It's 2024 and since late 2023 it has mainly been shitcoins and dumb ass memes that people and degens have been capitalizing on for massive profit and thus this memecoins have huge communities and I believe it's this memes that are soaring the popularity of the SOL chain. I think some people might consider this deviation from what they want crypto to be which is a decentralization of many products which take power away from a centralized community and to the owners of these creations
Memecoin is still part of decentralization since they are using blockchain to distribute wealth to its investors.
It’s not ruining crypto but rather it revives crypto through attracting new investors to invest on crypto due to the profit potential of memes. You can consider memes as high leverage tokens which makes it high risk but that doesn’t mean that they are destroying crypto in general since provides profit to other traders and it the same give hype to crypto marker in general.
Som project might be overshadowed but that doesn’t mean memecoin is bad already just because the majority is purchasing. Meme coin is indeed a garbage shit coin but it doesn’t ruining crypto in general because crypto is decentralized which means one crypto doesn’t affect the other.