Topic: MemeCoins becoming the new Shitcoins (Read 422 times)

Perhaps, they are of the same level...
From scam coins to shitcoins, then to meme coins, and what next?

The market seems to be more interesting but somehow, it becomes more tricky. Well, I don't look into them, into these coins as I only invest in the top coins in the market. That it looks funny that as the market continues to grow, these memes/shitcoins are also spreading. A lot of people lose their money because of them and we don't know how to stop this.

do you still believe what elon musk said?
To be honest, I had predicted that Elon Musk would destroy crypto with the influence of his tweets, the fact is that now with just one tweet, the crypto market, especially bitcoin, has crashed.
although currently fomo shitcoin (NFT) is hitting the crypto world but in my opinion investing in such coins is very detrimental to us because indeed such shitcoin does not have strong fundamentals so the possibility of rugpul is very large, maybe only a few shitcoins are developed independently serious by the developer as happened to the shiba inu coin in my opinion.

Meme coin increase in price has been unprecedented! The fact that a legit guy like Elon has been shilling dogecoin is legitimizing Meme coin literarily! If Elon find a use for doge has it were, Meme rally in cryptocurrency will mesmirize the value investor! It will turns head and confuse many even more! Meme coin is transitioning in to something we don't know yet!

Those who've been move because of the fomos and didn't do their research well are now trapped to this project.

This project gave quick profits for early investors who managed to exit before the dumped  happened, but for those who bought this coin while there are lots of people who are chilling and attracting them to invest,

That's a big loss for them, seeing the value is continue to fall and seeing their assets losing its value.

I wouldn't be so sure about that. Binance and Coinbase are known to delist things. Coinbase took down XRP before remember and Binance has taken down hundreds of tokens after the ICO failures of 2017 so we know for sure being listed once doesn't guarantee a long life.

DOGE is safe, that's always there and was there before the hype but I won't be surprised to see SHIBA disappear.

It's definitely gonna stay, any memecoin that got listed in popular exchange like binance or coinbase definitely gonna stay but the question is, will the demand still exist? Shiba didn't have their own mainnet and the swap defi they offered looks generic
while doge demand purely coming out of speculation driven by elon's opinion as well. I doubt these meme coin could reach the ATH again since reaching the previous ath already make many people goes broke, it's like gambling after all and an usustainable ones at that.

The current value of the Shiba is much lower as it will have a detrimental effect not only for the newcomers but also for the old traders. Due to the increase in the price of etherium the demand for this currency was much higher in the market with the increase in the price of these the price of other items including Shiva tokens was increasing but now these tokens have come down almost a lot. There is a possibility of loss if you invest in this currency.

Unless I am misinformed he doesn't own or support Shiba. He got the tokens sent for free and he decided to donate them to the Covid relief fund. He did this most likely to stop the network congestion because people were paying 500 Gwei fees and network was ununable. And way too many people were scamming others with all those fake doge clone coins on Defi.

The reason why it is not 0 yet is because the India covid relief said that they won't dump everything at once, they will most likely only sell on rallies because if they cash out too much too fast its going to go to $0 pretty much.

The coin from its peak of like 0.00005000 is almost down 90% or so. And even if you bought the dip, you would still be down at least 50% and I don't see if ever going that high again. It might form some base due to the publicity from the India covid relief however it probably won't hit ATH ever again.

unfortunately, many people are trapped in shitcoin
they want to get rich quick and didn't learn the big risk
coins that don't know where they come from make the rich even richer

Since Vitalik says he has the Shiba token, Shiba will continue to exist
but look at the current price of Shiba, it really fell badly

those who are newbies in the crypto market will be shocked by the current conditions
they got rekt because meme coins lol

Yeah, as I've seen most of the shitcoins follow the model of ponzie  scheme where the early bird got the most out of it and that's why many devs actually eager to make such shitcoin because they know if they're early there's bigger chance that they gonna make big profit

But, that's unethical in so many not to mention where they also trying to make newbie fall into their scheme and that's not enough, even big exchange like binance also list such shitcoin lol, it seems many exchange also actually support coin that was made for pump and dump.

