Are memecoins ruining crypto?

[DegenLite]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

What do you guys think about this

[benalexis12]

In what term of ruining that meme coins can do that op? Because in this category meme coins is contributing a big amount here in the crypto market honestly speaking. It may often used most of the time to hyped many community but majority of the memes really contributed a lot to make bitcoin or crypto become more popular.

In short, I don't see it's ruining the crypto space instead instead it helps crypto space to increased the dominance of crypto in different places of the world now.

[terrific]

Crypto is all about freedom of finances and that's why these developers keeps on making memecoins, shitcoins and even scam coins.
There is no way to stop them but once majority of the investors become wiser, they'd be able to see the importance of investing to the big ones like BTC.
And these hyped coins will be gone out too easily and trying to fetch new victims and believers.

[rhodelmabanal]

Meme coin cannot ruin crypto, there is no way for meme coin to ruin crypto they are only a coin that we can invest in and it depends on hype that is why some people loss on it, and i think we cannot blame the meme coins if we loss because that is our decision you are free to decide if you invest or not if you lose on it don't put the blame on it or say it ruining crypto because many losers on investing into it there is no problem if we don't invest no body is forcing us.

[mich]

Well no I do not think it is like this meme coins that are running crypto. But I do think there is alot of interest in crypto because of meme coins like Doge, Shiba Inu, and Pepe.

There is people that did star to invest in crypto when they did see trending meme coins. And when Elon Musk talked about the coin it also did make more people interested in crypto. Bitcoin I think still is the coin that is running crypto more then the meme coins.

[Hallroom]

Crypto is all about freedom of finances and that's why these developers keeps on making memecoins, shitcoins and even scam coins.
There is no way to stop them but once majority of the investors become wiser, they'd be able to see the importance of investing to the big ones like BTC.
And these hyped coins will be gone out too easily and trying to fetch new victims and believers.

Investors should not invest in any platform, to invest must follow old investors. Because there is currently a massive memecoin presence that is very much in the realm of being a scam. So every investor has to invest carefully if he can find success.

[Ultegra134]

No one is forcing you to invest in shitcoins; cryptocurrencies are all about freedom. If we start censoring the blockchain and what can or cannot be released, then we cannot call ourselves decentralized. I understand your frustration; it's sometimes annoying seeing them pump and dump. Some take advantage of it and end up with decent gains, but I personally wouldn't do it. They aren't ruining crypto; I can acknowledge, however, that they may hurt the reputation of the cryptocurrency world by making people quickly assume that everything involved in crypto is a scam just because they bought a few random coins.

[terrific]

Crypto is all about freedom of finances and that's why these developers keeps on making memecoins, shitcoins and even scam coins.
There is no way to stop them but once majority of the investors become wiser, they'd be able to see the importance of investing to the big ones like BTC.
And these hyped coins will be gone out too easily and trying to fetch new victims and believers.

Investors should not invest in any platform, to invest must follow old investors. Because there is currently a massive memecoin presence that is very much in the realm of being a scam. So every investor has to invest carefully if he can find success.

NO, it's not a requirement to follow the old investors. They can explore what they want to do with their money.
They can have some paths that they can follow but in the end, they're still the one to say what and where to invest their money.

[X-ray]

How is it the presence of meme coin being considered a deviation from decentralization, that whole statement is not really true because meme coin usually is the coin that have minimal investment by venture capitals and usually those VC could only get it after the coin went to public so no pre-sale or something that could give edge to the VC, i think its pretty decentralized to me.

on the other hand the coin that you mentioned as i've seen from bitget https://www.bitget.com/support/articles/12560603811322 according to their site they just disclose that there will be 1 million supply of the token in their tokenomic section and they didn't even put an effort to disclose the allocation. Seeing from the token contract alone https://etherscan.io/token/0x504624040e0642921C2c266a9aC37CafBd8cDa4e#balances literally 1 address holds 30% of the token, how is it any better than meme coin   I think you're being biased here.

[Yey09]

Memecoins are the cancer of the rypto industry. While there are not so much of them it's okay but it too many normies will be too mad of it it may ruin everything

[DeathAngel]

They’re not ruining crypto imo, just ignore them & don’t buy them if you don’t like or value them. They will never be like Bitcoin & recognised as a commodity but they can make you great profits if you invest in the right one. The problem is that there are so many now.

[hamba laeh]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

What do you guys think about this

there is no ruining carried out by memecoins and in my opinion currently memecoins have a big influence on cryptocurrencies. Dogecoin, Shiba Inu and Pepe have had a broad impact on crypto because of the popularity they are currently gaining. so there is no error in memecoins but fraudsters who created memecoins have ruining the good name of memecoins in crypto.

