Are memecoins tarnishing the image of crypto?
Are memecoins tarnishing the image of crypto?
Every day, thousands of memecoins are launched, and unfortunately, around 95% of them turn out to be scams. This scam epidemic is affecting many people, especially newcomers who lack experience and are more vulnerable to such scams.
The issue arises when newbies join the crypto space and fall victim to these scammers, leading them to blame all of crypto as a scam. While some memecoins have indeed damaged the reputation of the crypto industry, others have achieved incredible success, with values skyrocketing by 100 or even 1000 times.
For beginners, it’s advisable to steer clear of memecoins. However, if they still want to get involved, they should consider investing in memecoins listed on reputable exchanges, even if it means earning lower profits. One example I follow is Bitget’s memezone, where memecoins may not be listed at the start of their project but get listed at an early stage. Unlike DEX, these platforms provides more security, reducing concerns about being unable to sell,or removal of LPs.
They are tarnishing the image of cryptocurrency, but giving people more of a reason why they should invest and focus more on bitcoins that has always been the better option of the category. Some people become victims to these scam projects that leave bad lessons on cryptocurrency because they feel that they cannot make profit from bitcoins again if they buy only it, or either because they are already late to investing, or because many people have already invested in it.
Not all meme coin are scam but it is obvious that many scammers have hijacked the trend and all they have to do is keep creating new meme coins and launching them to make money from innocent investors that have no experience about the market. Truly they are tarnishing the imagineof cryptocurrency and there is nothing we can do about it unless the government comes in and sanction crypto projects that tend to become rug pull. We just need to be very careful enough so that we are not going to fall Victim to scam projects that will nit last long in the market.