It wont hurt if you do just invest on the amount you can afford to lose and minding off that you are just buying some lottery ticket and dont anticipate much that these investments would really make you a millionaire.
Just like into those behavior on where people do take out some risk on buying a shit coin even if they are aware but some of them did really luckily able to change up their lives with that and this is something
where most people do really believe and hope for this is why we do see still some investment made even we can say that majority of them are shit or not relevant but chances or odds on changing up
someones life is really there and expect on having lots of similar projects popping out because this had been the new trend atm.

I am not sure how much help they would actually be able to do of the humanity. First thing the crypto indian fund isn't really realising them as quickly as they should have which means the total supply might not get realized even after Covid is over. On the other hand if they try to realise it immediately they won't even get around 2-3 million for all these coins. So 1 Billion is just a hoax value which was created on that time's market price. Market price has falled already so much and would eventually fall further when these tokens come to market for sale.

Lots of people are looking for the next 100X coins and fortunately enough those shitcoins or memes dont really disappoint these days so normally if you get in early you walk out with some profits and if it doesnt walkout them too that you might lose a buck Just remember that its shitcoin and anything can go down

Well, after all the hype with meme tokens, we'll see who will stay, I think SHIBA will definitely stay, she was the first to achieve such results.

Lazy devs and worse,,, even lazier investors. The worse thing also about the people buying up all the memecoins is that many of them are even veteran crypto holders who were busy in ICO days, and now tricking new people into buying up memecoins. This is the world where people's first crypto is not Bitcoin and not even DOGE but SHIBA?  

Although this game is not highly recommended but when we think about the success of dogecoin and SHIBA, some people still cannot give up their hunger for profits and opportunities, many signal groups and some communities I know also post a lot about upcoming Memecoins projects, they don't talk about potential, they just talk about testing chance and luck. Shitcoin in the eyes of many people but suddenly turned into a huge block of gold, this is not a rare case, stopping people right now is probably too late, let them check the results for themselves, it's always better than a piece of advice

We have seen this happen before. Nothing has changed.
They are easily fooled with token that are not real. No real product behind it, not even a single purpose of what they are meant to do in the crypto industry.
Just trash to make people buy cheap coins with a promise of profits in a short run.
I was manipulated by a same case before but it won't happen again. Let them learn their lesson on this one. Perhaps they also need it to see what the real coins should be and support them.

I understand doing something similar to what is trending is a good short term business, but with nothing to offer besides being a meme coin or built on speculations, it's clear these are after our genuine coins like eth and the devs or owners of the coin can easily pull of an exit scam leaving us with worthless coins.

Let's try to do our due diligence before investing in new projects.

feels like a freaking ponzi, anyone trying to get out when the ship is sinking and truth is, many of the people gonna left behind dying which means some of the buyers of these tokens gonna lost their money to the people who succesfully escape.
We're all being sponfed with the information that if we buy these shitcoins we gonna get rich and there's proof of that but those people who has cashed out definitely enters early and escape at the right time meanwhile for those who are late to the party, well you have become the food for those people who cash out.
maybe dex should give title to these coins as ponzi or any warning if possible since many newbies also lured into buying this coin.

There must be an exception for shiba. Shiba already traded on so many major exchange sites. It's quite difficult for shiba to go down like the new scam token that used shiba or doge as a part of its name.
You must know that the fundamental of shiba is different for now.
You are so lucky because you were able getting very big profit from shiba coin. people are so greedy to search for the new shiba coin and that's why they were betting their life into garbage coins.

Gradually the crypto space is becoming a huge joke with all this meme coins popping out from different angle thanks to Elon Musk for sending dogecoin to another level of PnD, every lazy dev now thinks this is the easiest way of making money and gullible investors are depositing money freely into their joke.

Only a few of them have any real effect, I also spent a small amount of money buying Shib before and I also made x100 profit from investing in it, but good luck I believe that it will not be possible to go to the crowd and do not try to get greedy on trending coins like this in the current market.

Haha ICOs at least had some awesome white papers that looked and sounded revolutionary. Kill Google, Kill Apple, Kill Facebook and what not. Well, now that I am saying this these meme coins all claim to become the next Bitcoin and the saddest thing about it is that DOGE even made it so far.

