According to CryptoPotato, meme coins have been a prominent narrative in the first two quarters of 2024. However, the market has seen a significant cooling off after the intense activity of the spring. Recent findings indicate that only a few lesser-known meme coins have recorded gains over the past 30 days, while the popular ones are struggling to gain strength.

The latest observation shared by IntoTheBlock reveals that the frenzy around meme coins has notably diminished, with only a few showing positive price action. Values of lesser-known tokens such as doginme, Kimbo, Turbo, Dogelon Mars, and Coq Inu have surged by 18%, 16.97%, 15.70%, 11.57%, and 10.1%, respectively, during this period. Meanwhile, the original meme coin, Dogecoin (DOGE), settled with a modest 2.6% decline over the past month. Shiba Inu (SHIB) is down by almost 8%, and PEPE is also in the red within the same timeframe. This shift indicates a period of consolidation or decreased interest in speculative meme coin investments, as per IntoTheBlock. The crypto analytic platform also speculated whether the market would witness another wave of explosive price movements in the meme coin sector.

Since the beginning of this year, the Solana blockchain has experienced a surge in meme coin creations, particularly tokens themed around celebrities. Crypto investors have observed a flurry of launches as the market recovered, but recent statistics paint a bleak picture. Celebrity-backed meme coins on the Layer 1 blockchain have plummeted by 94% within the first month after their launch. Approximately 50% of these tokens have lost 99% of their value from their peak prices. This essentially highlights the speculative nature of this asset class, especially those that depend on celebrity endorsements for investment.

For instance, prominent on-chain sleuth ZachXBT recently linked the convicted UK hacker Gurvinder Bhangu to the hacks of the X accounts of Sydney Sweeney and Bob Odenkirk. These accounts were then used to promote Solana-based tokens, SWEENEY and SAUL, in pump-and-dump schemes.