I'm new in the crypto space and understanding different crypto projects. While the majority of cryptocurrencies I have studied about have some kind of a solution to the existing problem in Web 3.0, DeFi, etc. Recently, I studied Polygon MATIC, which is solving the problem of high gas fees on the Ethereum-based apps.
In the past few days, PEPE, a new meme coin, has gained massive attention in the community. But I actually didn't understand what could be its major objective. Is there any reason to say this meme coin will work for the betterment of the entire crypto and Web3 realm?
There is another new meme coin called SNEK, based on Cardano. What impact these meme coins will create in the crypto space?
I don't understand why meme coins such as Dogecoin, Shiba Inu, and Pepe are so famous and why do people invest in them, wondering about the future of meme coins.
In the past few days, PEPE, a new meme coin, has gained massive attention in the community. But I actually didn't understand what could be its major objective. Is there any reason to say this meme coin will work for the betterment of the entire crypto and Web3 realm?
There is another new meme coin called SNEK, based on Cardano. What impact these meme coins will create in the crypto space?
I don't understand why meme coins such as Dogecoin, Shiba Inu, and Pepe are so famous and why do people invest in them, wondering about the future of meme coins.
This has been asked many times already. By now, you probably know the answer to your question. "Meme" coins are nothing more than pure cash grabs by the developers. They have no real use cases, unlike established cryptocurrencies such as Bitcoin or Ethereum. "Meme" coins are purely-speculative instruments that could either make you rich or wealthy in an instant. They're nothing but hype. Do you honestly think a coin with a huge supply will have a future? If so, then you truly don't understand cryptonomics (cryptocurrency economics).
One thing for sure is that the market is flooded with too many "meme" coins. It should only be a matter of time before most of them fade into oblivion. Just because Elon Musk "pumped" Dogecoin's price, doesn't mean "meme" coins have a future. The guy is an opportunist looking to make a quick buck by fooling people to invest into the cryptocurrency of his choice. I'd say he already won. If you really want something that lasts, choose BTC or ETH and forget about the rest. As long as you don't invest more than what you can't afford to lose, there should be nothing to worry about. Just my thoughts
