Post
Topic
Board Bitcoin Discussion
Re: Does any meme coin has the ability to challenge bitcoin dominance ?
by
lizarder
on 09/03/2024, 17:42:01 UTC
It was not just the capitalization itself but the utility of the project which meme coins don't have, even other altcoins. Meme coins are an example of a crypto project that exists with no real purpose or commendation. It was just built to hype the crypto market, and it gained attention really, but also, these projects ruined the market as well as we know that a lot of people suffered losses from investing in them.

Indeed, it was noticeable for its current pump but as usual, they will dump afterwards. If we think this will challenge Bitcoin to dominate the market, then the developers must prove that their projects are worthy. Otherwise, people are right that these meme coins are worthless. 
The absence of a large market capitalization keeps altcoins from growing because people see no potential in such coins. Meme coins were a form of indirect influence on the crypto journey although in the end they had to be abandoned because there were no takers. Some people see the potential only in the short term after they make a profit, then they leave and don't reinvest. Usually that's how people use meme coins because in the long term such coins don't have good prospects and if we force them we will actually experience losses.

There is no chance for meme coins to dominate the bitcoin market because they do not have a stable fundamental level. Even if they get a pump it is only temporary and that is the same as I said because people only take advantage of the short term to make profits. Meme coins are more temporary and rarely do we find ones that can survive in the long term.