What is the purpose of all these altcoins?

[deslow 21]

And I'm specifically referring to memecoins like dogecoin, shiba inu, and other coins that pump and dump in shiba doge and other make-believe coin names? These coins serve no use at all. I suppose they had a squid game token. What exactly are these coins for? It almost seems like someone is making up coins for a video game. The worst thing is that people are buying these coins with the intention of making a profit and then selling them, as these coins are rarely meant to be held.

Not only that, but these coins are worthless. What exactly is the function of coins like bluecoin and greencoin? Bitcoin and Litecoin are the only currency that make sense. Since ETH is not a money, I'm not sure why it's called a coin. Ripple, for example, appears to be a currency since it resembles a penny or nickle. I know there are a lot of memecoins like pancakeswap and uniswap, and many of them are top earners for the day before they all crash. Are there many people who even stay awake?

Anyone can create coins, but why would anyone buy any of them? If dogecoin has no genuine utility, then neither do the other coins. So, why do new coins constantly appearing?

[Fequiet 47]

It all started with the massive increase in the price of Doge coin and SHIB these days, and people don't want to underestimate meme tokens since, as we all know, some meme tokens have delivered big returns in the past, and many people would expect the same with other meme tokens. That is why people choose to invest in meme tokens and shitcoins because they are greedy; they don't care about the fundamentals or use cases; all they worry about is a high return.

[breakdownde 37]

Dogecoin's status as a meme coin is actually not a concern. That was the real reason for its development, and it isn't hidden because it was made a long time ago when meme coins weren't as popular.

It's the same with Shiba because it's classified the same as dogecoin. The big difference is that Elon Musk was the one who marketed these meme coins when they first gained traction and publicity, while the rest simply followed the trend.

Most altcoins have their own reasons for being developed and produced, but the sad reality is that they've been overproduced because they believe they're superior than the competition.

[moneybagde 24]

It's all about the marketing; some people believe they can get rich soon by purchasing these shitcoins. As a result, various shitcoins identical to shiba/doge have been generated. It is produced the greed that drives all of this. As a result, it's not unexpected that fresh memecoins are made every day, and that someone is always willing to buy them.

[respectde 6]

Lol, there's a great problem with people and hype these days, because since dogecoin has provided significant ROI to investors, no one wants to establish a crypto portfolio without meme coins in it. I'm one of them, but I've limited my risk to only dogecoin and Shiba inu.

[tActicde 26]

It's clear that these meme coins have no use; after all, Doge has been in the crypto ecosystem for years and has been termed "meme currencies" because it has no purpose other than to exist in the market. Then influencers like Elon Musk ride the wave and create even more anticipation, culminating in a slew of copycat projects, which are then exploited for pump and dump schemes to produce money out of thin air for the individuals in charge.

[Comfortde 23]

Because seeing the chart leads to price increases and taking the opportunity to profit is usually speculators, and retail will follow to buy because seeing the chart leads to price increases and taking the opportunity to profit is usually speculators, and retail will follow to buy because seeing the chart leads to price increases and taking the opportunity to profit is usually speculators, and retail will follow to buy Can't this be considered a use case because Dogecoin is widely accepted as a payment method at Casino Online?
Isn't it true that Dogecoin already gives a significant return on investment for long-term holders? make a large profit

[hubde 19]

If I am not mistaken, Dogecoin began as a meme coin and an educational coin to understand how things work in blockchain, but when Elon Musk joined the cryptocurrency and chose to support Dogecoin, it ushered in the meme era, in which a slew of new meme coins entered the market with no real purpose other than to hype their coin and profit from it, just like everyone else.

In my opinion, if you are looking for meme coins, make sure that they have actual use and that you can use them anywhere. For example, I believe that Dogecoin is the meme coin that is worth it because it was the most well-known meme coin and many retailers, online shops, and gambling sites accept Dogecoin, so Dogecoin has utility now and as a mode of payment, unlike others that have no use at all.

[debook 25]

Altcoins first surfaced as answers to Bitcoin concerns, but most of them were simple, such as raising the block size, making mining easier, and so on.

- Some altcoins, such as Monero and Ethereum, have solved Bitcoin's problems or contributed something new.
- Other altcoins, such as BSC, are primarily concerned with making their developers wealthy or expanding their bitcoin holdings.
- Those coins were already produced, or portion of the Hashrate utilized in bitcoin mining was used to mine them, resulting in higher profits.
- Profit has been easier and faster in recent years, so you no longer need to spend money on equipment and may instead invest on platforms.

Altcoins' current purpose is to make their creators wealthy.

[kimonode 14]

That is the basic principle behind most cryptocurrencies, especially meme coins with no technology behind them. Those are founded only on the hope that greedy people will jump on board to make a quick cash, and that as more people join, the price will rise, but only those who buy early will gain. The hysteria has begun.

This leads us to the next tier of shitcoins: scam coins. Those who start a project only to abandon it after making a lot of money from the stupid, which usually takes only a few months. Altcoins first surfaced as answers to Bitcoin concerns, but most of them were simple, such as raising the block size, making mining easier, and so on.

- Some altcoins, such as Monero and Ethereum, have solved Bitcoin's problems or contributed something new.
- Other altcoins, such as BSC, are primarily concerned with making their developers wealthy or expanding their bitcoin holdings.
- Those coins were already produced, or portion of the Hashrate utilized in bitcoin mining was used to mine them, resulting in higher profits.
- Profit has been easier and faster in recent years, so you no longer need to spend money on equipment and may instead invest on platforms.

Altcoins' current purpose is to make their creators wealthy.

[dehandkerchief 44]

Whether it is a memecoin or a shitcoin or any kind of coin, there is only one reason why people are creating altcoins.
Money...

If you want to get rich quick, make a coin that is relative or the same as the one who is at the hype at that time and then when you collect enough, do the rug pull. Most of these altcoins are being created just for the sake of money and nothing more especially those memecoins who are just the same with any use case or any benefit for the people at all. Maybe we can exclude DOGE since it has a usage because of its high transaction speed and low transaction fees and it's being accepted in many exchanges so it will be easier for you to transfer your cryptos. Either way, most of new coins are being created just for money that is why many are saying to the investors to always research and think twice before investing.