Understanding Memecoins: A New Phenomenon in Crypto

[Xeeycoin01]

Hey fellow Bitcoin Enthusiasts!

I'd like to discuss the concept of memecoins and their growing presence in the crypto space. These tokens, often created as jokes or memes, have gained significant attention and picking up pace.

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

I'd appreciate your insights and thoughts on this phenomenon. Let's explore the technical and economic aspects of memecoins and their potential impact on the crypto ecosystem.

[asayoyaasa]

one thing that make them popular is they have low barrier of entry, memecoins are often priced low, making them accessible to a broader audience, including new and small-scale investors who might be looking for "the next big thing", but i read somewhere that only 15 out of 1.4 million memecoin is success. that mean to much popularity that some people take advantage of that to creating pump and dump scheme. also influencer lot of them promoting memecoins.

[X-ray]

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

really it just comes down to a speculation at the end of the day, back then at the age of ICO before meme coins are this popular people are speculating on altcoins, though speculation on altcoins still pretty much going on till these days but there are people that prefer meme coin because they are trying to find a hidden game that starts from zero and reached hundreds millions of market cap, people snipe because they want to have a share of cake of that meme coin that could become big in the future.

just imagine buying with $500 already allows you to own few percentage of total supply of meme coin at its early phase, if the meme coin got somehow valued with market cap of $50m and beyond, you already making good money, but since meme coin landscapes right now are deploying thousand of meme coins a day through platform like pumpdotfun then the chance of getting such hidden gem probably 1/10000 and it's getting worse each day.



the recent update of pumpdotfun which is the biggest meme platform in solana will just make things worse as I've said earlier, so many people will create meme coin just to get that 0.5 SOL, i'm pretty sure it will destroy the entire meme coin ecosystem.

[Mia Chloe]

Well meme coins do seem to have a very promising potential especially to people with FOMO and most crypto newbies. The problem is that many persons that don't have proper understanding of how crypto currencies can be very volatile will definitely tag any meme coin or altcoin that is increasing in price as a promising coin. Whereas in some cases such coins could be coins that were created for a predetermined pump and dump scheme.

I believe marking out a promising altcoin is not something you do with just a couple of weeks of pump rather it should be potential over a nice period of time (probably a few years.) most meme coins pump because of people that fall for them and end up investing in them.

[Sayeds56]

one thing that make them popular is they have low barrier of entry, memecoins are often priced low, making them accessible to a broader audience, including new and small-scale investors who might be looking for "the next big thing", but i read somewhere that only 15 out of 1.4 million memecoin is success. that mean to much popularity that some people take advantage of that to creating pump and dump scheme. also influencer lot of them promoting memecoins.

You are correct that the core reason of memecoin is their massive supply and low price which makes easy for every class of investors to buy them. However, meme coins is not a new phenomenon, first memcoin coin DOGE was launched back in 2013, followed by hundreds others and trend is still continues. My firm stance on memecoins is that they are not worth investing in or holding for long term unless they are backed by real life use case.

[CK485]

one thing that make them popular is they have low barrier of entry, memecoins are often priced low, making them accessible to a broader audience, including new and small-scale investors who might be looking for "the next big thing", but i read somewhere that only 15 out of 1.4 million memecoin is success. that mean to much popularity that some people take advantage of that to creating pump and dump scheme. also influencer lot of them promoting memecoins.

It is true that meme coins are in great demand at a low price with many options to offer, where you can easily buy and several cryptocurrencies including meme coins, I think by developing a community about its development, and being actively involved, in increasing the potential success of your meme coin, by involving the use of various strategies that include active participation in online communities with several opportunities available, to create a new wave in digital investment.

[crwth]

First of all, I think it is funny. Then, a lot of people are familiar with the Different memes out there, and just making a token out of it helps it become an altcoin. Since Memes are popular, people are just going out at it. I think the stories of people having enormous profits as well have contributed to it, in my opinion.

[SatoPrincess]

Low entries and possible short term high returns. In my opinion people are into meme coins for the same reason why they jumped on the NFT bandwagon back in 2020. We want profits and even though we do not understand the technical side of the projects, people will invest in them as long as they are profitable. Meme coins provide the opportunity to make quick money but in the long term they are unsustainable because they do not have any real use-cases.

[legiteum]

In a thread on the main forum, I discussed my prediction that the digital currency market will grow to $15T in ten years.

I think a large part of that growth will be a memecoins.

The future I see is one where every celebrity, every sports team, every major brand name, and thousands of new "things" are all going to have a digital currency associated with them. In the future, every meme will have a market cap. Whenever somebody says, "XYZ is trending", they will also include the meme's coin's market cap, e.g. the future headline:

"Turkish Olympic Shooter Treading, Memecoin Market Cap Hits $120 Million"

And in aggregate, meme coin market caps will add up to trillions of dollars.

