Do memecoins help or harm the crypto market?

[asriloni]

Memecoins bring a lot of new people into crypto
I think that they are simple viral & sometimes can make huge profits fast
but at the same time they also increase scams rug pulls & pure gambling behavior in the market isn't
And some of the people enter crypto because of memecoins & later start learning about Bitcoin and blockchain. others lose money quickly and leave with a bad image of the whole crypto space
Hmm so it has both of it side depend on what you choose I still remember my first top memecoin is Solmoon almost 400x in a day 😁 in 2020

The increase of people due to the memes is straight with the increase of scammers in crypto. These scammers only here to extract retail. That's why i see nothing positive from the existence of meme. It's because it adds nothing.

Thousands memes created everyday. It is just slowly, but surely draining the liquidity from retails who seen it as a way to be a financial freedome.

The impact give by meme coin these days is more negative compared to the positive. The best example is that when meme makes ordinary people to have a mindset if crypto is the same as gambling.

[sergiorus]

Memecoins bring a lot of new people into crypto
I think that they are simple viral & sometimes can make huge profits fast
but at the same time they also increase scams rug pulls & pure gambling behavior in the market isn't
And some of the people enter crypto because of memecoins & later start learning about Bitcoin and blockchain. others lose money quickly and leave with a bad image of the whole crypto space
Hmm so it has both of it side depend on what you choose I still remember my first top memecoin is Solmoon almost 400x in a day 😁 in 2020

I agree.
I don't know if PENGU can be considered a memecoin but it does a hell of a job introducing normies to crypto.
And it's not only about physical toys sold in Walmarts, it's also about lots of partnerships like with Manchester City and other global brands.
Through Pudgy Penguins people eventually learn about Bitcoin, DeFi and so on.

To me, PENGU is a memecoin. And whether we admit it or not, the truth is it is doing a great job of introducing cryptocurrency to people. It is spreading crypto awareness not only among ordinary people but also among politicians. The impact that PENGU has made is something that not many projects can achieve, and that is an undeniable accomplishment.

Besides Doge, PENGU is the second memecoin worth investing in for those who want to invest in memes, IMO.

The reason I was frustrated whether to call it a memecoin or not is that it represents an IP owned by a private company, while thus company also owns quite a bit of the token's supply.

It's still nothing compared to how much supply insiders own in VC-backed coins and tokens but still PENGU is not 100% decentralised unlike other top memecoins.

I still love what they do and how treat the community and the industry overall.

[Jostern]

I think it depends on what memecoins that you’re trying to invest your money, but anyone who is investing in cryptocurrency memecoins you be very careful how they invest their money, I think the first time I invested my money in the memecoin it was very dangerous because I ended up loosing some money.

However I was only lucky because I didn’t invest a huge amount of money in the memecoins business, apparently it’s just more sensible to understand what you’re doing in cryptocurrency, which is why you should be careful putting your money in memecoins, some people are lucky when investing in memecoins.

[justdimin]

The simple answer to this question is that memecoins are harming the market by giving constant loss to people who are investing in memecoins. But this is also a reality that people despite knowing that their are more chances of getting loss in memecoins are still investing in them. The reason why people still invest in memecoin is the greed to become rich with less investment and that too in short duration. There are so many examples that tells us its useless to invest in memecoins but irony is that people still invest in memecoins. 

Memecoins are not harming the market but sending a signal for investors and traders to be careful about the way they invest on anyhow projects without carefully checking tye project team and other factors to be considered.
This may look like it is spoiling the crypto market because more investors are losing money to the bad players in the market while the good projects are being abandoned. The earlier we take the good projects seriously the better for investors to make money gradually from the hood projects.

They are harming the market in a way where it is dropping the credibility and seriousness of it. While we have the option to not invest into it, the news that makes it more famous is causing rest of the crypto to be considered together with it.

Remember the NFT period? Hell south park even had movie where characters were scamming people with NFT's, that did not go well for bitcoin, because crypto as a whole was seen as a scam because of few scams. Memes are the same, people lump us together with them, and consider it silly toys, and not real investments.

[henmark]

I think it depends on what memecoins that you’re trying to invest your money, but anyone who is investing in cryptocurrency memecoins you be very careful how they invest their money, I think the first time I invested my money in the memecoin it was very dangerous because I ended up loosing some money.

However I was only lucky because I didn’t invest a huge amount of money in the memecoins business, apparently it’s just more sensible to understand what you’re doing in cryptocurrency, which is why you should be careful putting your money in memecoins, some people are lucky when investing in memecoins.

Awareness is important. Such risky options are available everywhere, even in the traditional stock market but people are generally aware of the risks there. People new to crypto trading need to understand that getting a 1000x return on a random memecoin doesn't happen daily and is as possible as landing a 1000x on a game like dice or crash. It can happen, but don't invest too much money hoping that it will happen when you want it.

I have friends who made money during the DOGE pump when Elon was constantly tweeting about it. But I also have friends who lost so much money because some of them bought DOGE around the peak price when it was 60-70 cents, I think.

