Bumping the meme coins price. Can it affect the crypto market?

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Bumping the meme coins price. Can it affect the crypto market?

You can find a lot of crypto projects, which are more or less successful. Among them are completely pointless ones, made for a joke. They are called “Meme Coins”. Despite the fact they have nothing to offer, many people invest their time and money in them. The popularity of Meme Coins is rising thanks to famous people who use social media, such as Twitter to promote them. By taking such actions a project artificially increases its price. The project rises in ranking so more and more people get into it.

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We have asked 545 Experty community members questions related to "Bumping the meme coins price. Can it affect the crypto market?". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.

article avatarSean Larkin

Traditional, Blockchain and Crypto CFO - Member of MMBA

Does bumping the meme coins price have any negative effect on the market? Why?

What might seem meaningless to one person could be the exact opposite to another. To me, the meme coin is not a store of value or a currency, and it has not 'real world' application. So, to me, there is not value in meme coins and I would be concerned about their effect on the market. To others, many others, meme coins provide entertainment, validation, camaraderie and proof of membership in an exclusive club. To those people, meme coins are very valuable. If influencers abuse their reach to inflate the price of a meme coin for their own gain, they should lose the respect of their followers (and lose the followers). They are human, too, so they are more likely just caught up in the same hype we are. The problem is more about the individual who is jumping into a coin that is up 500% in the hopes that it will go up another 500%. We are at the beginning of a huge technological shift which will have a profound impact on the world we live in. The opportunities are everywhere and anyone who gets ahead of this wave has a chance to better their lives. As for effect on market - I think the market will shake off most of the meme coin scams. Maybe a few larger notables will lead to sell offs and maybe even criminal charges. It may seem like a lot more than that if it happens in a bear market and ignites a 25% correction (which was going to happen anyway but no one will say that). I suppose it could look a lot like the ICO bust after the market turned in early 2018.

Why do people follow and invest their money in projects that are meaningless?

I think the main reason is hope. Hope for a big financial gain (going to the Moon!), or hope for an opportunity to grow within a project you believe in (whether on community side or moving onto team side). I also think it is much more than that. As mentioned, there are some very meaningful rewards from being a part of a meme project, or from being a part of any community. Many people have connected in the telegrams of meaningless chats and made some great friends. The project goes on to fail, but the relationships survive and grow, sometimes leading to new opportunities or participation in meaningful new projects. If you lose a little on the token, but received a lot in the form of entertainment, education, friendship and so on from it; you may not have lost as much as it first seems. People forget also that there are many places in the world where joining a meme community might be one of the best chances to improve their lives and the lives of their loved ones. The opportunity to show one's skills or character in a community (before it is meaningless) could be life changing.

What is the future of meme coins?

Bright. Less rug pulls and more decentralized communities with their own coins. I do not see why any group will NOT have a meme coin in the future. This coin will also contain the functions necessary for that group.

article avatarChristian Patrick

Blockchain analyst and front end web designer.

Does bumping the meme coins price have any negative effect on the market? Why?

Well considering the present situation on the market,it is actually clear that bumping meme coins prices is something productive and for me I see no negative influence of this. It is a way creating better ecosystem for crypto traders and also an advancement to the Blockchain. There are many of meme coins on various platform but not all platforms accepts such coin and I think it is important and optimistic to keep it moving.

article avatarMarvelous Adebowale

Financial analyst, blockchain engineer and a frontend developer.

Does bumping the meme coins price have any negative effect on the market? Why?

Well for me, the meme coin itself is necessary for cryptocurrency general market capital to boost up. This is because, meme coin gives every dick and Harry an opportunity to bring into the crypto space his or her immediate community thereby expanding awareness and increasing scale of investment as well as understanding and adoption of cryptocurrency. I therefore strongly believe that, when considering positive or negative impact of meme coin to cryptocurrency as a whole, one needs to put in mind the scale of the cryptocurrency general market capital, the number of awareness it's contributing to the crypto space and as well it's highly volatile nature which further express what an actual market connotes. One such perfect example of a meme coin that's doing so great is Shiba Inu, among others like fegtoken, pig and some few others. Ofcourse we can not overlook the downside of meme tokens in terms of the many rugpull and scam project that have come and go or those still in existence. But if we are to condemn meme coin because of the wrong use of cryptocurrency technology by some who lacks the understanding of the purpose of crytocurrency to the world, then we are simply cutting off the lubricating oil from a running engine simply because it looks dirty. Infact, one should consider putting an end to all currency of the world if we are to judge by that standard because all Fiat currencies have in one way or another experience misuse either from government, its agency, citizen or worth a view. Thus as a more resolute way of judging after considering the up and down side to meme coin is that, bumping the meme coin price does not imply a negative impact on the market

Why do people follow and invest their money in projects that are meaningless?