When we created Haypenny, the ultimate platform for memecoins, we focused on creating a safe, fair and easy to use platform that would scale to tens of thousands of different coins and billions of transactions per day. The platform includes strong controls to enforce trademarks and copyrights which guarantees that consumers get the memecoin for this brand, and not some illegal knockoff. And every coin on the platform is treated the same way, with the name number of pre-minted units, and is subjected to the same rules to ensure a fair marketplace for all participants.

All of these features will be critical to get memecoins to be a mainstream part of the internet and not just curiosity like it is today, with a reputation for fraud and dysfunction.

[shinratensei_]

meme coin is a trend, but most of coin created on the premise of meme coin is a fad, at least that's what I know compared to traditional cryptocurrencies.
most of meme coin are short lived in term of life span that it only good for speculation, but if you take into account the manipulations, the scamming, and the trickery involved in the making of new meme coins, you could say that they are not really good tool for speculation because they are unfair and full of manipulation.

I'd say for anyone looking into making profit from meme coin, do yourself a favour and try to see the fact that 90% of people are losing because scams and manipulation. the remaining 10% who happen to invest in now popular meme coin such as wif, pepe, shiba and doge are just ultra lucky people that not everyone can be in.

[Akbarkoe]

one thing that make them popular is they have low barrier of entry, memecoins are often priced low, making them accessible to a broader audience, including new and small-scale investors who might be looking for "the next big thing", but i read somewhere that only 15 out of 1.4 million memecoin is success. that mean to much popularity that some people take advantage of that to creating pump and dump scheme. also influencer lot of them promoting memecoins.

It's not about the price in my opinion, but the benefits that might be obtained, from human nature in general wants the increase in coins owned to experience an exponential increase in price and that happens easily on memecoin, that's what makes memecoin popular.

In addition to the Pump and Dump scheme, the hype scheme is also quite interesting to have some profitable possibilities on memecoin, unlike other assets that have clear project utilities and fundamentals in the development of blockchain technology services.

[Baki202]

one thing that make them popular is they have low barrier of entry, memecoins are often priced low, making them accessible to a broader audience, including new and small-scale investors who might be looking for "the next big thing", but i read somewhere that only 15 out of 1.4 million memecoin is success. that mean to much popularity that some people take advantage of that to creating pump and dump scheme. also influencer lot of them promoting memecoins.

And because of the price it makes it very affordable so people tend to find a lot of interest because of the price and if the coin should mistakenly have a hyped price then it as finish because everyone will believe that With this kind of price coin will do very well and that is why when they get disappointed they feel crypto is not for them and is not as if people don't make money from men coin but they put to much trust.  And no matter the number of investors  everyone will want their share that is what business is about so their interest is also a thing of concern because they will also have their own percentage. Meme coins hardly succeeds because most of their investors are low budget investors they don't want to spend good money on the project and they want to make money so any little money made. They might just want to share it. And most of this projects can not even pay their markets so their are a lot of factors that will make memcoins not to succeed, it's better when you are investing take it as your own risk.

[avikz]

Hey fellow Bitcoin Enthusiasts!

I'd like to discuss the concept of memecoins and their growing presence in the crypto space. These tokens, often created as jokes or memes, have gained significant attention and picking up pace.

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

I'd appreciate your insights and thoughts on this phenomenon. Let's explore the technical and economic aspects of memecoins and their potential impact on the crypto ecosystem.

There's no concept behind memecoins, to be honest! Cryptocurrency market became popular with innovations. Memecoins stand exactly opposite to that. The main driving force behind memecoins is, get rich quick. Memecoins do not sell innovation, they sell dreams that are almost impossible to achieve.

These memecoins are mostly created by the ponzi scam owners. Earlier there were two forums - MMG and Talk gold which were later taken down by FBI. So the ponzi scam owners then moved to the crypto market and started selling ICOs. When that hype is gone, they started selling NFTs and now when NFTs have died, it has come to memecoins.

That's honestly my insight about these things. So stay as far as possible from such memecoins.

[uneng]

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

Scams have always been popular inside crypto industry, especially during bullish seasons. 8 years ago, we had plenty of "cloud mining" services promising to double your money in few days or a month. In fact, those weren't cloud mining services, but ponzi schemes. After many crypto enthusiasts lost their funds, the schemes got well known by most people here, so scammers had to change the "forefront" of their business.

Then from cloud minings we went to lending platforms also promising huge interest rates, and more recently to the memecoin phenomenon, which was firstly seen through Elon Musk promoting DOGE coin. Since then, we have come downhill with Shiba Inu and many other copies of it.

