Quote from: Odohu on Today at 07:30:18 AM

Quote from: ryannw on March 05, 2024, 12:47:48 PM

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.

This happens to all projects, not just shitcoin or memecoins projects. Luna is also the top project in the 2021 bull season and was highly rated but also became a scam afterwards. Once we have invested in altcoins including memecoins, we need to be clearly aware that they can crash at any time. But we must also admit that the profits they bring are unexpected and the desire of any investor.
Memecoin is rising in price and it is a sign that a bull season is about to begin where newbies will be attracted by 100x or 1000x returns.