This is because they wanted a quick return on investment which most established coin can't promise in a matter of hours or at most case few days less than a week of investment. As the old saying goes; "people would believe a lie because they wanted it to be true or because they're afraid it might be true" People so desperately wanted meme coin to fulfill all that was promised in its roadmaps and whitepaper and to reap it effect on price changes as quick and as soon as possible. Often times, few have been lucky to buy early into such meme coin and made a massive return, while others were just victim of such investment. People most times seldom look at a good project with prospect because it doesn't tend to their immediate needs. In a capsule way of sending the message across, I'd say; "The World is hungry, so hungry from the faming caused by the old system of currency flow in so a great a way that even a robust bag (whale) could nolonger contain their hunger this in turn leads to greed for some and for others a further starvation as they're yet to even make a break from whatever their national fiat has made of them"

What is the future of meme coins?

Meme coins to an extent may survive as an entity of NFT market. However, instead of seeing any clear future for meme coin I rather see them as an harbinger to the future of cryptocurrency as a whole in terms of their contribution to Adoption and awareness of the crypto - age. Until cryptocurrency is generally accepted and adopted by nations and citizens of the world, meme coin may continue to thrive in the absence of regulations and would in fact help in the development of many Altcoin as well as the general market capital of cryptocurrency as a whole. Most widely sought after token now adays were once regarded as just a meme coin from ethereum, to dogecoin, among others. Thus, meme coin truly would serve as harbinger to the future of Altcoins but would remain likely useful in the NFT market place, but on it's own, it would slowly but surely fade off in the presence of strict rules and regulations.

article avatarAkeem Lekan

Community manager and marketer

What is the future of meme coins?

As a financial analyst and a trader I believe that 90% of meme coin will fail, 5%will struggle to survive while 5% will survive the race. Just like 2011/2012 when different coin was created without usecase but only 3 of those coin are still intact till today(ETH, Ripples,Litecoin). Some are struggling now while many have fail.

article avataradnan oktay

ACCOUNTANT

What is the future of meme coins?

Where there is smart money there can be protocols and exchanges, while sometimes dumb money wins in meme tokens. As we reported in May, a crypto trader named 'The Kennel Master' successfully converted $1,800 to $3.5M in just a few months by just trading dogecoin. It wasn't all upward travel. The Dogecoin market then stalled and some tokens were withdrawn, wiping out a significant portion of Kennel Master's earnings. To underline the danger, these tokens are data provided by Kennel Master showing that some of these dogecoin investments are rugpull or scam.

article avatarElisée Yao

cryptopreneur

Does bumping the meme coins price have any negative effect on the market? Why?

Bumping the meme coins price does not have negative effects on the cryptocurrency market. Because the market is not made to be tamed by parties. If New rules and crypto developments are daily added and each cryptopreneur is adapting his knowledge and earning methodes to it.The traditional is always touched by daily researches.

Why do people follow and invest their money in projects that are meaningless?

People invest their money in meaningless projects because they are tired of doibg the same things they are used to years back.They learn ,try and innovate.Discovery is a curious word we all get in.Meaningless projects exist just from the debut.we All saw bitcoin start

What is the future of meme coins?

Meme coins have a great future,Weekly people arz getting more attracted,the more audience the more projects ,The names given don not count for people it is the unique opportunity it offers.

article avatarZahid Hassan

I am a professional crypto trader

Does bumping the meme coins price have any negative effect on the market? Why?

Yes. Meme coin is maximum scam and this is really bad for newbie. And for that also many treader lost their many fund. And meme coin have huge rug pull

Why do people follow and invest their money in projects that are meaningless?

In my opinion people invest meaningless project for extra big amaunt of profit. Because that project show big grow ,not all projects. But some projects really showed good results

article avatarOBI BONA

Senior Full Stack Developer

Does bumping the meme coins price have any negative effect on the market? Why?

Yes, I would say that bumping meme coins have negative effect on the market because investors surely will have much to loose on the long run when the market relaxes or the charts corrects the bumped price tends to dump back to it's inconsequential value which is next to nothing.

Why do people follow and invest their money in projects that are meaningless?

One reason would be "Pressure". The fear of missing out of what you think or see others profiting from will make you loose rational thinking and join the band. Another reason would be because of promotions from a loved public figure, you wake up one morning to find out your favourite celebrity is talking about one particular coin, surely you'll want to do all you can to acquire said coin.

