Are memecoins really important for the crypto market?

[KryptoBull]

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?

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
Note:

• My opinion was posted first in that topic, on Bitcointalk
• I leave the source link to avoid plagiarism accusation.
• I excluded/ included minor things from an original thread ^{if necessary}.

[vegasus]

Memecoins are just a part of the crypto market. and the crypto market does not depend at all on these meme coins.
In essence, we can admit that meme coins have become one of the biggest players in the crypto market, because of the large number of meme coins that have emerged since Doge achieved great success. So lots of meme coin projects are popping up. And it cannot be denied that there are many meme coin projects that have succeeded in attracting attention and experiencing hype. However, the problem is, most of these meme coins will definitely drop and fall very deeply once they have exceeded the hype. and the price also becomes uncontrollable. Then the project became a rugpull.

This is already commonplace with the meme coin cycle in the crypto market like this. So what makes it busy is because there are so many newcomers who come to the crypto world because of meme coins, especially Doge, without them understanding the dangers or big risks of these meme coins.

[I-Bit]

Memecoins are just a part of the crypto market. and the crypto market does not depend at all on these meme coins.
In essence, we can admit that meme coins have become one of the biggest players in the crypto market, because of the large number of meme coins that have emerged since Doge achieved great success. So lots of meme coin projects are popping up. And it cannot be denied that there are many meme coin projects that have succeeded in attracting attention and experiencing hype. However, the problem is, most of these meme coins will definitely drop and fall very deeply once they have exceeded the hype. and the price also becomes uncontrollable. Then the project became a rugpull.

Indeed. Crypto market will never rely on meme coins. It is just a small part of crypto market.
Yes, there are too many meme coins, there are too many people who are involved in the meme coins market. No doubt that there are some people can succeed with meme coins. But we must be aware there are too many people who lost their money. Since there are many cases of rugpull in meme coins. Because meme coins have no fundamental, it is easy for any developer to manage meme coins. So be careful to invest in meme coins.

[jeraldskie11]

Memecoins are just a part of the crypto market. and the crypto market does not depend at all on these meme coins.
In essence, we can admit that meme coins have become one of the biggest players in the crypto market, because of the large number of meme coins that have emerged since Doge achieved great success. So lots of meme coin projects are popping up. And it cannot be denied that there are many meme coin projects that have succeeded in attracting attention and experiencing hype. However, the problem is, most of these meme coins will definitely drop and fall very deeply once they have exceeded the hype. and the price also becomes uncontrollable. Then the project became a rugpull.

Indeed. Crypto market will never rely on meme coins. It is just a small part of crypto market.
Yes, there are too many meme coins, there are too many people who are involved in the meme coins market. No doubt that there are some people can succeed with meme coins. But we must be aware there are too many people who lost their money. Since there are many cases of rugpull in meme coins. Because meme coins have no fundamental, it is easy for any developer to manage meme coins. So be careful to invest in meme coins.

That's so true, if we say memecoins it means that this has no promises. All investors around the world especially big investors are all aware of this so they what the risk that is being involved with this. Since they're investors, we can't deny that they already made big profit from it because if investing memecoins really can't make people to be profitable, there will be no other investors that are willing to invest from them, but now we see new trending memecoins with a huge marketcap, meaning it's really working.

[TomPluz]

In my own personal opinion - and mind you am not a very important guy in this industry so my opinion is not that important lol - memecoins are just jokes in the cryptocurrency industry. Well, I would say that they are not important all because they got limited uses-cases (if devs care to embed one or two) and we have to admit it most are introduced just to make some money quickly and if the market likes it then it can go on and maybe slowly transform itself like what we are witnessing with Dogecoin. I am not really sure why many people love memecoins...maybe the promise to make some millions with them in case the coin will experience surge in value...or maybe they just love to have a pet they can proudly own. At any rate, I would consider memecoins to be some form of a collection for entertainment...and we know that entertainment can be worth billions of dollars.

[Husires]

In fact, Memecoins do not attract the attention of investors, but since DOGE rose sharply after Elon Musk’s tweets, everyone began to think that Memecoins are a successful investment, and Binance took advantage of the information as it worked on intensive promotion of SHIB, which created the perception among many investors that Memecoins are the investment of the future. However, this is not true.

