"Meme" coins are ruining everything

[yazher]

Of course, the hype won't last forever it's just like the last trend which was not successful until today because all they have been doing was only hyping their investors to buy their tokens like what happened to NFTs and other altcoin projects throughout the year, they don't have long time plan and their road maps are just bait to lure some investors and it was not really good event because after that, the trust rate for altcoins and real projects has dropped dramatically and only those who have connections and already popular are making good progress since they can backup up whatever they are saying on their roadmaps.

[Sayeds56]

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 

Certainly, the main target of meme coins are  new comers in the crypto space who dream to become millionaire overnight and get attracted with their low price. However,, eventually they lose most of their  investment when these meme coins become worthless after the end of their hype. This recurring pattern of meme coins underscores the true nature of these coins, as they lack any tangible utility and crafted for amusement rather than any practical use case.

In summary, while the meme coins may offer the illusion of easy money, the reality is far more sobering, better to avoid taking risk in such speculative assets.

[FinneysTrueVision]

Ideally, the free market will sort things out and push these things to the fringes. That’s not how things have played out, however. There are just too many gambling degenerates, scammers, and useful idiots wanting to make a quick buck without putting any effort or creating something useful. Meme coins are just pump and dumps hoping they will catch on with enough people and keep their scam going longer. Sometimes they will receive the endorsement of a high profile celebrity like Elon Musk, but these investments are anything but sound. Many investors and Elon cultists hoping to change their life by buying scammy garbage will learn the hard way that these shitcoin pumping grifters don’t have their best interests at heart.

[Claymore2]

In my opinion, meme tokens serve their own purpose and don't necessarily ruin everything. While some people profit from them despite manipulation and hype, others may view them differently, especially if they've been scammed by meme tokens.

[nelson4lov]

In my opinion, meme tokens serve their own purpose and don't necessarily ruin everything. While some people profit from them despite manipulation and hype, others may view them differently, especially if they've been scammed by meme tokens.

We were promised financial revolution — what we're seeing with memecoin frenzy in this cycle is a classical ponzi scheme and casino. It's sad to see projects with dedicated teams putting in the work and grinding it out since the bear market get little to no attention when their governance tokens become tradable. I know tons of projects that were having difficulty in raising $1m (bare minimum) for further their runway yet over a dozen people just created an X account, hire a token dev and raised over $30m.

If this continues, crypto will look like one big fat ponzu scheme that people will readily exit when push comes to shove.

[Rabbitqt]

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.

Overall meme coins are bad for this space in the long run. However they bring more retail players than traditional crypto currencies and more liquidity coming in isn't bad.

[AVE5]

MemeCoins ain't trust worthy so even if it has attracted investors attentions towards it in filling the Crypto chain, then the reputable Cryptos doesn't have to worry at all for MemeCoins are hyped, manipulated and seasonal coins which is fragile with a short life to trend and make good interest in a moment and suddenly disappears while the reputable AltCoins and the bitcoin hold the responsibilities of the crypto chains.
Let's not panic for the trends of the MemeCoins has end times and any greedy investor would surely be faced with disaster if holding so responsibly on the Memecoins.

[Pedrination]

From my perspective, the current hype surrounding memecoins is reaching unprecedented levels. With the sudden emergence of countless new tokens lacking any tangible utility, it's causing significant network congestion and driving up transaction costs. However, I believe this frenzy will eventually subside, leading to a reduction in fees as network conditions stabilize. Despite their popularity, memecoins and NFTs should be approached cautiously as investments, as they may not offer the same level of reliability and stability as more traditional assets.

[Ozero]

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.

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. But the concept of usefulness and uselessness will still be decided by the market, as with all cryptocurrencies up to this time. Everything that is superfluous and unnecessary will disappear over time. Therefore, there is no point in worrying too much about this.

[bangjoe]

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.

Including in the solana network, I also think it is busy to the point that the founder said he did not recommend meme tokens to buy even though it basically made the price of solana increase due to purchasing activity.
ETH, Bitcoin and other networks as more meme tokens are hype, it will be very detrimental to the network, which makes me disappointed because blockages will take time and money if it is too busy.

I myself feel disappointed if I look at the development of meme tokens, but on the other hand this cannot be stopped so it is better to use it for profit, and in fact it is quite profitable for early adopters, try it and feel mentally like gambling on meme coins hahaha.

[Mate2237]

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.

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. But the concept of usefulness and uselessness will still be decided by the market, as with all cryptocurrencies up to this time. Everything that is superfluous and unnecessary will disappear over time. Therefore, there is no point in worrying too much about this.

And add it to what you have said memecoins also create the market competition in the cryptocurrency ecosystem market and why why memecoins are rampage in the ecosystem because of bitcoin when the transaction was very high, developers used that opportunity to developed coins so that people would used it since bitcoin transaction fee was very high.

But all in all the risky in memecoins are still high. And in the bull run, they are not increasing in value but just stagnant. Ethereum which I think will increase just stable in one place.

[coin-investor]

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?

It is already speculative right now, people are looking for the next meme coin that will bring them profit regardless of their usability, I'm just so surprised that the meme coins trend continues it's a different trend, just when we thought it would soon be over a new meme coin will come suddenly and disrupt the market.
After PEPE investors are on the hunt again and developers keep flooding investors because there's a market and there's profit.