What is the future of meme coins?

I see no future for meme coins if they continue the way they're are going currently, unless the people behind them start identifying their coins with projects that can help change this world.

article avatarSubhi Ash Shalih

freelancer

Does bumping the meme coins price have any negative effect on the market? Why?

No! The crypto market will only be influenced by a few things that each coin has, such as network security, number of nodes, increasing demand, fiat currency inflation, production costs, and regulation.

Why do people follow and invest their money in projects that are meaningless?

Nothing can beat the fun. Meme coins are indeed just a fun thing that can give them the "holders" of unlimited happiness. Although not meaningful, of course every meme coin has its own advantages. If their project grows big, of course it will be very profitable for all the holders, besides the fun being channeled. Like SHIBA INU, the holders are happy to own it and get great profits.

What is the future of meme coins?

The meme coin has a bright future. This trend is due to the large number of meme coin fans around the world and the development of information technology which is something that everyone needs. In addition, the growing success of NFTs has made digital assets very valuable for everyone to own.

article avatarYogesh Ukhade

Process Worker

Does bumping the meme coins price have any negative effect on the market? Why?

Yes. It does have negative effect on the market. Because these projects have no real values and they made as a joke and has no future value. Also there is no significance or real value for the project.

Why do people follow and invest their money in projects that are meaningless?

People follow and invest their money because they want to make money quickly and easily and these projects offers these benefits. It is meaningless.

What is the future of meme coins?

The future of meme coins are seems to be very bright. Though it offers no real values but because of many celebrities push their value to gain popularity and publicity by promoting these coins.

article avatarAbdulla Khussan

Telegram Group Moderator

Does bumping the meme coins price have any negative effect on the market? Why?

I do think it effects the market a bit negatively. Because many of these new meme coins are pump and dumps which will scare off many future investors or just dry up their wallets because people tend to go all in on meme coins depending on the hype

Why do people follow and invest their money in projects that are meaningless?

Because they are promised more then 100x returns or burn mechanics which will only be useful for low supply tokens as a huge supply will take a long time to reduce itself to actually get its price increased

What is the future of meme coins?

The future of meme coins are either burn and reward or burn and reflection type tokens and animal tokens with a funny name or logo and marketing from their teams

article avatarEmma Edo

Student

Does bumping the meme coins price have any negative effect on the market? Why?

I would say the rise in the meme coins price will not have a negative effect on the market but rather will have a positive impact on the market. Because the bump in meme coins price show that these coins are not totally worthless and can have some worth. Those that invested in it will not totally lose but have something to show for. Due to the rise in its price, the confidence of those that invested in meme coins will not be shattered and they will be glad to invest more in crypto market.

Why do people follow and invest their money in projects that are meaningless?

Some People think of it has a way of having fun. Despite knowing how meaningless the project is, they still invest in it in order to have fun. On the other hand, some didn't know that those projects are meaningless. They think they are investing in real project which in turn will yield profits for them at the end. This the are the novice, they are less informed about the project.

What is the future of meme coins?

Meme coins have a future if it continues the way it's going. There is a future for meme coin; like dogecoin which last year was not even worth 1 cents present have its price 12000% and show good sign of growth. So if meme coins continue to show it worthfulness many will continue to trade and invest in it.

article avatarDelia Retno Gajatri

Trader

Does bumping the meme coins price have any negative effect on the market? Why?

In my personal opinion, meme coins don't always have a negative impact on the market, because for investors this is an option, it can even be an alternative investment that can bring profits when the price of Bitcoin drops. Example : Dogecoin and Shibainu

Why do people follow and invest their money in projects that are meaningless?

They try their luck at the same time look at market trends, where this is an opportunity when the market is down, sometimes there are actually some altcoins including types of memes that can gain profits

What is the future of meme coins?

Although meme tokens are fundamentally not good, but this depends on the community itself, especially if a meme token has good fundamentals and utility, it will certainly have good value in the long run.

article avatarMarcin Szmyd

IT Administrator

Does bumping the meme coins price have any negative effect on the market? Why?

The meme coins have a huge impact on the crypto market, which was clearly shown this year. How great a manipulative risk there is here is expansive. An influential person can take complete control of pricing here. A lot will happen here, but it is part of Cryptomarkt that there are no regulations here that regulate such situations. Some meme coins may prove useful one day, but so far it's just manipulation and moneymaking. The coins will not necessarily bring new users to the crypto market either, because many will lose their money in the process and will never do anything with crypto again.

Why do people follow and invest their money in projects that are meaningless?

