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.

This is a valid concern. Network congestion and transaction fees had been one of the limiting factor on rise of a coin price. Sometimes people are not being able to sell on the spike just because they can't transact. There have been issues of networks being clogged up when there's a trend on some memecoin. It seems meme coin are indeed much popular and most of the people are speculating and trying to get rich quick than thinking about the use of blockchain and crypto tokens as utility. And this meme frenzy is far than over. Like you said, improvement on scalability and availability of options would make it easier. Like Ethereum network would have been too clogged if all the Solana memes were generated over it. Solana has been able to handle it while Ethereum still getting a fair share of transactions. Bitcoin's transaction cost and speed too have improved with full segwit adoption.

[goaldigger]

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

[wheelz1200]

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.

This won't last forever.  These "projects" are completely baseless and pointless.  As with other fads people move on to the next best thing.  So many people will be left holding these bags of absolute garbage.  It's temporary and honestly slows the bull down for other real projects to give more people time to load up.  Consider it an opportunity that these dumb memecoins are constraining the real bull.

[d5000]

I'm not much a friend of meme tokens but also not concerned too much about that. Meme coins come often in hype waves. The hype wave of Bitcoin meme tokens was mostly last year and has already very likely passed its heyday.

Look for example at the BRC-20 category on Coingecko. Meme tokens' performance in the last week have been almost universally negative:

- PUPS -28.1%
- PEPE -21.1%
- PIZA -4.8%
- MEME +2.3%
- NOOT -15.5%

The current hype wave seems to be at Solana, home of one of the most "hilarious" memecoins Dogwifhat. It got a big pump today (after having fallen a lot in the last weeks) and reached a new ATH, but it seems the period of astronomical growth is over. Once investors notice that many more will take profit and it will be difficult to continue to grow. And this could be the end of the Solana memecoin hype wave.

The "stress test" idea is quite good, I see this kind of tokens also as a test if the incentive mechanism for fees of a chain works or not. Wonder if memecoins will make it to "fee-less" blockchains.

Best meme coin is of course DOGE which has its own blockchain and thus shouldn't bother anyone on other chains

[goldkingcoiner]

Meme coins and NFT's are part of cryptocurrency, whether we like it or not. They are simply too popular with whatever this generation is. I think we should avoid them in order to avoid financial ruin. They are not serious investments.

[kamvreto]

The memecoin hype like it is now is a crazy hype, with the emergence of lots of new memecoins that do not have any utility it will disrupt the network and make the network even more congested and in the end the costs will be more expensive. But we can't stop it, there will be a time when the network will not be so congested and fees will be much cheaper. but this could be a challenge for developers of each network so that they can overcome the spike in transactions due to memecoin, the network will be better and better prepared. It's just a matter of time and there won't be any significant impact.

[Zaguru12]

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?

Seriously I will say the hype will continue to raise over time for memecoins because the number of investors looking for those memecoins to get rich quick are definitely growing and currently they are more than those investors in this space than people solely investing for the utility sake. When you look at the whole trend of memecoins coming into a new ecosystem you will notice that some of this memecoins are incorporated just to generate more attention to that ecosystem just like how the Solana ecosystem is gaining a massive turnover by meme coin hunters.

I think developers will continue to tweak their ecosystem protocol to actually allow or accommodate the memecoins so yes this space will definitely do fine even if they continue to increase the number of memecoins

[SamReomo]

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.

[Reatim]

It is not only memecoins that are being released too much
but also just altcoins in general. I think memecoins are a great way
to invite in more investors however I do see the logic behind that
it clogs the way. I think we should find the balance between
the two features. Memecoins nowadays are becoming more innovative
so I don’t think they are completely useless

[Sophokles]

Meme coin is always criticized as a shit coin or useless coin in the market which is true i think. But right now what i am seeing is that its been evolving, and all the ecosystem is now having their own meme coin and they are using them to incentive different events. I saw one of the meme projects even partnered with a popular mobile company. Not only that, some of the meme coin is trying to gamefi their project, and PUFF is the first of its kind. They are calling it meme 2.0, and I can see why. If something good is coming out of something considered to be worthless we should appreciate it. At least it is getting some meaning of its existence.

[Hispo]

...

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.

I believe the market would be better without the existence of most memecoins. Most of memecoins are just scams and attempts to grab cash from investors and then run away with all the actual coins and tokens. Though, there are some projects of memecoins which I would be okey with, like Dogecoin and Shiba Inu.
The rest of memecoins make this market to look bad in the eyes of most serious investors. How are we supposed to expect institutional investors to take this ecosystem seriously when they take a look at it and see a bunch of dog coins, Elon coins and shitcoins all around?

Also, we cannot underestimate the impact of the fees on people who just want to transmit value, as it was initially intended in their white papers. I believe memecoins and shitcoin will be always there, but we will reach a time when they will start to lose relevance, probably when we are again in a bear market, when outsiders do not longer pay attention to crypto/shitcoins.

[GreatArkansas]

For me, this is just clearly a sign we are already in a bull market. Just think about before in Ethereum, about crypto kitties which make the Ethereum network clogged also.
This is also a good time to stress test these networks if they really can handle high-traffic transactions. Good opportunity to improve different networks right now.

[hugeblack]

Best meme coin is of course DOGE which has its own blockchain and thus shouldn't bother anyone on other chains

Also, the definition of memecoin has become very loose, there is nothing that identifies this group except to have a distinctive or stupid name like PUPS PEPE KPKP ZOZO MOMO and so on, the image of the coin is a joke, a good promotion on social media that it is NEXT DOGECOIN and an pumping of the price. There is nothing real connecting all these projects, and most of them have no developers, but rather tokens on different blockchains.

[avikz]

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.

I believe cryptos have already become a speculative asset than a currency system. Memecoins are clogging the ETH network and ordinals are doing the same for Bitcoin. Honestly, these needs to banned if we really want to see cryptocurrency being used as a currency.

I think a new kind of consensus system needs to be built within Bitcoin or ETH network. Whenever someone wants to publish a new token coin or NFT, that would need to go through an approval system where 51% of the miners need to approve it. Otherwise, the nuisance of such things will only grow.

[Text]

These speculative trends will come and go, they have introduced more people to blockchain technology, but their impact on network congestion and transaction fees is a valid concern. They have attracted attention due to quick profits, but their hype is not sustainable in the long run. Like many trends, it could fade over time. However, it’s also possible that these coins could evolve and find their niche within the crypto ecosystem.

I think the underlying technology and potential for real-world utility remain strong. Many people still use blockchain technology for practical, everyday purposes such as DeFi and smart contracts.

[Wexnident]

~

I'd say the only thing being ruined by meme coins would be the idea of noncrypto people about, well, crypto. Can't say much about them clogging the network, don't really know the intricate details about how it works specifically anyway. And it being utilitarian/speculative, I'd say most would consider it as speculative really.

If I were to be asked if it'd be better for there to be memecoins vs not, then I'd definitely go for not. Sadly I don't think it will because of how the culture of the internet works. Crypto is much more friendly after all compared to stocks so it's no surprise why stuff like it popped up and became famous.