[Abiky]

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

Personally, I think "meme" coins do more harm than good to the crypto market. Not just the market, but the entire industry itself. Why? Because "meme" coins take away the "seriousness" of crypto. Investors aren't going to "inject" capital into the crypto market, if most coins are speculative with zero use cases.

To make crypto more "serious", "meme" coins need to go. Only then, developers will focus on the "utility" aspect of crypto instead of hype. Just like in the early days. But that's just my opinion. Someone else can have a different point of view. "Memes" or no "memes", crypto land will carry on as usual.

[Humblevirus]

The point is that anything that has disadvantages may also have its own advantages. So, memecoins are both good and bad, but based on my own point of view, I feel that the disadvantages of memecoins are greater than the advantages they bring to the cryptocurrency industry.

My reason is that, if we look at how many memecoin projects have been created so far, very few are still in existence, while the rest have become dead projects. In fact, it is very hard to see many memecoin projects last for four years. Almost all memecoins are created to scam people, and that is why they usually end up in pump-and-dump schemes.

So, I do not see much positive impact that memecoin projects are adding to the cryptocurrency industry, apart from attracting people into the crypto industry to invest. However, most people who end up losing their money in those memecoin projects hardly believe in cryptocurrency again. Only a few people remain, especially if they meet someone who can convince them to stay with enough evidence and good reasons.

[btc78]

if we look at the overall picture, it might be doing more damage. there’s more memecoins that don’t really mean anything nor have any real utility than the ones that actually introduce something new or revolutionary. i wouldn’t mind memecoins that actually introduce new technology but most aren’t so it leaves a bad inage for the rest of the community instead.

[Emitdama]

Memecoins caused a significant increase in supply; before 2022, the number of cryptocurrencies was much lower than it is now. This large supply affected the price and trust in cryptocurrencies.

There should be a filter to determine if a token qualify as cryptocurrency because meme coins are noises and short lived.
Memecoin market usually won't last few hours let alone days, it should not qualify as crypto otherwise it will tarnish the reputation of cryptocurrency.

In a way, these meme coins mostly just a code that lives on the solana blockchain and not really a crypto, it's just a token.

A token in the crypto world is a crypto though. But if you mean about filter to know if which is legit and which is a scam, there is in fact a service like that. Even in our forum, you can just post the token that you got curious of and the community can decide for you if you can go for it even for just a short-term or not.

Yeah, most meme coins are like that (short- lived) but there are still some that can last a little longer. Maybe these meme coins were also a little safer and can actually be considered too for a long-term investment. Meme coins can be on other chains too, though they follow what is on trend. Other regular cryptos can be a scam as well, it is just that meme coins are so many now, no wonder why the eyes are focused on them. But as I said and some other users have said, meme coins still had some benefits. So we should not generalize them all or the whole category as bad.

[Rengga Jati]

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

That is why meme coins are known for:
High returns – high risks.

The reality is that meme projects can generate massive profits very quickly for their investors. However, on the flip side, they can also cause someone to lose money just as quickly. So, the risks are also very high.

That’s why, if you really want to use meme projects to make a profit, you really need to learn and join a specific community. Because, among peers, you can get early information on the latest meme coins.

But, always be careful; never invest 100% of your money in meme coins. If in doubt, it’s best to steer clear of meme coins, especially if YOU ARE A BEGINNER in crypto.

[kingstep]

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

If not for meme coin and a thing like airdrop, I'm certain that a lot of current bitcoin investors would not have known about bitcoin. Several of the current investors started with something that's as simple as aidrop and later learnt that there's something stronger than the meme coin. In the process, the investors that's not patience will exit the crypto space and others that also lost in the process of investing in a meme coin will also leave living only those that are patient enough to learn through the rigors of crypto.

Wether you're starting with meme coin, an airdrop, an altcoin or whatnot, proper research will save you from loss.

[wiss19]

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's a mixed bag if you ask me.

Pros:

1. Attracts a massive wave of traders because people are not interested in learning how crypto works but want to make quick money, which, although risky, altcoins do offer.

2. Altcoins create hype, whether it's X trends or Reddit threads. That hype ultimately reaches more people who otherwise don't know about crypto

Cons:

1. Once someone loses money to pump and dump memecoins, they start considering the entire crypto space as a scam.

2. Some people think crypto is a joke because of these insanely volatile memes.

[Iranus]

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

If not for meme coin and a thing like airdrop, I'm certain that a lot of current bitcoin investors would not have known about bitcoin. Several of the current investors started with something that's as simple as aidrop and later learnt that there's something stronger than the meme coin. In the process, the investors that's not patience will exit the crypto space and others that also lost in the process of investing in a meme coin will also leave living only those that are patient enough to learn through the rigors of crypto.

Wether you're starting with meme coin, an airdrop, an altcoin or whatnot, proper research will save you from loss.