Well, these projects have no difference in relation to ICOs or coins when they were launched at a time when mining was a hot topic. This movement of token launches and "meme" projects is super normal. Each person must DYOR and avoid having losses and be deceived by those people who seek quick profit and dump.

If nothing else, make those tokens valuable to humanity. Not only to fatten the pockets of those developers. So yes, I also agree with Vitalik's move. Instead of letting those tokens sit in his wallet, at least make it valuable to others in need, especially during this pandemic. And it is not his fault if it will go down hard, if there is solid foundation, they can always go up again. But if not, it means, it is indeed a shitcoin.

I agree with you 100%!!! They are all to blame themselves. Vitalik took the perfect measure as they wanted to abuse him for promotional reasons and those who believed Vitalik took tokens from those projects in exchange for his name and reputation are just dumb. Kudos to Vitalik for that outstanding decision!

They are not becoming the new shitcoin, they are the new shitcoins, and to sincere, my love for vitalik grew more after what he did, not saying I don't feel sorry for those who must have lost a lot of money on this new set of shitcoins, but they should have known better that putting money in a shitcoin is a gamble with big risk.
And to see how dumb this developers are, they wanna burn coins and choose the address of vitalik to burn the coins, if I was vitalik, that would be an insult to my person and would have done the same thing vitalik did, vitalik already knew that this tokens aren't gonna last long and they will all return to zero, so he's probably protecting he's wallet from hodling trillions of shitcoins with absolutely no value in the future, so he did the right thing by sending those funds out of his wallet and using them to help humanity while they still have some value, this will serve as a lesson to this developers and also to those who think investing in meme coins is the best way to make money.

That's what I'm hearing from time to time. They are quick choose which altcoins that they're going to buy and wait for awhile and then that's how they make money from it.
It's becoming easier for them to choose yet they should also be aware that it's a risky strategy.

Not actually useless if we do consider the relevance when it comes to cheap fees and fast confirmation then DOGE is much more better than in most coins in the market.
It do just happen that this coin was called to be a meme coin thats why people does have that kind of perception for it to be a shitty or useless one but i do actually
see the opposite way and now the hype is on then you would expect different similar projects that would be available in the market.Its just on someones
decision if they would just blindly jump with the hype or be careful on dealing with these things.

1. I do not consider Vitalik "Traitoring" it's too much to say. No one really sought his permission before sending 50% supply to his wallet. Yes this can be considered sad for many investors but not traitoring.

2. Shiba Inu is alive just because it got listed on Binance on time and would continue to be a hot trade commodity for traders. Now, If BTC goes up Shiba would follow and if BTC goes down Shiba would follow.

Rest of the others also might exist but the fanatic pump which attracted a lot of people has burst now. These coins may exist just like hundreds of useless altcoins floating around.

What Vitalik did and what retails investors did are just part of the game. You can't say one of them is wrong and one of them is right, since both of them has a conflict of interest. If we're talking about ethics then we'd need more than just a thread and tweets to discuss it.

On one hand, this is the power of decentralization, where anyone can create its own doge coin and then orchestrate a pump and dump on their own. On the other hand, you don't need million of dollars to start your own project and make your idea into reality, just like satoshi did.

I think the momentum and hype of this coin is back again after Elon musk tweet about doge today and Doge will get list on Coinbase.

Damn, what can i say about this coin is useless but theres a hype on that so if you're invest on this it's look like you buying lotere.

 No wonder why they're bleeding right now also.. But those who successfully made a massive profits from each of that coin is very lucky, especially if they already sold it before the situation turn into this.. Because you know the situation right now seems it cannot recover immediately so this will become a nightmare for those late comers..unless if those coin or should i say duplicate coin, will react as well when the real doge keep moving again.. Indeed dogecoin at this moment turns into green again in the market.. If they don't make any progress after the doge for sure they will become a shitcoin without any further action, based also on its percentage in my opinion.

