Do memecoins help or harm the crypto market?

[Iamgoat]

Meme coin was great back in the days, you get airdropped for free or you can buy at very low prices. The developers are genuine and every meme released was with intention to create community.
After it went viral it attracts many kinds of character including the grifter ones who are deploying thousands of memes every minutes.

Currently it has become cesspool and harm the crypto market more than helping it, there are too many market manipulation, some even becoming lawsuit.

You said it the right way. What used to start with positive outcomes and intentions in the past has now become a tool in which many greedy developers use to scam people and reap people off their hard earned resources. I wish there are some sort of regulations in the market where people can easily identify scam projects and have it flagged immediately it  is recognized as a dangerous tool and as such people are guided not to make mistakes of allowing themselves being scammed by these new format of meme coins.

[abaeze]

The biggest problem with memecoin is that its liquidity is usually in a few pools. As a result, developers can remove all the liquidity at any time and this is the most common scam. Also, many developers keep a large amount of tokens for themselves at the beginning. Later, they sell it all and the market crashes, leaving ordinary users with no way to recover their losses.

However, many people enter or invest in the crypto world for the first time from this trap, although it cannot be called an investment, but those who have been deceived think so and some people stop trading or investing in crypto due to emotions. Despite all these incidents, those who invest in crypto are mainly long-term crypto investors and they are the ones who benefit later.

Finally, those who consider memecoin as a gateway to crypto and a way to make quick profits are not investing in it but gambling.

[passwordnow]

Memecoins bring a lot of new people into crypto because they are simple, viral and sometimes can make huge profits fast. but at the same time they also increase scams rug pulls and pure gambling behavior in the market. some people enter crypto because of memecoins and later start learning about Bitcoin and blockchain. others lose money quickly and leave with a bad image of the whole crypto space

It did more harm than the help to those who profited from the memes. This market is about winning and losing. So if there's a side which boasts about their profits with the meme coins, think of the other side who has lost so much from these meme coins. I for one have lost so much with memecoins and that's because I've bought it through hype and that's a mistake that I've learned already. But the memecoins this cycle seems to be no longer a good one and we'll never know if they'll be on the trend by the next cycle.

[coin-investor]

It's harming the market more than helping it; the number of people who are losing their investments is unprecedented. I hate to admit I'm one of them.
Memes are narrative-based, which is full of deceit, manipulation, and empty promises that make those who lose money look at the cryptocurrency market as gambling and high risk, then give up, when in fact a true coin has an innovation behind it, but because of memes' manipulation, many investors failed to see this.

[o48o]

Meme is just harming the market. It gives a terrible effect to the retail investors. So it creates a fear for the retail investors to put their money on crypto. Just look so many memes being created for scamming purpose. I also think anyone know very well about that.
-cut-

Scamming is a thing that doesn't require any meme token to happen. It happens constantly with normal altcoins.
I see more harmless those countless altcoins that promise to fix made up problems that don't require blockchain. And while that can't always be proven as scamming, it looks like weaponized incompetence to me.

At least memecoins aren't lying about that to sell that snake oil. They are a good representation of the absurdity of the whole market.

[jossiel]

They harm more.

A lot of investors have been misled by the memecoins in thoughts that these investors will become rich overnight.

Whoever injected that idealogy came from the memecoins that they have invested with and that's why it sticks to everyone who does memecoins.

[Kelward]

Memecoins bring a lot of new people into crypto because they are simple, viral and sometimes can make huge profits fast. but at the same time they also increase scams rug pulls and pure gambling behavior in the market. some people enter crypto because of memecoins and later start learning about Bitcoin and blockchain. others lose money quickly and leave with a bad image of the whole crypto space

To answer your question straight I will say that memecoins harms the crypto market reputation very much just like any experienced person in the crypto market will tell you. Bitcoin is very popular and many people have heard about the stories of early buyers who have become very rich today as a result of successive ATH in bull seasons. When they hear about a memecoin hype on social media they will think that the project is just like Bitcoin that they have been hearing about.

Without making research about memecoins they will put a lot of money into it with the believe that within a short time that they will gain a lot of profit as they were told but in the end the project will die, they will lose all their money and they will blame cryptocurrency that it is a scam. Information is power and those that don't understand that memecoins are gambles will keep losing money and giving the crypto market a bad name.