The blunt truth is that many years ago, most people entering the market were attracted by stories of getting rich quick with a small amount of capital. Or free money from airdrops, as you mentioned. Most people were driven by the desire to get rich quickly, only a few truly participated for ideals of freedom or privacy.

Therefore, to be fair, meme and altcoins are not entirely useless and harmful. They even made a significant contribution to attracting new users and bringing cash flow into the market in the early stages.

[uneng]

Pros:

1. Attracts a massive wave of traders because people are not interested in learning how crypto works but want to make quick money, which, although risky, altcoins do offer.

2. Altcoins create hype, whether it's X trends or Reddit threads. That hype ultimately reaches more people who otherwise don't know about crypto

Cons:

1. Once someone loses money to pump and dump memecoins, they start considering the entire crypto space as a scam.

2. Some people think crypto is a joke because of these insanely volatile memes.

The cons always overcome the pros, because as you said, once the investor loses money to a pump and dump scheme, he will start blaming the entire industry for his losses. And the problem of memecoins isn't even losing money, but the fact they don't offer any long term possibilities of recovering that money by holding the asset for longer. Memecoins are doomed to failure, as they are designed to work as a ponzi.

[Mpamaegbu]

Memecoins bring a lot of new people into crypto because they are simple, viral and sometimes can make huge profits fast.

There's nothing short of the truth in what you said there. That's why even old projects are now creating their own memes to rejuvenate their ecosystem, make money and onboard new users/investors. It's also for this reason that Binance now accepts listing memes with hype unlike a few years ago when it saw them as shitty. In the past, Binance only listed utility based tokens/coins. Now, it goes where the noise and volume is.

...others lose money quickly and leave with a bad image of the whole crypto space

That's life for us. Not everyone will benefit from doing the same thing. There's a reason the word "loser" exists.

[Localhostspeed]

if we look at the overall picture, it might be doing more damage. there’s more memecoins that don’t really mean anything nor have any real utility than the ones that actually introduce something new or revolutionary. i wouldn’t mind memecoins that actually introduce new technology but most aren’t so it leaves a bad inage for the rest of the community instead.

Glad people are awaken by the dangers of meme coins and the things they have done to this market. There was a time people were launching meme coins to make money from there friends. What they do is they do it in group, launch the coin and put everyone on it, reserve some percentage to their self and shill the coin pretending that it was launched by some people that has launched one successful meme coin, they make people believe and they sell and leave everyone behind.

If meme coins were investigated, I'm sure that many people are going to jail because of the things they did but they will get away with it because of how meme coins are stage to be for fun but as far crypto is concern, even the great project everyone is looking up to do a real productive will not do well. They are just garbage and refurbished name to make money at that time and when the time is due, the coin goes flat like it's not like that coin they all shill.

[o48o]

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

Personally, I think "meme" coins do more harm than good to the crypto market. Not just the market, but the entire industry itself. Why? Because "meme" coins take away the "seriousness" of crypto. Investors aren't going to "inject" capital into the crypto market, if most coins are speculative with zero use cases.

To make crypto more "serious", "meme" coins need to go. Only then, developers will focus on the "utility" aspect of crypto instead of hype. Just like in the early days. But that's just my opinion. Someone else can have a different point of view. "Memes" or no "memes", crypto land will carry on as usual.

Again, there never was any seriousness in crypto. That's just a pipe dream people never achieve. They don't achieve it because in very core of cryptos is freedom to build anything. You mix that with cryptocurrencies being a magnet for greedy people and outsiders and you get what you see in cryptos.

And this isn't new, if anything crypto has matured, but it could never mature from the roots of it, which is build by people memeing bitcoin and cryptos for ages now.

Imho only difference between a memecoin and an altcoin is that majority of altcoins are selling you mostly fixes to problems that don't exist. Only thing that makes them "legit" is their liquidity. It doesn't matter if it's a picture of a dog in them or promise of a another soon to be hacked DEX.

[Akbarkoe]

I think it depends on what memecoins that you’re trying to invest your money, but anyone who is investing in cryptocurrency memecoins you be very careful how they invest their money, I think the first time I invested my money in the memecoin it was very dangerous because I ended up loosing some money.

However I was only lucky because I didn’t invest a huge amount of money in the memecoins business, apparently it’s just more sensible to understand what you’re doing in cryptocurrency, which is why you should be careful putting your money in memecoins, some people are lucky when investing in memecoins.

The context of the thread in my opinion is not about what you mean, but what you wrote shows someone who has been damaged by memecoins even though your loss is not much it is clear that the market attention runs to meme coins when hype to get profits, people start gambling with meme coins in the hope of experiencing price increases just like Shiba and doge, or Pepe and other memecoins, this is clearly damaging.

Whereas in crypto investment it should focus on a project that is developed for modern financial services, this will be a full study to assess a project that we want to invest in, not just speculation of increases, decreases, Fomo, Hype, but we can learn more about the technology offered by the developers.
A lot of capital should go into the real project development sector instead of gambling on memecoins that have no future.