Why these shitcoins developer didn't burn their coin to a proper burning address though, I thought there's this 0x000000000000000000000000000000000000dEaD address that could be properly used when some project want to burn their coin but no, these shitcoins decide to send it to vitalik instead because reasons and now vitalik literlaly dump all the coin through swap platform everyone losing their shit and went ape rage.
If something could go wrong it will go wrong and shitcoin developer sending token worth millions of dollar to vitalik address, they definitely waiting for the dumping.

That Shiba Inu is now climbing still up to more than 1200% increase?

and about the traitoring of Vitalik Buterin , what more about Elon Musk Dumping Bitcoin now saying that Tesla will not accept Bitcoin anymore?

Is this worth believing more? and what will be those listed coins above reaction in the next days.

Exactly, those coins that vitalik has sold also sent intentionally by the developer to vitalik address, those people who bought shitcoin at the peak price should only blame the devs and themselves. His address wasn't created for burning shit coin tokens, it was all his personal posession and yeah those coins are polluting the eth chain because they gonna execute swap smart contract address which usually quite heavy, imagine what kind of impact those buyers have when they buy very frequently because of the hype. i mean, atleast wait until july when fee resolved that one i can tolerate.

What vitalik did was genius. It benefitted the Covid relief fund AND finally the transaction fees came back down. It was 300-400 Gwei during all this SHIB pumps and now its at less than 100 Gwei. Still expensive to send ERC20 tokens but cheap for regular ETH transfers.

It was getting out of hand and basically people really shouldn't be investing in this because its not an investment. Its a gamble pretty much. Maybe a guy or 2 got rich off it but most people will end up holding a bag that goes -99% like in late 2018 and early 2019. This is why this crypto bubble seems like its going to burst soon.

I agree and those who believe they should buy one of those coins from that list should also be able to lose it all. Vitalik all spent it on charity. I think one problem is also that many of the coins are ETH based and spam the blockchain when trades happen, hence bring the transaction fees up. It was right what Vitalik did. Now the money goes to people who need it more. Blame the devs who sent the coins to Vitalik, not Vitalik.

Vitalik was selling it to be used as donation funds and the community was so angry caused by vitalik was creating an instant dump and he was robbing a lot of ethereum from the liquidity pool on uniswap. I think that you are missing this event dude and the price goes down so hard caused by vitalik.

Well, it wasn't to wonder why it goes like that, they'll going to pump and later on, they'll be going to sleep forever. Because without Bullrun, I don't know if there is someone who has seen them.

As the crypto market growing and keep spreading, many people would like to create meme coins for fun and looks like many innocent investors had fallen into that. Maybe we have to add this category for MEMECoins/projects like how ICO/IEO, Defi, NFT made so we are confident that they can't get a victim anymore.

Most of the scalpers are rushing buy memecoins because of its current hype and they believed to make easy money from that project, those projects are called shitcoins because they have no function at all in this market aside from the hype. I do buy some and make money as well, whenever the trend is its ok to ride for a while and make money but of course there’s still risk.

Obviously one definitely should defend Vitalik. It's Elon Musk who is being insane and pumping and dumping every Crypto as much as possible. Talking about people, the herd would anytime be crazy for money no matter which year we are in. Whenever you tell someone I can make your money 2x 3x there ears are wide open to hear you anytime.
I don't think so Joel. I think in some time probably around the next bear run these get rich quick people would lose money and then would not enter crypto markets and then people like Elon Musk would not have that much impact on them. Just like McAfee who was very active in 2018 has no impact today.

Its risky to invest in a coins without utility and just driven by the social media to gain popularity. Because if something bad news came out they will nosedive making it hard to recover unless there's a strong community supporting it.

I think its because he donated $1 billion worth of shiba inu to indian crypto relief fund, it cause panic to some investors.

Exactly, and I can't see why vitalik was branded a traitor meanwhile the devs of those shitcoin intentionally sending 50% of total supply to vitalik's address to get exposure. Pretty ridiculous i would say to the community of these shitcoins.
Now it seems when these coin going down so many people trying to blame someone else for their mistake while it's 100% obvious why they invest to such coin in the first place if they don't want to lose their money
because meme coin is just money grabbing, rug pull, and lies. Might as well brand it a pump and dump coin because that's exactly what these meme coin did.

