If not for the reputation that Bitcoin has built over the years as a store of value, memecoins scams would have dragged crypto reputation into the mud. Memecoins are no different from Ponzi schemes, left for then alone cryptocurrency would have collapsed. But thanks to Bitcoin reputable, the name cryptocurrency still holds value.
Except for complete newbies that have no atom of idea about cryptocurrency but just coming into the space for the very first time. Every other crypto enthusiast knows about the difference between bitcoin and altcoins/memecoins and the risk they pose, but for some reasons such as having to make quick returns on investments within the shortest period, you still see people throwing their money into these memecoins that has been known to be mostly shitcoins.
However, for those who knows what investment means to them, they have always chosen bitcoin over those altcoins upon building their portfolio.
Yes, you are right. In this vast world of cryptocurrency, those who decide to invest for the first time invest in altcoins and memecoins without doing any research in the hope of making more profit in a short time. But they mostly face losses. Because most of these coins reach their highest price once in their life.
Newbies lose a lot of money before they understand this investment. But there are many experienced investors whose main goal is to invest in Bitcoin. But they sometimes invest money in altcoins or memecoins to make more profit in a short time.
But they all know very well that Bitcoin is the only hope to decorate their portfolio. Because Bitcoin is the king of the cryptocurrency world.