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

value: 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 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.

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

They actually have information and News regarding the profile on which the value of the coin would increase to. So developing little cash either in busd or usdt,in the future might possibly yield a higher returns.

What is the future of meme coins?

They future depends on the number of people that work together to make it count in terms of providing liquidation and even staking a particular cryptocurrency with high volumes of investment.

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 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 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.

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

Because they think they can make quick money, but the more likely outcome is that they hand money quickly to the ones who create the pumps and dumps.

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.

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 avatarMuchamad Roni

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.

article avatarzafar zaam

Quality Inspector

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

I don't think these coins effect the market. Just how many of these coins have actually been rug-pulled, soft-rugged or otherwise manipulated is anyone’s guess.Such supposed safeguards aside, people are getting scammed in growing numbers. So far this year, over $2.6 billion has been grabbed, according to Chainalysis, a New York-based blockchain researcher. That figure doesn’t include a giant Ponzi scheme that just came to light in South Africa. Local authorities put the haul at $3.6 billion worth of Bitcoin. Gob-smacking as all of this might sound, these numbers in fact represent a marked decline from 2019, when fraudsters walked away with an estimated $9 billion.

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

Big pumps and dumps. But here’s a key difference: the sheer number of people getting hoodwinked. With a few outsize exceptions, most crypto scams seem to be getting smaller. That’s the good news. The bad news is that there are more of them, and more people are getting stung. From 2019 to 2020, the number of victims has jumped 48% to an estimated 7.3 million, a figure approaching the official population of Hong Kong. Between the last three months of 2020 and the first three months of 2021, the number of unique scams rose nearly 18%, to 1,335, according to Chainalysis.

What is the future of meme coins?

I don't see any future for these coins. But these shit coins will remain.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.

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

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