Are memecoins like SHIB and ELON destructive to the crypto space and are halting it’s progress?

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Are memecoins like SHIB and ELON destructive to the crypto space and are halting it’s progress?

Its something I always end up wondering when a memecoin gains immense popularity and its value skyrockets. There’s always been shitcoins, especially during bullruns. But I think memecoins are different from those previous bullrun shitcoins. If you look at the top 100 from 2017, you’ll see that most of them do not exist anymore and have been abandoned by the devs. Some of them were outright scams or pump and dump schemes, but most of them had a vision or atleast tried to convince you that they had one. They all came up with well thought out roadmaps and milestones, but ended up not delivering on any of them and therefore died. And that’s how memecoins are different. They don’t have a roadmap or a goal or any milestones.

What are all your thoughts on this?

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Both. In a way they bring awareness and a lot more people into crypto, but it also hurts the credibility.

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