Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Taylor77 on February 05, 2024, 05:29:18 PM
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Are meme coins something to consider or are they just scams?
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Are meme coins something to consider or are they just scams?
The original meme coin happens to be in the 12th spot and they have been in the market for 9 years already some meme coins are doing good, so we cannot generalize and call all of them scams, it is a project-to-project basis even though they all have the same features some meme coins are just here to take your money and leave, you can consider the meme coins that have proven their worth in the community and has a huge support from the community, and on new meme coins better dig deep on what they can offer.
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The first meme currency was Doge Coin. This currency was just a joke at first, but it turned into a valuable coin and became very popular. It has a blockchain and its own mining algorithm. Doge flew high after Elon Musk tweeted about it.
In any case, meme coins basically have no real project. They are a commemorative symbol or icon for a famous animal or cartoon character. They have no project or real use for them, but some of them are very popular and achieve billions of dollars in sales.
Unfortunately, due to the ease of creating a meme currency, thousands of meme scams have appeared on the market.
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Are meme coins something to consider or are they just scams?
Actually, not all meme coins are scams. But I don't think it is that kind of things that should be more consideration. Because meme coins are always goes on the hype. And no one knows that what hype can be the next. I have seen lots of my friends to believe on rumors and hype and invest on meme coin on a large scale all of that circle of my friends are bearing loss.
So I think if anyone wanna try his luck on meme coin then it should be small scale because that fund can also be fully vanish at once. I have tried to invest some of my fund in the beginning time of mine , But now I have only traded on bitcoin for long-term.
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Are meme coins something to consider or are they just scams?
It depends. Some use them as a form of cheap lottery, trying to buy them as early as possible.
If you're not pinning all your hopes on it, and you're only risking a small amount of money, it's not necessarily a bad idea.
But in my opinion it's just random, it's difficult to predict what hype or collective fad is going to happen, a few simple things can have a big impact on them.. Sometimes a simple tweet from someone turns the price upside down, other times the #DevelopmentTeam s take off with the cash etc etc... It's up to you, but I think we must be moderate with memecoins.
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Are meme coins something to consider or are they just scams?
Not all meme coins can be considered a scam because not all meme coins are scamming the market. Looking at the market, we can definitely see that there are many meme coins in the market with very good positions, in which case we cannot directly declare meme coin as a scam. But there are many lucky people who have made money from meme coin who have made a lot of money investing in meme coin I think they are very lucky because without maximum luck you can't make money investing in meme coin. However no one should try to change fortune by investing in meme coins if you try to change fortune with all meme coins you will lose a lot.
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I do not recommend meme coins, i have not used nor bought any meme coins, but there is demand for it, so many of them are scam coins, but i don't think it is all of them. Meme coins are just like many other altcoins that lack use cases and people just buy them to see if they can make money through it, it is fine if that is what you want to do, but take note to invest only what you can afford to lose.
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Looking at some meme coin roadmaps, it seems like they're just aiming to gather more holders in hopes of building a stronger community base. There's no business backing it to make it more stable, it's purely reliant on community strength. Personally, I'm not a big fan of this kind of project model, as it's harder to predict for someone like me who can't assess something subjectively when it comes to money matters.
I prefer projects with real work and more focused programs (although those are hard to find in the cryptocurrency realm), but some top coins have already met the requirements for me to confidently choose the leading coins in the market. Meme coins are indeed hard to count on unless they have a strong community base.
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Are meme coins something to consider or are they just scams?
Not something I`d recommend for someone who`s just getting started in crypto space and he's yet to experience any losses or does not know how to handle losses cause they are surely going to incur a lot of losses if they go into meme coin hunting.
Most of them that I`ve seen that haven`t dumped their prices were only enjoyed by those who invested in them early before they got listed and the price skyrocketed [same reason many people and delving into it], I have gotten involved in a few of them and none were successful luckily i only used a little amount to purchase them.
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Are meme coins something to consider or are they just scams?
Despite the lack of use cases for meme coins, some investors have built confidence in meme coins. We know that we will always sing the praises of Doge Coin when it comes to meme coin because it is the only coin that has got reliability but we cannot ignore coins like Shib or Pepe because there are many investors and investments. Before investing in meme coin we must have a good idea about that coin. Since there has been a trend of investors investing in meme coins, some scammers may dare to cheat the investors by creating scam projects. but Projects that are already listed on Binance Exchange can be reliable. However, there are always risks in cryptocurrencies, so it is important to be careful before investing.