We're coming to an end boys! The good old days of innovation and fun are gone. It's all Elon's fault and sheep who follow him blindly. I wish there was a consensus on who can create a coin to stop trolls from getting rich by making a Elon Coin. Btw you sure Elon didn't create that coin himself in the Tesla factory?

I'm not defending Vitalik but they should know that investing in meme coins is considered very high risk. They should look also at what Elon did, with his tweets, the market is changing a lot and it won't always be a boom for the market.
It's becoming a strategy and norm that everybody should invest in meme coins because of what Elon did but it's always the discretion of investors that we should all behave and be aware of what we're investing.

And this is why people should really be careful on dealing with new things specially if its been hyped and we know the current condition of Doge in terms of popularity
and recognition as of this moment and its normal that we would see these new things that pop out like mushrooms and hoping that they could get some investors
or the ones who would bought these coins for the hope that it would really make them rich but just like what others said
that this is just good for money grab and theres no relevance on these projects existence.

Most of these SHITCOIN/ MEMECOINS had burned 50% of their supply and worked on a deflationary model to increase their prices. For purpose of burning the supply they chose the address of Vitalik Butterin as which address could be more trustworthy than his? So every coin almost burned 50% of their supply by sending it into Vitalik's Ether Address.

Vitalik Played a masterstroke. For whatever reasons he donated all this supply to the INDIAN CRYPTO COVID RELIEF FUND. The Total Amount of donation at yesterday's price before the crash was around 1 Billion$.  Now this supply which was expected to be locked is into the market again and Most probably the fund will realize it soon. Now when this supply would be realized into fiat for actual usage we won't get enough demand at the time of swap or selling as 50% of the supply would be on sale. This means price would go further down or basically rock bottom.
DeFi were the biggest contribution to crypto society they had a utility that they gave to the community. Similarly even NFTs gave the idea of cryptographing digital assets. Which contribution to society do Memecoins make except for bringing disrepute? Exchanges would never hesitate in listing any coin. For them, any coin which has Market Cap and can give them fees is a good coin. For them, it's not a matter of utility.

Why are every ones against memecoins, everything has their own season of trending, so the same way of DeFi projects did, I know when there were thousand of DeFi projects in the cryptocurrencies system but some of them are dead today, haven't you asked yourself why Binance listed SHIB, on the exchange, I don't call them and can never call them shit coin because they exhibit and have good trading volume, shit coins never had good volume, they only rise and dump at the same time and die forever with poor volume.

All the reputable exchange are opening their hands on listing there memecoins in their exchange, gate, Okex, huobi, mxc, all have these coins on their exchange.,so why should they die out.

what a tragedy to F0 investors ( new investors who just come across the cryptocurrency for a few weeks). Things will get tougher because I see no bright future in bitcoin and it is now being traded below $50000. I have told my friends not to invest in memecoin and now, they might be regret not listen to me

greed is blinding people to the point of starting to turn this cryptocurrency market into a circus of clowning, in the past we had altcoins scam obvious, but nowadays we have seen altcoin that is a shame, what is the sense of people being investing in these meaningless altcoins and with dog's name? Did people forget that money is precious and that this market is dangerous? is the 20X profit madness so big that it makes people have frozen brains? It is unbelievable that so many people put money in some altcoin just because it has a dog name


I would also like to know

You forgot Space Corgi 

What did Vitalik do? I know since couple of days that creaters sent for burning ideas tokens to Vitalik adress. Did he misused this idea ?

We all know after the Doge pump recently, numerous coins have hit the market claiming to be the next doge and most of them either have dog in their name or are having Elon in their name. Some like Shiba Inu even managed to pierce in the top 50 Cryptos and is now listed on Binance too. Utility? None. Thousands of investors or I should say normal people like us might have made 20-50x money with these coins. But an Equivalent number of people lost everything last night after what Vitalik Did. Here is the snapshot of the dog market after what Vitalik did:



Surprisingly Vitalik is now being seen as a traitor who has duped so much money of innocent investors. But up to what extent do you think he is wrong in doing so? I think he is absolutely right. These coins are just spoiling the name of blockchain and cryptos by making it a get-rich-quick scheme.