Topic: Are memecoins really important for the crypto market? - page 6. (Read 1256 times)

Many memecoins have recently been listed by major CEXs and caused their prices to increase dramatically, whales also intervened to push up their price. I agree that memecoins were manipulated and pumped up to create profits for whales, while many other investors lost money.

But from a marketing perspective: thanks to memecoins, many people knew crypto market, they joined just for fun, not investment, but then they became Bitcoin and Altcoins investors.

I think memecoin can be the best marketer for the crypto market 

Yes and No.
Of course it will depend on the person you are asking this.

For those who made tons of money by investing into meme coins, they will say yes it's important. I mean there are a lot of investors already who changed their life just by investing into meme coins. Of course luck plays a big role towards their success. For those who lose money, they will despise meme coins, and they might say "I hope meme coins didn't exist anymore. " blah blah blah. Many made their first millions by investing into meme coins, but there are many out there who lost their money because of investing into these meme coins shitcoins.

TBH, I lost money into meme coins, and as much as I want them to be removed, I always believe that there are still some meme coins out there that still has a use case to some investors. Whether they use them to transfer their coins because the transaction might be low, or they use it to donate to other people or whatever it is, meme coins are still useful, and kind of important. It's just that, there are many meme coins that turned out to be a scam coin thus, it changed how the investors sees it.

There are many meme coins in the cryptocurrency market. But among them we are most familiar with Dogecoins. Like you I also invested in this coin but long ago and even hold it for a long time. But I keep more meme coins for investment, they are BONK, PEPE, FLOKI. But I was addicted to Baby DogeCoin for a long time and even involved myself in investing a lot. As a result I got only loss from there.

Of course, investing in alt coins and meme coins should be done well before analysis and research otherwise there is a high chance of loss. As investing in alt coins and meme coins involves risk.

DogeCoins have been in the market for a long time and will continue to exist in the future.This coin is the most popular of the meme coins for me and most people.If we review the history of this coin, we can see that after Elon Musk tweeted about this coin, the coin gained a lot of popularity and increased in price.

Meme coins should be thought as investments that are very risky, and this is because you have no way to know if the meme coin will go up in value or crash, since it is not rare for a meme coin to gain massive success, while a meme coin that was released at roughly the same time and that has the same characteristics disappears without any chance to make profits for their investors, so people should do well to keep this in mind before they invest in those coins.

still do research first before buying altcoins. Moreover, coin memes will only move during hype. The first thing you have to look at is the developer and what breakthroughs will be made. Take Dogecoin for example, it can still survive for a long time now because the community really believes in this coin. Moreover, it is supported by Elon. different from other memecoins, especially new ones

There is only one meme coin and that is Dogecoin as it was the first one. What you are seeing is developers are creating coins like dogecoin to cash the hype market. Those who were not able to join the hype when Dogecoin was dirt cheap are now investing in other meme coins with the belief that they would make good profits in the future. The first replica of Dogecoin was Shiba INU and those who have bought it are still stuck with their investment as it never made it to where Dogecoin is now in price perspective.

Whether we like it or not meme coin makes a large part of current crypto volume. They are a force worth reckoning.
So, I'd say I support meme coin as they have kept crypto popular and brought in a large number of new people and new funds to the market.
I have for several times invested in meme tokens. I had invested and held on Dogecoin in the past but I don't hold it now. The most hodled memecoin by me at the moment is Pepe, followed by Popcat. The meme trend has shifted towards Solana network so I'll be looking for more Solana memecoin in the future.

Yes, I support the existence of memecoins because the crypto market remains active even during bear markets. For me, memecoins add an element that prevents the crypto world from becoming dull. Imagine a crypto space without memecoins, everything would be too serious and monotonous. That's why I believe memecoins will continue to have a presence in the crypto world. It's up to us to decide if we're willing to face the risks associated with memecoins when considering investing in them.