[Phoenixtrader]

How is it the presence of meme coin being considered a deviation from decentralization, that whole statement is not really true because meme coin usually is the coin that have minimal investment by venture capitals and usually those VC could only get it after the coin went to public so no pre-sale or something that could give edge to the VC, i think its pretty decentralized to me.

on the other hand the coin that you mentioned as i've seen from bitget https://www.bitget.com/support/articles/12560603811322 according to their site they just disclose that there will be 1 million supply of the token in their tokenomic section and they didn't even put an effort to disclose the allocation. Seeing from the token contract alone https://etherscan.io/token/0x504624040e0642921C2c266a9aC37CafBd8cDa4e#balances literally 1 address holds 30% of the token, how is it any better than meme coin   I think you're being biased here.

The influx of memecoins in the market daily is surely a concern. What does this coin do though, distribute love to everyone? I'll need to check it out.. since it'll be on Bitget it'll be easier for me to checkout cos they mostly do list potential mooshots early. Probably it's an early investor, ahah.

[God bless u]

It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

What do you guys think about this

If we talk about the time right now then you can say that meme coins are indirectly and somehow playing a very crucial and important part in the world of crypto.

If we talk about its positive aspects then it's that memecoins are making people to stick on crypto somehow as altcoins and Bitcoins is not in that much good form right now.

And it's negative impacts is that people are too much attracted to meme coins and in this way creativeness and usefulness will lose its value as people will enjoy investing in meme coins.

[kentrolla]

It's not ruining crypto but it's ruining life of so many I mean if you open the DEX screener and see the memecoins listed in solana chain just by looking at it's name you can say it's scam still stupid people invests into it just because someone became millionaire as most of the projects are rug pulled still people just wants to buy and sell it at the temporary pump which it creates. I would rather say people have become more stupid running behind easy money and they are ending up losing what they havebin their coffee

[oktana]

Meme coins can ruin the image of crypto just like any altcoin can. The only way I see meme coins ruining crypto is through those meme coins that end up being scam. But it’s not just meme coins that end up being scam; even regular altcoins can scam people of their money, and leaving a bad scar on people’s minds about cryptocurrency. Most of the scams I’ve seen were not even meme coins, there were regular altcoins that had a big vision.

[Dr.Bitcoin_Strange]

Well, speaking of crypto, that means you are generally classifying every coin, token, or asset that is based on blockchain technology, and I don't think meme coins are ruining the crypto space. It is only playing its part. There is no space where you wouldn't find scammers. I feel scammers are usually in every aspect of an of an organization, as long as it is where they believe they can scam people and make a great profit. The crypto space has a large number of scammers who are also creating their own fake meme coins to scam investors and rub them off their hard-earned money. 

Just a few years ago, NFT projects were also a trend, and I still know there were also hundreds of scam NFT projects back then, followed by the trend of Defi projects when lots of scams also emerged. Now there is a trend toward AI and meme coin projects, and investors just have to be careful. 

[DyllanGM]

I came across a project today that reminded me of the decentralization dream, Love Power Movement or LPM(funny name I know lol), It's one of those web3 artists and NFT marketplace where artists get t monetize their art and all but what's peculiar about this project is it had no presale or funding and it's purely pushed by the community. It's a really interesting one, I think the token lists on a few exchanges sometime this week

The Love Power Movement (LPM) sounds refreshing and aligns more with the decentralized ethos. A community-driven project with no presale or funding that empowers artists is quite inspiring. This kind of initiative brings the focus back to the core values of crypto: decentralization, community support, and empowering individuals rather than centralized entities.

[d3nz]

Meme coins can ruin the image of crypto just like any altcoin can. The only way I see meme coins ruining crypto is through those meme coins that end up being scam. But it’s not just meme coins that end up being scam; even regular altcoins can scam people of their money, and leaving a bad scar on people’s minds about cryptocurrency. Most of the scams I’ve seen were not even meme coins, there were regular altcoins that had a big vision.

I honestly like having meme coins and it is like part of the cycle of the cryptocurrency market we all know that we are getting quick profits from these meme coins and even though they don't have any features or anything. And meme coins are like paradise for whales which they can easily manipulate the price quickly which we are also riding the trend.

[danherbias07]

There's always a way to stop it. Don't buy it. Simple as that.

The thing is, there are still many investors who are optimistic about meme coins just because one came out differently and gave loads of money to a number of investors. I think they are trying to mimic those accomplishments.

Is it ruining crypto? Yes, because now the investment money is divided and that slows down the value increase of many coins and projects that are legit and have use cases than them. But this is a new era now and I think we cannot go back to the time where the valuable coins are more looked at than coins made from joke.