PEPE is an example of how investing in Memecoins fails.

[summonerrk]

In fact, Memecoins do not attract the attention of investors, but since DOGE rose sharply after Elon Musk’s tweets, everyone began to think that Memecoins are a successful investment, and Binance took advantage of the information as it worked on intensive promotion of SHIB, which created the perception among many investors that Memecoins are the investment of the future. However, this is not true.

PEPE is an example of how investing in Memecoins fails.

That's right, all Memcoins are just a parody of blockchain projects, which does not carry any new ideas or technologies. It's just entertainment, and investing in them is like roulette. The price increase does not depend on fundamental changes in projects, but on the tweets of influencers who buy these meme coins in advance and then pump them, and at a high price they start selling. I wouldn't be surprised if Musk laughed a lot when he saw how much he could influence the coin meme.

[KryptoBull]

Memecoins are just a part of the crypto market. and the crypto market does not depend at all on these meme coins.
In essence, we can admit that meme coins have become one of the biggest players in the crypto market, because of the large number of meme coins that have emerged since Doge achieved great success. So lots of meme coin projects are popping up. And it cannot be denied that there are many meme coin projects that have succeeded in attracting attention and experiencing hype. However, the problem is, most of these meme coins will definitely drop and fall very deeply once they have exceeded the hype. and the price also becomes uncontrollable. Then the project became a rugpull.

This is already commonplace with the meme coin cycle in the crypto market like this. So what makes it busy is because there are so many newcomers who come to the crypto world because of meme coins, especially Doge, without them understanding the dangers or big risks of these meme coins.

Certainly the crypto market does not depend on memes because the market existed before the Memecoin trend became big in 2021. But I believe that memecoin will continue to exist and become part of the market, helping the crypto market be promoted more effectively.

In my own personal opinion - and mind you am not a very important guy in this industry so my opinion is not that important lol - memecoins are just jokes in the cryptocurrency industry. Well, I would say that they are not important all because they got limited uses-cases (if devs care to embed one or two) and we have to admit it most are introduced just to make some money quickly and if the market likes it then it can go on and maybe slowly transform itself like what we are witnessing with Dogecoin. I am not really sure why many people love memecoins...maybe the promise to make some millions with them in case the coin will experience surge in value...or maybe they just love to have a pet they can proudly own. At any rate, I would consider memecoins to be some form of a collection for entertainment...and we know that entertainment can be worth billions of dollars.

Like a miniature society, the crypto community also needs artists to help people entertain and relieve stress, and it would be better if there was a chance to become rich. Many of my friends like memecoin more than lottery tickets because memecoin has price charts for analysis and prediction.

In fact, Memecoins do not attract the attention of investors, but since DOGE rose sharply after Elon Musk’s tweets, everyone began to think that Memecoins are a successful investment, and Binance took advantage of the information as it worked on intensive promotion of SHIB, which created the perception among many investors that Memecoins are the investment of the future. However, this is not true.

PEPE is an example of how investing in Memecoins fails.

Memecoin has truly become an investment segment in this market, but its risk is higher than many other Layer-1 and Layer-2 projects. Memecoin only has 1 simple story from Meme, it has no special solution for user needs.

[Zed0X]

~
But I believe that memecoin will continue to exist and become part of the market, helping the crypto market be promoted more effectively.

It's possible that newbies could be introduced to cryptocurrencies via meme coins but how can you say if that's net positive or net negative? You see stories of making tons of money but you see more sharing their losses. I even a woman saying her husband lost investing in BTC but the truth is that it was actually Shiba Inu. In that case, how do you measure the effectiveness of marketing?

[MrSpasybo]

• 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?

1. In 2017, I didn't like DOGE because it was just a joke for BTC, but in the end it still grew well, so I supported it because DOGE helps the crypto market to be vibrant and have more investors.
2. I bought a little SHIB right after it was listed on Binance last season, but I took profit early and couldn't keep it until the end of 2021.
3. Some profit, about a few dozen dollars but not much.

During the past crypto winter, I initially bought a little DOGE but it didn't feel right so I jumped back to the top Layer-1 coins for peace of mind. If I have a weak heart, I should avoid memecoin 😂

[Dr.Bitcoin_Strange]

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?