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

We already have a meme coin on Dogecoin but it's not experiencing the kind of hype if not for Elon we still have one Meme coin, Elon's fondness for Dogecoin created this meme trend.

[Friendlyuser]

I agree that most meme coins are just flashy projects with no future that bet everything on a pump and fast cash-out, but at the same time, isn't everyone free to decided where to put his money? If somebody wants to invest in memecoins because he thinks he will get more money that way compared to traditional coins, why not let everyone make his choice?
If meme coins can ruin crypto after 15 years then we built  a castle on sand!

[Sayeds56]

Ideally, the free market will sort things out and push these things to the fringes. That’s not how things have played out, however. There are just too many gambling degenerates, scammers, and useful idiots wanting to make a quick buck without putting any effort or creating something useful. Meme coins are just pump and dumps hoping they will catch on with enough people and keep their scam going longer. Sometimes they will receive the endorsement of a high profile celebrity like Elon Musk, but these investments are anything but sound. Many investors and Elon cultists hoping to change their life by buying scammy garbage will learn the hard way that these shitcoin pumping grifters don’t have their best interests at heart.

Absolutely, within the frame work of free market concept, its mechanism are expected to naturally sort out inefficient or fraudulent ventures. However it is important to note that this mechanism is not perfect, there are many instances where scams and speculative bubbles persist despite the market's supposed corrective nature. Meme coins and other speculative assets often thrive on hype due to misinformation rather than genuine value or utility.

In fact regulatory authorities are responsible to protect investors and maintaining market integrity. I think ultimately investors should also conduct through research before buying any such speculative asserts. DYOR

[Abiky]

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?

[albon]

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?

These memes have enthusiasts interested in them, most of whom are now looking only for one utility, which is speculation that through these memes they could make huge profits and double their capital, which may reach 100x. You may see that their investment view tends to be greed, but this is their decision in these coins regardless to their disadvantages and the huge risks that they might face. and this is due to the dominance of many of the memcoins in the market cap and adherence to the upward trend, and I do not think that the hype may continue forever where you find for years that there are coins that have appeared and coins have disappeared and remained dormant until now.

I do not think that the crypto market will be fine, as it is prone to scams. as about 98% of the memecoins can be bought but cannot be sold if they are not listed on CEX platforms and the demand for promising altcoins will decrease, after investors abandon them and withdraw their capital, shifting to these memecoins, also I found that the Solana Network became crowded and its fees increased compared to before due the presence of these coins that were built on its network.

[SATWAT]

Ideally, the free market will sort things out and push these things to the fringes. That’s not how things have played out, however. There are just too many gambling degenerates, scammers, and useful idiots wanting to make a quick buck without putting any effort or creating something useful. Meme coins are just pump and dumps hoping they will catch on with enough people and keep their scam going longer. Sometimes they will receive the endorsement of a high profile celebrity like Elon Musk, but these investments are anything but sound. Many investors and Elon cultists hoping to change their life by buying scammy garbage will learn the hard way that these shitcoin pumping grifters don’t have their best interests at heart.

Absolutely, within the frame work of free market concept, its mechanism are expected to naturally sort out inefficient or fraudulent ventures. However it is important to note that this mechanism is not perfect, there are many instances where scams and speculative bubbles persist despite the market's supposed corrective nature. Meme coins and other speculative assets often thrive on hype due to misinformation rather than genuine value or utility.

In fact regulatory authorities are responsible to protect investors and maintaining market integrity. I think ultimately investors should also conduct through research before buying any such speculative asserts. DYOR

I am agreed about this all, but sadly we are not having any regulate authority which can handle this all here we need members do some good search before investing in any project, and then we also needed if someone have authentic information about these type projects he also needs to share about this which will surely help this community, and they will be able to avoided them with newbies and greedy members still can trap in these projects easily as they usually want to have good profit of their investment quickly which is shown by these project developers, and also they use social media and other sources for having the good number of newbies for this all which after losing money have no way to recover or return of their funds.

[Belarge]

I agree that most meme coins are just flashy projects with no future that bet everything on a pump and fast cash-out, but at the same time, isn't everyone free to decided where to put his money? If somebody wants to invest in memecoins because he thinks he will get more money that way compared to traditional coins, why not let everyone make his choice?
If meme coins can ruin crypto after 15 years then we built  a castle on sand!

Memecoins are possible trends of projects and we have been able to take proper view of most of them, some don't always ends in good draws. Everything is going to be ruined right from the moment we choose the wrong path. We have not been able to stack up the require profits. We invest in the projects we thinks is promising and we're confident of milking the system back to back with the provided aides from other legit sources. Memecoins ruined everything and I've watch closely how these projects have become something to bother about.

[jrrsparkles]

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.

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.

[Bushdark]

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.

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.

Every other crypto tokens are also based on hype so we should not be received about that if we don't know how it works.
Some timea I wondered why they are called meme coins because I see nothing wrong with them because their are lots of investors that has made some good fortunes from holding meme tokens. Even Elon Must knows that their are good meme coins in the market we can make some good fortunes from holding them so we should not be surprised about that.