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 ?
If there is anything that will challenge Bitcoin, why will it be memecoins? What do memecoins offer? I see memecoin mostly from the angle of entertainment, I mean something those involved just use to entertain themselves and make themselves feel hyped and pseudo-happy. There is no sustainability in memecoin.
Those who are highly experience and focus on the utility of any coin they put money into only use little fraction of their income for memecoins because they know that the risk in them is multiplied. They can die any day their founders decided that they are satisfied with the money they have made from them. It takes just few of the founders to dump their holding and everything will crash.