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I think it depends on your preference and also on how experienced you are with cryptocurrencies. Meme coins are not like Bitcoin, which has two seasons, such as the bull and bear seasons. During bull season, so many altcoins usually get pumped, but not all. If you are unlucky to invest in a meme coin that can pump during the Bitcoin bull market, then you will experience a loss on your investment. Apart from that, some meme coins usually generate huge profits for some investors, but the disadvantage is that no one can be very sure about the right coin to invest in.
While investing in meme coins, it's wise to invest only the amount that you can afford to lose.
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Are meme coins something to consider or are they just scams?
some of the brand new memecoins popping up in the market are indeed scams, the older ones like Doge, Shib, Floki, Pepe, Bonk might not be scam. but one thing is common in all of them.
They are all worthless and not suitable for long term holding, only use memecoin for short term trade, and earn profit then it is better to exit and leave them behind
but if you really want to gamble on a memecoin and want to try your luck holding one then buy as much as you can afford to loose. don't go all in memecoin, that is the stupidest thing someone can do in crypto.
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Are meme coins something to consider or are they just scams?
They are not all scam, but many are scam, you have to investigate well before making investment about them, deepens your research and know the conditions attached to having them for an investment, take the mind of bearing risk, it's one of the challenge you may face and know that it's either a win or loose game, but if you think you can't afford all these, then maintain your stay with bitcoin.
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Are meme coins something to consider or are they just scams?
To be honest, I also never thought about investing in meme coins before but until a few days ago, I also started to prefer meme coins, but only the ones which suit me best. The point is meme coins can be proved as a good investment but what I have learned is they are highly risky, you have to be very selective and have to be more accurate in your analysis.
And yeah, it is almost equals to gambling but you don't fully lose your money, as proper risk management can be used to make a profit and to minimize the loss also. I got more thoughts about investing in meme coins after knowing Avalanche foundation is investing $100 million in meme coins, and they set some rules to choose one.
And I thought I should participate and buy one meme coin at least (which I did not buy any till now) but we can use those rules for ourselves too.
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I didn't have much interest in meme coin before but seeing its extra market volume I took a small futures trade in this coin. This coin fell to the opposite high of my prediction, proving all my trading skills to be wrong, causing me to lose a substantial amount of money trading futures on this coin. It's not that I don't like this coin because I lost money in trading but like all other coins the behavior of the coin is not normal and if a trader trades in this coin he has to take high risk of money and then decide to trade.
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Meme coins are basically made based on funny, unique things and memes on the internet. However, now, it seems that the scope of meme coins has become much wider since emmecoin became very hyped in the last bull era.
https://www.investopedia.com/meme-coin-6750312
In this case, meme coins are always something that is considered extraordinary because the price increases are sometimes beyond reason. We understand very well that the hype about meme coins is not over yet. And it looks like it will continue. Meme coins have become very popular because they can generate very high profits in a very short time. But on the other hand, meme coins are a threat to beginners who don't understand the flow and suffer high losses.
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Meme coins, such as Dogecoin and Shiba Inu coin, are important for engaging communities, introducing people to cryptocurrency, and diversifying the crypto landscape. They offer opportunities for quick gains but also come with high risks due to their speculative nature.
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Memecoins can also create liquidity pools where users provide their coins for others to trade against on decentralized exchanges. This process enables users to earn a share of trading fees while to contributing to the liquidity and efficiency of the memecoins market.
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Meme coins serve as vehicles for exploring blockchain tech, driving community engagement, and reflecting internet culture's influence on financial markets.
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Are meme coins something to consider or are they just scams?
In fact, the main purpose of coin memes was created just as a joke, a funny idea. which was created initially as a satire on the Bitcoin hype at that time. That was the aim of creating Dogecoin at that time in 2013. On the other hand, this meme coin (Doge) was also ultimately used and utilized as one of the payment methods on several platforms, because the fee was quite small. The difference is, at that time, the meme coin wasn't really that valuable.
https://crypto.com/university/what-are-meme-coins
However, as time went by, since the Dog hype, lots of meme coins have emerged, even now they are unstoppable. And many of them just create meme coins and then let it all go as it is. What's important is that they hype first and invest a lot. It seems that the essence of meme coins is no longer really thought about anymore, as long as it can be hyped, there will be the possibility of big profits or, conversely, big losses.
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Judging from the various presences of Meme coins in various cryptocurrency markets, it seems like a balance or complement to major coins such as Ethereum, BNB, Solana. The more Meme coins circulating on the blockchain, the more main coin transactions are used for transaction gas.
Until whenever it continues like that and Meme coins are needed by the parent coin as well to increase the popularity of the native coin itself, this is just my observation of the many meme coins circulating in various markets.