Yes I support the existence of memecoins in the cryptocurrency ecosystem space because it creates the competition among the coins in the market. Without the memecoins the king of cryptocurrencies will become tyrant in the space whereby no can buy and sell and it is because of the other coins and tokens the coins are some moderated. I have invested in one altcoin and it is Eloncoin and the value is still small and I have not withdraw it so I have not loss or gain but small gain has entered.

Memecoins are very much important in the coexistence with others in the ecosystem

Do you support the existence of memecoin in the crypto market?
Personally I dont, there are other projects that have more meaningful innovation that deserve the money invested much more than meme coin itself and I think any random meme doesn't deserve the millions of dollars invested to them for just existing and not presenting anything meaningful.
Have you ever invested in memecoin? Which memecoin is that?
personally I have invested in doge coin and shiba, i honestly among the one that holds early and made quite the profit, but not that significant profit though unlike those that flips $1000 to millions, i just got lucky i still hold some amount of doge
Has your investment in memecoin brought you joy, profit or loss?
overall profit, thats why i also have refrained from investing further in meme coin simply because i don't want to turn my early profit into loss because im tilted investing it just doesn't sit right with me with investing in meme coin nowadays i preferred to prevent myself because i could be investing in better project like manta, dym and so on.

What memecoin I can only say important is Dogecoin. Other altcoins are already copy-cats of Dogecoin which is only here just to make money for people, they will create hype at the beginning to lure people then dump on them later on. I can only see gambling to these memecoins.

Like PEPE shitcoin which has no utility and only takes advantage of their community and because they have enough hype they can enter the Top Tier 1 Exchange. It all started with Doge and Doge became the king of all memecoins. Even though Doge is only a memecoin, it is based on it, moreover, it is supported by many communities and is always a coin that exists in every market.

Dogecoin is not totally a nonsense meme coin as it also contributed some but the rest is just something we never see as it real use case in the crypto space.
Generally, I couldn't say they are important but yeah, developers have the right and freedom to make these stuff even though people are not needing this.
At the point that meme coins are in the hype, people are happy but now, they are rejected and ignored - they are just considered as the pastime and in the long run, it helps nothing but just another shitcoins.

Yes, it all started from Doge but it's better if it's the only one meme coin in the market.

Dogecoin but I've missed the peak of it and sold too early.

I am happy with that because despite the small profit that I've made. It's the feeling of being invested on it at a point of your life and seen it soaring although I was not part of it.

If it is with the mentioned importance, then answer is no. Meme coins are most of the time not having utility and therefore not haaving enough usage to pull investors towards this industry. However, it is a profitable coin as we saw on the previous years such as with SHIB, $PEPE, and more. It just happened to be most of the time manipulated by whales due to high token supply and low market value. Succeeding memetokens are having high market price increase on its listing with different exchangers especially big ones such as Binance. Problem is the fact that not all meme tokens are having the same outcome upon listing so better be careful of going all out. It would be much better to wait for corrections in its price. If I would be asked, I think meme coins are only okay for short term investments.

I have experienced doing some swing trades with meme tokens and fortunately I gained decent profit. However if it is a coin to be advised over major coins, then I doubt of it especially those which are still on price ceilings at this point. A good alternative for me if it is among other altcoins in this industry but not having that much of an impact in general.

You joined this market since 2014 as a Miner? Surprisingly!
I didn't even know FLAP coin, but it's good that it brought you profit in this market.
Memecoin should be considered a fun investment instead of a serious one with the goal of making investors millionaires like some really lucky people on TV 

1: I support the freedom, which crypto is all about. Just like internet, anyone can create stuff and leave it for others to use or not. It's up to people if they need it. I am not angry that there are something stupid in the internet that i am not using but everyone else is, just like i am not angry that people have freedom to create any kind of coin or token they wish.
Now i don't need to understand why that appeals to people, because it's people who choose to use them or speculate with them.

2: First coin that i mined was a dogecoin clone called Flappycoin in 2014. At the time that was exciting and trough it i got first touch to the whole crypto scene.

