Lots of people that i thought would never get into crypto or see the real potential in it are now putting their money into cryptocurrencies. That’s the good part, bad part is, their portfolios are entirely made up of DOGE/SHIB and other silly memecoins.
The fact that these memecoins are doing what they’re supposed to do which is roping people in with their stories of how some people became millionaires from a $1000 investment, and ultimately getting new investors to gamble their money on which memecoin will pop off next isn’t necessarily beneficial to the space or its mass adoption. In fact most, if not all, of these people are probably going to end up getting dumped on and selling at a loss which will most probably lead to them quitting on crypto entirely as they don’t really understand its point and use or call it all a scam.
Although memecoins have made “crypto” a booming topic, they haven’t really contributed anything substantial for the future of the space. Which is why i personally think there should be A LOT less memecoin projects coming out serving nothing to the space, and A LOT more projects that are actually taking this technology forward, improving it and taking it to the whole world as a tool to help with our everyday lives.
The technology in networks like Ethereum and Hedera are acting as the base on which the future will be built. It is being chiseled and polished to be able to handle the innovative projects that will start popping up in the coming few years, proof of which are DAOs and foundations like the HBAR Foundation pouring millions into supporting developers in many different ways to build their projects.
This is what i believe the future of the space is dependent on and driven by, this is how the future is truly shaped.
9 thoughts on “Are memecoins actually helpful for the space or are they just taking away from the credibility and gravity of crypto?”
I don’t think they’re anymore harmful than scratch offs and gambling are to the concepts of investing and finance. Someone using the money in their bank account to buy Cash 5 doesn’t mean the concept of banking is a joke. Imo people get way too wrapped up in this stuff.
To my knowledge, like Ethereum and Hedera haven’t stopped development because some people are into memecoins. It’s not a thing. It’s like rejecting e-commerce because there’s a site that sells whoopie cushions and fart bombs.
Sure some people will get burned but who cares? Their money, their choice. Some people bought Enron stock and got burned. If that made them be like *all investing is a sham and every company is a scam*… I mean it impacted nothing and there are more investors today than ever before.
It’s not a real thing to me. Crypto is coming whether people like it or not. Adoption numbers point to this. If people want to miss out, let them. Who cares? It’s their money. People missed out on the internet too. Missing out on stuff is a part of life.
I heard Dre(scam coin dev) talking about this in a Vice documentary. I do believe that meme coins have a place in crypto, for the same reason you provided; they bring awareness to crypto. No matter if it’s Bitcoin or Shib, once you get into crypto you learn so much more versus watching from the sideline.
I honestly wouldnt waste my time or money on memecoins, and the hbar foundation is the perfect example on how utilities will always overtake projects that rely on hypes
Memecoins is another name for rugs my friend, since the launching of such coins only a small number did good while others turned out to be rug pulls. I personally dont look into memecoins when looking for profit, im now interested in startups on launchpads like solanaprime, they really have huge potential yet no risk of a rug pull.
Cosmos memcoin Huahua is developing its metaverse, see vote number 8
Memecoins, rugpull, fomo, high apy/apr… they’re all inter-related.
Theyre bad cause they justify regulations…but on the other hand nocoiners will use any excuse.
Memecoins are the lottery of crypto