In the time past, we have seen how DOGE has led all memecoins to be the first to compete with other real usecase tokens before we have the likes for SHIBA Inu and other dog memes and as though that was not enough, the attention was shifted to Sol memes and we saw how Bome took the attention of the internet and by extension, it became DOGS, and just when I thought that the hype will die down since its a meme coin, I saw again CATE, a meme feline which is the best friend to the famous $DOGE and now extends a paw of friendship to $NEIRO is coming up and the next question I asked myself was, are memecoins trying to take over from the real world useful coins?
This is a very interesting topic. Regarding meme currencies like DOGE, I understand that DOGE opens the door to companies like SHIBA Inu, which coincidentally attracts a lot of attention and interest in our market. Their increased profile raises the question of whether they can instead distract from the core scenario of cryptocurrencies.
And despite the fact that meme coins are really colorful and popular in society. Still, their value and influence tend to rely more on social media trends and ideological values instead of being inherently based on technological advancements or real-world applications, the new recent memes of tokens. Like CATE with some references to established coins. It proves how the trend is continued. But it also shows the space between speculation and very relevant projects.
Meme coins get less attention. Cryptocurrencies with obvious use cases Intrinsic value and technology become and remain the basis for long-term profitability and relevance. Memecoins could catch market attention and investor interest in the short term. However, most sustainable growth in the crypto world usually comes from projects that serve actual need and yield real benefits.
It will still exist, people who invest in meme coin usually don't care about the real world use case because it's entirely different market compared to the market of coin with real world use case where people trying to justify the valuation with the product/protocol that they offered.
with meme coin, people tend to just throw their money and hoping that the next day, the meme coin they invested magically turn to the next doge valued at billions. which isn't really the case most of the time because meme coin is just so full of scams, the odd that you are winning against these scammers are low.
even then people still like to try investing in meme because they really sold out at the hope of turning their $100 into billions. so yeah it has its place.
You are right as the volatility in meme coins and valuation coins is quite different. It is that the investor in Meme Coin invests with cautionary motives. This is because they get an instant opportunity for gains. More than the value hidden or technological developments in the coin. That kind of mentality leads to a high-risk environment. Most investors are attracted by such returns though most of the meme coins do not reach the level of success like DOGE.
On the other hand, usable cryptocurrencies are rated based only on capabilities of technology, performance, and the problems that they can supposedly solve. In reality, most such projects attract investors who may enjoy long-term gains because of innovation.
There is already the meme coin that generates hype and profits in the short term, though it poses some significant risks such as risk of scams and volatility from there. Understanding these differences gives a much clearer view into the cryptocurrency market. This recognizes the fact that all cryptocurrencies have purposes but serve different types can attract different types of investors.
DOGE didn't have any intentional use case, it was created as a joke, nothing more, nothing less and lately it became side crypto to use when top cryptos like Bitcoin, and Ether would get congested.
Regarding useful coins in crypto market, there are handful of coins in whole crypto space that are actually useful, other than that this market heavily thrives on speculation.
Memecoins are a thing and they are continuing to have momentum due to the people's greed to become rich short time.
You say that the heart of the crypto market is: the difference between a meme currency and a currency that abuses DOGE because it is a pitiful truth. It has seen the niche market be the “next” crypto market within the next generation of major cryptocurrencies such as Bitcoin and Ethereum. Even currencies that have not yet reached optimum functionality may find unexpected roles in the ecosystem. of encryption
Your statement that speculation is what has dominated the crypto market is true for what we've discussed more broadly. While there are interesting and innovative projects within this area. lots of coins Especially the meme coins. Thrives on quick profit potential rather than intrinsic value. Ideological characteristics of these funds This is driven by the desire to make quick profits. continues to attract them.
In a nutshell, though meme coins such as DOGE and the new entrants continue to maintain their momentum owing to their speculative value as well as the short-term profit potential, real-world cryptocurrencies keep playing an important role in maintaining long-term stability and growth in the market. The two types of coins typify two dimensions of the landscape of cryptocurrency. Meme coins symbolize coins that are speculative. and performance-related coins represent more sustainable value.