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The importance of meme coins?. Meme coins don't matter, and I'm talking about blockchain or projects that have the purpose of improving the industry in some way. Meme coins could be funny a few years ago, when they were very few, for some time now, every day 30 new meme coins appear that only have a single purpose, to fill the wallets of some. In fact, people who usually buy meme coins do so to sell them when the majority of the market buys, so they are pure speculation without any other sense or purpose. That's why I personally think that meme coins are not important, they don't contribute anything in terms of development or technology, since anyone can create a meme coin in a matter of minutes without programming knowledge.
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Meme coins prone to massive volatility and rarely offer in any practical reasons to prefer them over less lighthearted crypto names. And meme voins have gained visibility due to the possibility of high returns and their role in digital culture.
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Meme coins prone to massive volatility and rarely offer in any practical reasons to prefer them over less lighthearted crypto names. And meme voins have gained visibility due to the possibility of high returns and their role in digital culture.
The potential of providing huge returns is the reason why they are so popular these days. Meme coins have become one of the most well-known trends of the industry because people who are entering the market as new investors are taking a lot of interest in meme coins and shit coins because they want quick profits with low investments so they take the risk of investing in meme coins and hope for great results.
Seasoned traders and investors barely put in much trust in them because they know meme coins don't provide any utility and there is no guaranteed returns as most of them usually die before they make it into the market or gain enough attention in the industry.
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Are meme coins something to consider or are they just scams?
Meme coins, this is complicated, isn't it? Because if we say scams, in fact there are still many people who also get high profits from these meme coins. However, if we say legitprojects, then we also know that there are a lot of losses due to meme coins. So, in essence, whether it is a scam or not will depend on each individual's use of these meme coins.
When we only choose meme coins because of the hype and without prior analysis of when to buy them, we will actually experience losses afterwards. However, if we can analyze it first before that, there is a possibility that we can get high profits from meme coins. However, of course the risks are very high, it is not recommended for beginners.
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How does meme coin scam? Meanwhile, the business model is like that, looking for ways to increase prices by playing with demand and supply or other price driving factors. Functionally, there is nothing special, because it was designed for the community only as the name "MEME" suggests...don't have high hopes for meme coin, the price can be destroyed in an instant and can also fly up in a short time. The volatility is very high.
If you are intrigued by the price increase, but are worried about the potential scam, you can buy a small amount, maybe $1 or $10 to try out the roller coaster of a highly volatile coin.
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There are legitimate and scam meme coins. It's just a matter of how you would determine if that specific meme coin that you are about to invest in is the legit one. Some even say that investing in meme coins is much more becoming a meme, imagine that investing a small amount of money can sometimes result in multiplying at an unimaginable amount.
You may also compare investing in meme coins to gambling as the risk is too high that your chance of multiplying your money will be up to your luck. There are also some chances that you will become a victim of scam meme coins. Even after trying to verify the legitimacy of the meme coin, there's no way to determine it with 100% legitimacy until you have become a victim.
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There are legitimate and scam meme coins. It's just a matter of how you would determine if that specific meme coin that you are about to invest in is the legit one. Some even say that investing in meme coins is much more becoming a meme, imagine that investing a small amount of money can sometimes result in multiplying at an unimaginable amount.
You may also compare investing in meme coins to gambling as the risk is too high that your chance of multiplying your money will be up to your luck. There are also some chances that you will become a victim of scam meme coins. Even after trying to verify the legitimacy of the meme coin, there's no way to determine it with 100% legitimacy until you have become a victim.
I agree with you in what you say in the first point of your post. But unfortunately that time has passed. Nowadays it is practically impossible to earn the amounts of money you say with an investment of, for example, $10 or $100. It must be taken into account that there are many whales waiting for the launch of any memecoin who are willing to spend thousands of dollars to buy billions of coins/tokens waiting for a price increase, which makes it impossible to have the profitability that we could obtain a few years ago with even lower investment amounts.
Furthermore, nowadays the memecoins that are launched on the market (several dozen every day) end up abandoned or being a scam, which is why it is becoming an increasingly dangerous and expensive game, since competing with whales is usually impossible, unless we put more money on the table and are willing to play.
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Are meme coins something to consider or are they just scams?
Well I wouldn't say all meme coins are scam tokens, but as the name implies, meme coins were intended to be just a joke, but some meme coins managed to break the drill and attained somewhat level of authenticity and legitimacy.
Although a lot of meme coins are mostly pump and dump projects. The creators create the token with no actual practical use case but pay social media influencers and celebrities to hype the tokens so people can gain interest in the token and then artificially push up the price of the token and when the token has attained a significant peak, the creators of the token quickly sells off their coins which is often a higher ratio of the token, rendering the project worthless.