What is the future of cryptocurrencies, pump and dumps? Oh no! If this is to be it, then we will be far from value. How far has this industry gone? We've seen institutional investors picking interest and it would be a bad idea to ruin to ruin this opportunity with shit memecoins. Confidence needs to be grown around blockchain tech, web3 and crypto that it will be worth it on a long run.
Have you ever ran into this kind of tokens before? Of course, either intentionally or unintentionally we've been distracted by assumed mouth watery market pumps. It's either one Animal image or the other and it' is really getting out of hand. While few have been good( note the word 'few') have been a good innovation to the crypto industries, others have been pure hypes and scams if you'll agree to that. It is the others that remains my concerns as it pose a threat to the future of crypto and how fast it can grow.
Come to think of it, if early crypto projects behaved this way, for instance Bitcoin, would we have reach this far? This is what needs to be reconsidered. I feel illicit developers are crowding the blockchain with hypes projects just to enlarge their pocket putting a big mark of disadvantage on the crypto faithfuls. The dogecoin inception seemed to be the eye opener and Shiba inu did follow suit. We've seen the market dominance and influence of these pairs and it's worth comprehending, yet we have to say, many follow up projects are milking projects.
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Have we even considered the market size of memecoins? Research showed it standing currently around $22.9 billion led by dogecoin and followed by shiba inu and Pepecoion. Do you know what this mean? It means that the MemeCoin industry is supposed to be worth 3x or 4x the current amount. How? Have you considered how much money has left the crypto industry via shit memecoins? In my early day, I once saw my $100 dollars droping to $10 as the dump continued. This means memecoin industry alone has pushed substantial billions off the crypto market deterring both market liquidity and investor's confidence.
Dumped memecoin market dumps investors
With lots of memecoin hypes, the health of crypto market will be depreciating. Money that was to be moved to reputable projects are pulled out and drained into personal scam accounts that are cashed out. How does this help the future of crypto? In no way, I am very surprised why exchanges even value listing alot of this coins when they may know fully well it was never meant to last. I feel something needs to be done both by investors and crypto project developers. We've lost substantial amont of crypto fortunes to bad coin developing team and this rollercoaster seems to be unending.
Flush investors and you end up flushing the market and it pending opportunities. Why are big firms eyeing TOP crypto projects? Simple, reputation, we saw Bitcoin ETF with the later working of Ethereum. Memecoin seems a channel to redirect funds off investors gains. The buy early, hold and sell when listed strategy is a fake habit. I wouldn't want a set of greedy developers to drag this industry to the mud. This is one reason the SEC and several government agencies keeps studding crypto, blockchain and even web3, the seems to have evidence, courtesy to heartbreaking hypes from the memecoin industry.
What future does the memecoin hold?
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With no utility backing up almost ALL the project that make up this industry, what more do you want to hear. Reputable memecoin like dogecoin is even suffering such disadvantage. Just for transaction(financial) purpose alone cannotmake a crypto have innovative projects. Poor utility too has been seen in the angle of shiba making it a more market sentimental coins. If this two reputable projects are facing such limitations( no respect loss for both coins), what is left for the rest?
A lot of this new memecoins developer have nothing much to offer. Forget the sweet talks, their strategy is simple, buy when at ground phase and sell when we dump it. Inasmuch as the market is a center for wealth transfer, there is a need to show professionalism. Why leverage the future of crypto for short term unhealthy gains. It may be difficult for those who want to get rich overnight, yet I"ll advised, stay off the memecoin chain( most of course I mean). Crypto market faces the risk of being viewed as a scam once a market dump occurs.
Another thing to consider is this, the wrong adoption of blockchain tech will continue to explode as we continue to key into market hypes; this is not good for us. It's funny that a lot of us mostly know this projects are sure dumps yet we still TRY them. Perharps we might get lucky as the feeling will always be. I see nothing much in the memecoin rather than a platform to frustrate crypto efforts.
To conclude, let me add, I am not against building new projects in the cryptoverse yet a lot have been with unhealthy intention. A now very green and later very Red market is a continuous flush of crypto market assets by 'I don't care' developers and is a bad sign to blockchain tech. This continuous activity is slowing down market growth which of course is important. A healthy crypto market will push investors to its direction. There is a need to say no to memecoin hypes and warn investors afore hand when you see such red flags.
What are personal views and experience about memecoins? Join in the conversation as we help shape to future of crypto and blockchain tech at large.
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