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

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

< Show Wisdom Collection: Bumping the meme coins price. Can it affect the crypto market?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 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

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

There is no point in eradicating memes coin, the fact that many people benefit from it. Meme coin have added to the wealth of many people, some people build house and bought a car with memes coin, such as, Safemoon,Shiba Inu and doge, meme coin has been helping the minority (poor) people who can not afford some coin at higher price, some people can not afford Bitcoin at $30k but with the help of memes coin they bought with $100 and it later give the a return of $3000 dey where able to buy some ETH and some Bitcoin (Satoshi). Inaddtion, take a good look at Bitcoin cash that was rebranded to ecash with a ratio of 1:1000 unit, that is, if you hold 1 Bitcoin cash, you will be given 1000 ecash, memes coin stand to be one of the redistribution of wealth, it bring unity and equality to human mankind. Source (https://cointelegraph.com/news/bitcoin-cash-abc-rebrands-to-ecash-embraces-proof-of-stake-and-2-decimal-places) In conclusion, with the above explanation I believe I'm able to convince you but not to confuse you that bumping of memes coin price does not have negative effect on the market. Thank you.

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

Anyway, the is a good question, to my own research I believe there are many poor people in this earth, many people believe in what they can eat, that's why they follow where there is money. Some even believe that if a project is lauch today and the price is $0.000000001, they believe if they can buy $10 worth of the that token, in the next 2 years the price might be around $1, by then they can sell lol, and they didn't do any FA and TA, they've forgetting doing some research, checking a project usecase, technology,team, marketcap,TVL, marketing team, partnership and the so on. 2. The reason why people invest in project without usecase is because of lack of how Blockhain works and the the crypto currency space as whole, many people don't understand how the Blockchain works, that's why I said some people are in for the money. 3.some believe in their Mentor, whatever their mentor told them to do, is exactly what they will do.

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 avatarObi Anthony

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 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 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 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.

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

Because of easy profit. Some of investor hit and run after the All Time High. If you are first in the line you are probably profited a massively. But unfortunately the new comer is the unlikiest one. They are a victim after they invest and the meme coin dump.

What is the future of meme coins?

As long as many holder and hyping meme coin meme coin keep circulating in the market. But nothing is permanent. Invest only what you can afford to loss.

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 avatarYonanda Mcp

Analis data

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

Effect btc price end stability and gone to the moon experty i like coin experty i love projeck experty and price allert fake coinshit coin IM lose

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

because I know the development of crypto will be like this and I am ready to face the free fall of the market but there is no need to worry because until the end of 2021 market prices can soar in all coin prices

What is the future of meme coins?

because I know the development of crypto will be like this and I am ready to face the free fall of the market but there is no need to worry because until the end of 2021 market prices can soar in all coin prices

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

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