People invest in these projects because they want to make a lot of money quickly, which has actually worked in some cases is now being repeated over and over again, but at some point the market will be saturated and collapse.

What is the future of meme coins?

I think only two or three projects will remain, everything else will be forgotten. There are far too many projects that have no background. The market doesn't actually need meme coins, they will destroy trust in crypto.

article avatarShijin T

Investor

Does bumping the meme coins price have any negative effect on the market? Why?

Yes, in my opinion. Bumping meme coins leads to improper coin ranking, this trend continues, it has even worse impact. People gets this question in mind whether to invest in a meme coin, which can be pumped well one day or to rely on long term projects. At least a portion of the investment goes out of coins with real use cases to these meme coins

What is the future of meme coins?

Meme coins are in trend now. Even though I don't really support this. Meme coins will continue to be part of crypto currency ecosystem and occasional pumps boosts meme coin adoption to large community.

article avatarRobert Gazvoda

Crypto and startup advisor | Project developer | listing agent

Does bumping the meme coins price have any negative effect on the market? Why?

Of course he has it. A lot of people ask me for advice on whether to invest in some new MEME coin. My answer is no, unless they want to gamble. I know a lot of people who recklessly followed FOMO and got stuck on such projects, and lost a lot of money. Of course, some have earned a lot, but there are few of them.

Why do people follow and invest their money in projects that are meaningless?

The main problem is FOMO and of course blindly following influencers and “crypto experts” who have their own interests to make money on such naive people.

What is the future of meme coins?

Most of them will fail and their value will go towards zero. Some of them, however, will be kept alive by their community by finding them useful. Let’s say for use in games.

article avatarZimri Leijen

Full Stack web developer with a focus on web3 / solidity

Does bumping the meme coins price have any negative effect on the market? Why?

It has the potential of making people more suspicious towards crypto in general, and see the entire industry as a joke or a scam. In a pump and dump, only a handful of people make money at the expense of others, while if the growth is organic, a wider audience can profit, thus creates a more healthy market. Pump and dumps don't add value.

What is the future of meme coins?

There will always be gullible people to exploit so I don't see it ending any time soon. The only way it would end is if people wisen up to it and are more careful in how they "invest" their money.

article avatarESMAEL DE GUZMAN

Technician/Trader

Does bumping the meme coins price have any negative effect on the market? Why?

Yes , Because Many meme coins have no real purpose.Some meme coins have an unlimited supply. This will have a considerable effect on their long-term value.Since many of these tokens are “jokes”, they have a tendency to be extremely volatile.These coins are launched quickly, which means there is a tendency that you may lose money in the long term. You should keep these downsides in mind before deciding to invest in.

article avatarIfedayo Gbenga

Blockchain enthusiast, interested in crypto projects that are solving real world problems.

Does bumping the meme coins price have any negative effect on the market? Why?

Honestly speaking, there are alot of folks in cryptocurrency space who think crypto is a get rich quick scheme and are always on the lookout for new projects that can give them 100x gain in few weeks or months. Fortunately meme coins are in this category due to the unusual craze around it. We all understand that whatever doesn't have usecase and depend on hype will ultimately fail at the end of the day. The recent surge in meme coins like shiba for instance is going to draw more crypto newbies in, because they feel they would double up their investment quicker than what other solid projects would. On whether meme coins would have negative effect on the market, the answer is YES. Alot of people especially ignorant newbies will get burnt and that greatly impacts the fear and greed index of cryptocurrencies, which ultimately impacts price

Why do people follow and invest their money in projects that are meaningless?

For quick gains absolutely. People who want to get rich overnight and who feel crypto is the right tool to bring them that quick wealth do so

What is the future of meme coins?

I really can't say, i feel they won't succeed, but if a meme coin such as doge is getting adopted as a means of payment for goods and services, then I never can tell

article avatarAdam Witkowski

developer

Does bumping the meme coins price have any negative effect on the market? Why?

I think that it has no effect, it's just a temporary boom, looking for the easiest line of resistance to success, which has no chance of being anyway, because all these meme coins are worth on their funny place no bank or financial institution will recognize it as an entity for further cooperation :)

Why do people follow and invest their money in projects that are meaningless?

because most of these people do not have a green idea about the cryptocurrency market and count on profits from space, which the market will later verify and show that, however, shitcoins are one big cabaret and they do not exist at a longer stage of operation :)

What is the future of meme coins?

only Dogecoin :) the rest are loud barking mongrels, which may once have amused but now they are already starting to irritate by littering social media and various types of cryptocurrency portals

article avatarShmagi Tsertsvadze

Menejer

What is the future of meme coins?