Yeah, I feel that meme coins are relevant in the space because a few of them has also made some people to gain a very great financial status because they were lucky to invest in the right meme coin and also they invested at the right time. Although I am no longer a fan of altcoins, but I believe that their are yet some meme coins that can give investors a huge profit during the bull market but some things always stand as challenge to altcoins investment which are; know the right meme coin to buy, the right time to buy and also when to sell off to avoid being dumped.

I also invested in doge and made a tangible profit in 2021, as a matter of fact, I sold my doge coin on binace around $0.89.

[dekafee79]

Indeed. Crypto market will never rely on meme coins. It is just a small part of crypto market.
Yes, there are too many meme coins, there are too many people who are involved in the meme coins market. No doubt that there are some people can succeed with meme coins. But we must be aware there are too many people who lost their money. Since there are many cases of rugpull in meme coins. Because meme coins have no fundamental, it is easy for any developer to manage meme coins. So be careful to invest in meme coins.

You're right, meme coin is just small part of crypto currency.
Many people have gained big profit from meme coins.
But also many people have lost cause of meme coins.
Be careful, meme coins don't have good fundamental and I see didn't have interesting project.
Hard  to suggest which potential meme coin ? I think meme coins are not potential for investment.

[bettercrypto]

Memecoins are just a part of the crypto market. and the crypto market does not depend at all on these meme coins.
In essence, we can admit that meme coins have become one of the biggest players in the crypto market, because of the large number of meme coins that have emerged since Doge achieved great success. So lots of meme coin projects are popping up. And it cannot be denied that there are many meme coin projects that have succeeded in attracting attention and experiencing hype. However, the problem is, most of these meme coins will definitely drop and fall very deeply once they have exceeded the hype. and the price also becomes uncontrollable. Then the project became a rugpull.

This is already commonplace with the meme coin cycle in the crypto market like this. So what makes it busy is because there are so many newcomers who come to the crypto world because of meme coins, especially Doge, without them understanding the dangers or big risks of these meme coins.

By saying that it is part of the crypto industry, it means that it is important and cannot be lost from the body of the crypto market, right? Because for me, meme coins have a big contribution to the crypto space market.

Therefore, no matter what others say that meme coins are shitcoins, it is still an important part of the crypto body here in the crypto space business. Though there are actually many meme coins that take advantage of exploitative people,.

[joniboini]

Therefore, no matter what others say that meme coins are shitcoins, it is still an important part of the crypto body here in the crypto space business. Though there are actually many meme coins that take advantage of exploitative people,.

That sounds contradictory, to be honest. If it exists solely for fun and purely speculative with no other use cases, plus most people use it to exploit others, I'd say that we should just kill the projects altogether. I'm not really a fan of meme tokens and their derivatives since people can easily call them scams if they fail to give them profits, without realizing that the coins that they buy are created solely for speculation. You can't say the same thing with BTC or other coins with strong fundamentals IMO.

I even a woman saying her husband lost investing in BTC but the truth is that it was actually Shiba Inu. In that case, how do you measure the effectiveness of marketing?

I'd say any introduction to crypto that starts from making profits as quickly as possible is negative marketing (if you can even call it that). If we take a look at social media, sadly that is the norm. There is very little introduction to crypto that talks about what money is, why fiat or other alternatives have flaws, why BTC can have its values, etc. Meme coins by nature will just increase the negative image of crypto, especially in a bear market IMO.

[Zed0X]

I even a woman saying her husband lost investing in BTC but the truth is that it was actually Shiba Inu. In that case, how do you measure the effectiveness of marketing?

I'd say any introduction to crypto that starts from making profits as quickly as possible is negative marketing (if you can even call it that). If we take a look at social media, sadly that is the norm. There is very little introduction to crypto that talks about what money is, why fiat or other alternatives have flaws, why BTC can have its values, etc. Meme coins by nature will just increase the negative image of crypto, especially in a bear market IMO.

Exactly. Those marketing used by most altcoins trying to make their name has negative effect on the overall market. For every 1 that becomes a lucky investor/bettor, there are at least 10 that loses on memecoins.