In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?
It is erroneous to compare Bitcoin with memecoins. Even ETH the second highest marketcap coin doesn't come close in comparison. Bitcoin is a utility coin that can be likened to a fine wine that's getting better over the years. Memecoins on the other hand are pump and dump tokens with no use cases and they'll fade away in time. A crypto enthusiast who has been around in the space for a long time will never be carried away by memecoins' hype and will stay away from them.
Its a stupid act if you get tempted to invest into meme coins and leave bitcoin investment. Bitcoin has been dominating the market not only because of its high, expensive price but mostly because of its multiple utility cases in the market. Compared to meme coins, they only exist when they’re hyped, and once the hype is gone, they all turned out worthless in the end. They even don’t have real utilities in the market so there is no way to challenge bitcoin or even ethereum in the market. Gone are the days where meme coins can give us exceptional profits, since majority end up only with huge losses that is why if you risk your funds investing in meme coins, that would be your worst decision ever.
Totally not a wise move and it would be always ideal that you should really be giving out that priority on accumulating Bitcoin other than with other coins specially on memes. It is really just that there are people who are really that fond on dealing with meme coins because they do really hope that they could really be able to hit up some nasty profits once it would be able to pumped. Well i couldnt blame them even myself is really that a fond on meme coin investing but of course the priority would really be still accumulating Bitcoin as much as i could on which we know that this is really that much better in terms of long term.
If you do have the money that you could really be able to spare on then you could be always be having that diversification thing on which we are really that tending to scatter out
our investment whether it is on Bitcoin, Some top altcoins and some meme coins as long your budget or capital would be able to allow you then this what matter the most.
Its up to you if you could be able to bare up with the risks involved on having that diversified investments.