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

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.

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.

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.

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.

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.

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

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.

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.

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

Freelance

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

Some people are tossing tons of money into a stock or a coin not because they believe there’s something significantly different about the underlying value of the asset but because it got popular on the internet, and they think it’s funny, cool, or just something to do.

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

Some things are clearly legitimate and some things are clearly bullshit, and there’s also this long tail of things that are a little bit confusing, In this financial environment, sometimes just a token with a meme or a stock with a meme or an asset with a meme is enough to get a $20 billion valuation.

What is the future of meme coins?

In short, the future price of any meme coin is strongly based on the community invested in it and the popularity of that coin at any given time. Meme coin communities can help spread news of the coin, get others to invest, and make a coin go viral in order to help drive up the price.

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