3: FLAP gave me some profit. I traded it in cryptsy that used to be a big thing but is long gone scam now. It definitely brought me joy. I didn't understand the valuation or how valuable it could be. But i fellt like a millionaire for holding millions of coins. I was lucky that i didn't put too much money in anything at the start. Even though i might have been able to become a millionaire, there were also ton of scams. Different kind of scams then today, but i encountered few of them and didn't lose as much.[/list]

The crypto market is experiencing a resurgence, with Bitcoin reaching 49k USD and numerous altcoins breaking free from the crypto winter's grip. Memecoins, too, have joined the recovery trend, with many new ones emerging. The memecoin craze shows no signs of slowing down, fueled by the promise of life-changing opportunities. Stories of investors striking it rich with DOGE^[1], SHIB^[2], and PEPE^[3] abound, prompting me to delve into the world of memes and memecoins.

"A meme is a piece of content (an image, video, or text) that is humorous in nature, spreads quickly across the internet, and can be remixed and transformed over time. In a more general context, it’s an idea that spreads quickly from person to person within a culture^[4]."

"Meme coins are a cryptocurrency genre loosely defined as having an exuberant online community supporting the currency's growth^[5]."

In essence, memecoins are the crypto equivalent of memes, designed to inject humor and excitement into the crypto landscape. But unlike other asset classes – forex, stocks, bonds, and commodities – memecoins exist exclusively in the crypto realm.

This unique distinction reflects the freshness and optimism of the crypto market. Participants in this space are primarily young individuals who embrace innovation and financial exploration rather than sticking to traditional assets like gold, oil, and foreign currencies. Their optimism translates into humor, giving rise to the likes of Dogecoin and ShibaInu. The meme wave is unstoppable, fueled by the boundless creativity of human humor.

I think, humor also plays a crucial role in mitigating psychological stress in the crypto market's inherent volatility. When prices experience sharp swings, investors often express their emotions through memes, poking fun at themselves and others. This self-deprecating humor helps lighten the mood and diffuse tension. Memes, in turn, give birth to new memes, and from these, new memecoins emerge.

But memecoins aren't merely vehicles for humor or lottery tickets. They also hold significant value in the broader crypto ecosystem:

• Attracting attention: Memecoins' inherent intrigue captivates the community, bringing crypto closer to potential investors.
• Accessibility: Often priced very low, memecoins are easily accessible to newcomers, lowering the barrier to entry.
• Price appeal: Their volatile nature can lead to meteoric price increases, fueling investor optimism, breaking down fear, and generating FOMO.
• Burn mechanism: Memecoins with high transaction volumes burn significant transaction fees, reducing the supply of native tokens and supporting their price.

The Avalanche Foundation's recent decision to invest in memecoins further underscores their growing importance^[6], even among those who dismiss them as mere "trash" in the market.

I love dogs and I bought DOGE in 2018 at 1 DOGE = 0.0025 USD but sold them at the beginning of 2021 when 1 DOGE = 0.1 USD. It's a pity because I couldn't hold until 1 DOGE = 0.7 to get x280 profit. Maybe I'm not destined for DOGE and memecoins 

I want to hear your opinion about memecoin in the crypto market:

• Do you support the existence of memecoin in the crypto market?
• Have you ever invested in memecoin? Which memecoin is that?
• Has your investment in memecoin brought you joy, profit or loss?

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References:
[1] Truck Driver That Made $3 Million from Dogecoin (DOGE) is Now Selling His Bags to Invest in This New Memecoin
[2] From $1,000 to $1 Million, How Shiba Inu Made People Millionaires
[3] Becoming Millionaires in 2 Weeks: How 3 Addresses Got Rich with PEPE
[4] Buffer: Meme
[5] Investopedia: Meme Coin Explained
[6] Avalanche Foundation to Purchase Meme Coins as Part of Culture Drive