Memecoins are not capable of challenging BTC dominance. Bigger and better coins haven't done that yet, questioning that is a bit hilarious.

If there is anything that will challenge Bitcoin, why will it be memecoins? What do memecoins offer? I see memecoin mostly from the angle of entertainment,  I mean something those involved just use to entertain themselves and make themselves feel hyped and pseudo-happy. There is no sustainability in memecoin.

Those who are highly experience and focus on the utility of any coin they put money into only use little fraction of their income for memecoins because they know that the risk in them is multiplied. They can die any day their founders decided that they are satisfied with the money they have made from them. It takes just few of the founders to dump their holding and everything will crash.

As far as I know bitcoin is the king in the crypto market. That's why memecoin can never surpass bitcoin. We all know that meme coins have very low performance and investors will never get the same profits as bitcoin if they jump here. Bitcoin longterm investment is much stronger than any other currency.

It was not just the capitalization itself but the utility of the project which meme coins don't have, even other altcoins. Meme coins are an example of a crypto project that exists with no real purpose or commendation. It was just built to hype the crypto market, and it gained attention really, but also, these projects ruined the market as well as we know that a lot of people suffered losses from investing in them.

Indeed, it was noticeable for its current pump but as usual, they will dump afterwards. If we think this will challenge Bitcoin to dominate the market, then the developers must prove that their projects are worthy. Otherwise, people are right that these meme coins are worthless.

Fair enough. I don't object to people being hopeful, or optimistic, or even arrogant (I'm probably all of those things on any given day).

But framing it the way you do, you point out that the Bitcoin community could drop the ball and fall behind (not respond quickly to market changes), and it's possible that Bitcoin could diminish in popularity in the future. That's a sensible position.

Edit:

When we analyzed software technologies in the past, the primary factor in determining a technology's longevity is cost of switching. In other words, how much would it cost a user of the technology to switch to using another technology?

In the case of something like the Java programming language, or the Windows or Linux OS, or other software that provides a platform, the cost of switching is basically infinity: we will never get away from those things unless there's a major paradigm shift for all computing.

Other technologies like say RDBMS software can have an extremely high cost of switching for many customers, but for others more reasonable. Here one can imagine a company shifting away from (say) Oracle to Postgres in order save money.

Other products have a conceivable cost of switching, but still very high because of network effects: Facebook, Twitter, etc. Users can switch away from these platforms if there is a lot of reason to do so, but there is still a (temporary at least) cost in terms of reduced functionality while the network effects equalize on the new platform.

Still other products have almost zero cost of switching. An internet search engine is like this: it's as easy typing in a new URL on your browser, and using a new product.

So in this context, what is Bitcoin's cost of switching?

Here we need to look at two kinds of "users" of Bitcoin.

First there are "end users", e.g. somebody who uses some brokerage or app to buy and sell Bitcoin. For these users, the cost of switching is essentially zero: they just click a different button on the app's UI, and they move their holdings from Bitcoin to something else.

The other kind of user is B2B users, e.g. those using the API to integrate Bitcoin into their app. Here the question is how long would it take your average app provide to offer a new product to their users. In the specific case of Bitcoin, it would depend on the complexity of the API of the new product, but (since I have very direct experience with this), I would estimate that development cost here is comparatively very small. (This is also demonstrated by the very high number of products that most of the end-user apps support).

So in short, if the market is compelled to switch from Bitcoin to something else, the cost of switching is, on the whole, insignificant.  That's an important factor when looking at a product's potential longevity.

Do not think short term about doge.

Doge has true legs and will last a long time into the future. It is 16.9 cents and rising back.

the Bitmain L7 is making solid money as I type.

Même coins can pump and most times dump, but when you talk about their challenges to bitcoin dominance, I really don't understand if the trust that people have in bitcoin is just because of the price or whatever. Bitcoin is not in competition with any comparable coin or altcoin; it's on its own; rather, the altcoins are there to tap into the glory of Bitcoin.
 
If you check very well, the day Bitcoin climbed from $69,000 down to $60,000, the same coins you are talking about were unable to withstand the fall; some of them dropped down by almost 30% just within the time Bitcoin dropped down, and when it started regaining its strength, meme coins posses a great risk in users investment, but if you want to be blinded by the high risk and chase profit, you are free to go.

The recent surge in Bitcoin's price has ignited a familiar frenzy – the meme coin mania. While it's true that altcoins often experience price bumps alongside Bitcoin, meme coins are a different breed altogether. They're a volatile mix of internet jokes, speculation, and sometimes, a dash of utility.

Investing in meme coins can be likened to riding a rollercoaster blindfolded. The potential for explosive gains is undeniable, but so is the risk of plummeting value. Unlike established players like Bitcoin and Ethereum, meme coins often lack a tangible real-world application. Their value hinges largely on community hype and social media trends.

Bitcoin's dominance is rooted in its first-mover advantage and its established status as digital gold. Dislodging it will be no easy feat. While a top meme coin challenging Bitcoin seems far-fetched in the near future, the cryptocurrency landscape is ever-evolving.

A meme coin challenging the dominance of Bitcoin is as impossible as hell getting frozen, and it doesn't need to freeze twice, lol. People need to understand that Bitcoin is the king of the market, and meme coins are mere jokes turned into cryptocurrencies for fun, they became a trend because some of the meme coins managed to gain a lot of hype and success in the market which is why now every new meme coin is entertained in the market.

Keeping everything aside, one shouldn't compare any cryptocurrency with Bitcoin when it comes to anything including market dominance, price, demand, or anything else one can think of because Bitcoin is unbeatable.

It's been 13 years since the original Bitcoin whitepaper, and Bitcoin is slower and more expensive to transact than ever. If that's the way it's "evolving" then I don't see it branching out of it's current primary use as a speculation instrument.

But this is all beside the point. The way people want Bitcoin to get "better" is for it to increase in price. That has nothing to do with the technology, it just means they want more people bidding for Bitcoin.

It's not going to get "better" in some way that most of its users don't care about.



My proof is the proliferation of brokers like Binance, Coinbase, and hundreds of others, and their obvious very large market presence. And now, the ETF.

And the other evidence is something I call the Anon Paradox: that people don't want the responsibility of physically carrying a large portion of their life savings and instead they would rather have professionals do that for them and hold the asset based on their personal identity (the paradox being that for small amounts of money, people want the opposite).

(I understand that you can also do chain analysis that will indicate the flows from major brokerages as opposed to individual wallets, but I haven't dug that deep on this path personally).