Memecoin's popularity is result of "herd behavior" on social medias. Few individuals boasting wealth on the internet encourage greedy individuals desperate to thrive financially to invest in such tokens, promising investors they will be able to also enjoy the same luxurious lifestyle. So people start investing and bring even more investors to memecoins, as they promote it to their network of contacts (family, friends, acquaintances...).

Rogues leading blinds who end leading another blinds directly to the slaughterhouse.

[Furious 7]

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

The popularity of meme coins or even shitcoins is really only one where they always give several times the increase we didn't even expect before so by seeing benefits like this they are always popular, but other than that I don't see anything to look for because talking about the ecosystem or maybe the community that is always proud of it is just an excuse to cover up the desires of most people who want a very large profit due to the pump that is done because in the end everything is centered on profit.

We are certainly aware that the scheme of being on memecoin or shitcoin is like what it is but indeed with the conditions of the huge profits offered, of course it will be very difficult to refuse because after all memecoin has always been synonymous with such things.

[Jating]

Hey fellow Bitcoin Enthusiasts!

I'd like to discuss the concept of memecoins and their growing presence in the crypto space. These tokens, often created as jokes or memes, have gained significant attention and picking up pace.

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

I'd appreciate your insights and thoughts on this phenomenon. Let's explore the technical and economic aspects of memecoins and their potential impact on the crypto ecosystem.

Well as you can see most of this meme coins are being influence by some entities or personalities and then began as a community. So it's like other crypto but the thing is that the way it is being pump and dump that the price really spike to high. Unlike traditional crypto that it will sometimes just go on a straight line after release and then the people behind the project will have to work out very hard to be recognized and then followed by investors.

Technically, for sure you know that it doesn't have any, but as far as economic factors yeah, as I have said, communities push it's price and so there could be a lot of players along the way that make money for many people, some would even say they become millionaires because of meme coins.

[letteredhub]

It all started as a joke accompanied with unending hypes that have built a community of its own on the space creating attention to cryptocurrency from investors like never before.

It is some kind of common perception among newbies into the çrypto space believing that they have a bigger propensity of making huge profit with low investment amount with memecoins than they would do investing in bitcoin since they have missed out on the early stage of bitcoin. And this is true to a large extend only that the problem is how do you identify a memecoin  which project would be a success with the high rate of rugpull scams associated with memecoins.

[MAS1]

Hey fellow Bitcoin Enthusiasts!

I'd like to discuss the concept of memecoins and their growing presence in the crypto space. These tokens, often created as jokes or memes, have gained significant attention and picking up pace.

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

I'd appreciate your insights and thoughts on this phenomenon. Let's explore the technical and economic aspects of memecoins and their potential impact on the crypto ecosystem.

Hey there! It's fascinating to see the growing interest in memecoins. They've undoubtedly captured the imagination of many in the crypto community.

As a matter of fact, I've been closely following this trend, and it's been quite an adventure. I recently participated in a BingX event focused on emerging crypto trends, including a deep dive into memecoins. The insights were invaluable!

I believe there's a lot more to memecoins than meets the eye. While their initial appeal might be humor-based, there's a complex interplay of community, marketing, and even technical innovation at play.

Let's keep the conversation going! What are your thoughts on the potential long-term implications of memecoins on the broader crypto market?

[masyari]

There are nothing new in memecoins. That's just fomo, people buying it like in casino in hope of easy money

[Mr. Magkaisa]

What are the underlying factors driving their popularity? How do memecoins differ from traditional cryptocurrencies?

really it just comes down to a speculation at the end of the day, back then at the age of ICO before meme coins are this popular people are speculating on altcoins, though speculation on altcoins still pretty much going on till these days but there are people that prefer meme coin because they are trying to find a hidden game that starts from zero and reached hundreds millions of market cap, people snipe because they want to have a share of cake of that meme coin that could become big in the future.

just imagine buying with $500 already allows you to own few percentage of total supply of meme coin at its early phase, if the meme coin got somehow valued with market cap of $50m and beyond, you already making good money, but since meme coin landscapes right now are deploying thousand of meme coins a day through platform like pumpdotfun then the chance of getting such hidden gem probably 1/10000 and it's getting worse each day.



the recent update of pumpdotfun which is the biggest meme platform in solana will just make things worse as I've said earlier, so many people will create meme coin just to get that 0.5 SOL, i'm pretty sure it will destroy the entire meme coin ecosystem.

        -      Wasn't there a hacking issue at PumpDotFun? That's where the platform was abused, as far as I know. Although it's really cheap, less than 2 dollars can create your own meme coins immediately on that platform. So many meme coins are released every hour or every day; thousands of meme coins are created like that.

That's why, in this era, we have to be careful when choosing the meme coins that we invest in; most of them are just hype and rugpull most of the time.