Memecoins Drop 57% Amidst Market Chaos..$DOGE , $SHIB and $PEPE ..

The explosive memecoin rally that ignited the 2024 crypto surge is showing signs of slowing down. Popular coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have taken a significant hit, with an average decline of 57%, sparking concerns about the future of this speculative market.

The Landscape is Shifting: New "safe-launch" platforms such as Pump.fun and BaseJump are flooding the market with countless new tokens, making it easier for traders to participate. However, this influx of fresh coins is putting immense pressure on established names like DOGE and SHIB, which are now fighting to maintain their positions.

According to Ilias Salvatore from Flooz, “Money follows attention.” With 1.72 million tokens launched on Pump.fun since March, the memecoin market has become a highly competitive space where only 1.6% of tokens achieve notable success.

A Market Under Pressure: Industry experts like Evan Luthra caution that this rush is drawing both attention and liquidity away from more solid blockchain initiatives. “Memecoins are primarily pump-and-dump schemes with little intrinsic value,” Luthra remarked, as liquidity concerns increase across the altcoin space.

What Lies Ahead?: Despite the decline, some analysts believe memecoins will persist. New platforms continue to emerge, but they face the same liquidity challenges. Meanwhile, blockchain leaders are urging the crypto community to shift its focus toward real-world assets (RWAs) and AI-driven technologies to ensure sustainable growth.

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