Has a very bad future! I think all the investment in it will be lost! It is not enough to just do advertising, you also need to invest. It is better to invest in already recognized coins BTC or DOGE

article avatarFatunase Ayodele

Junior Account officer

Does bumping the meme coins price have any negative effect on the market? Why?

Yes it does. Most of this meme coin won't stand the test of time, though pumping it attracts many investor's interest which leads to the increase of it's price but when whale (those that buys in large quantities) starts buying, if they decided to sell, the price will fall drastically and if the price starts going down for fear of it crashing, many more will sell.

Why do people follow and invest their money in projects that are meaningless?

To make money. Get rich quick analogy. Most projects have potential of doing x2 of their initial price and even more. People sees this as opportunity to get rich thereby going in as they see people cashing out from it

What is the future of meme coins?

The future is blurry. Not all will make it into the future. Some will not stand the test of time. Only few will make it but as it stands Shiba is making wave currently and it seems to be gaining ground.

article avatarchinecherem ogugua

Self employed and motivated crypto trader and defi analyst

Does bumping the meme coins price have any negative effect on the market? Why?

To me it doesn't have any negative impact on price. Every project has its aims and objective Memecoins has been climbing again in the past week, hitting a few cents a coin for the first time last week. It's risen by a whopping 400% in the last seven days.

article avatarMujeeb Zakarryau

UI UX DESIGNER

Does bumping the meme coins price have any negative effect on the market? Why?

It can only give market a positive effects because the more the people buy into these so called meme coin the higher the market goes and people usually buy into these coins because it's provide an avenue to get rich quicker

Why do people follow and invest their money in projects that are meaningless?

To make more money as soon as possible because most of this coins give astronomical value in a very short time of investment and anybody buying into these coins is expecting a rapid rise in amount invested

What is the future of meme coins?

Like many new altcoins, meme coins are here to stay. But, the future of any meme coin lies in its ability to foster a strong community, stay culturally relevant, and offer some kind of value for its holders, even simply and funny joke or perceived value.

article avatarRipan Agustian

Warehouse

Does bumping the meme coins price have any negative effect on the market? Why?

Yes I think have negative effect because meme coins for now can't use for long term like eth or btc , mostly meme coin has pump on launch but quickly dump so is negative for investment I think

Why do people follow and invest their money in projects that are meaningless?

They want quickly rich with little investment but they not looking for the risk of meme coins and many scam for meme coins or shit coin so if you want investment you must review and track the contract and look the roadmap

What is the future of meme coins?

The future I think maybe will grow up and can have Big market if they seriously to manage that and transparency for the project and have goals to do

article avatarAbegail Prado

Teacher

Does bumping the meme coins price have any negative effect on the market? Why?

No definitely. Any coins have valuable usecase and the memecoin ia very risky however, it do not affect the market bacause every coin is different but goes for a pump ang dump.

Why do people follow and invest their money in projects that are meaningless?

Elon is the beat example for this, were we all know that he is the most influencer crypto enthusiast in online world. Whenever he tweets, dumb followers keep on investing to the coins he is promoting. It simply because they want easy money so they go in the trend but I believe that the easy it pump the more dangerous it will dump

article avatarVadim Ibraev

programmer

Does bumping the meme coins price have any negative effect on the market? Why?

This devalues the work of projects that want to build a name for themselves, reputation through manufacturability, quality and grows a generation of paper hands.

Why do people follow and invest their money in projects that are meaningless?

Greed and dementia, the desire to make money in spite of the consequences, for many it is just entertainment, few people want to analyze the market, it is easier to follow several people and make a purchase.

What is the future of meme coins?

Nothing may happen to them, but the value of crypto will generally have a very bad effect on the value of technologies in the future, the history of brainless investors is very short.

Summary

We cannot unanimously say that bumping the meme coins price has a negative effect on the market. Some industry specialists have stated that the growing price of meme coins has no impact on the market. It's simply a brief boom, according to them. On the other hand, we have individuals who claim that meme coins have no real value and are therefore a danger in the cryptocurrency marketplace.
Others argue in favor of meme coins, claiming that the crypto market will be influenced by a few things, such as network security, the number of nodes, growing demand, fiat currency inflation, manufacturing costs, and legislation.
The main reasons why people do follow these projects are FOMO and the desire to earn money quickly. They were searching for a quick return on investment, which most established coins can't provide. Besides, there is also a fun and entertainment factor.
Meme coins are indeed on the rise, and they're becoming increasingly valuable. However, the vast majority of the asked think that this fad will pass. Most meme coins don't have a bright future, except for a few examples. One of them is Dogecoin.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

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