Here is why memecoins are dead in this current market cycle
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Nate Geraci, the founder of the ETF Institute, attributes the current decline in memecoins to smart money moving into crypto. In a post on X (formerly Twitter), Geraci said Wall Street money has made it difficult for scams and celebrity coins to thrive like before.
The comments come in light of the massive decline in the value of memecoins over the last few months. Data from CoinMarketCap shows that the memecoin market cap is down 28% in the previous 30 days, with all these major cap tokens recording double-digit drops in value.
Why memecoins decline is good for crypto
According to Geraci, the memecoin crash is good for long-term crypto adoption. The ETF expert described memecoins as “garbage,” echoing the general criticism of memecoins in the crypto community.
He explained that the inflow of Wall Street money into crypto markets is going to “tangible assets” rather than “garbage” memecoins. In his opinion, this is the primary factor causing memecoins to struggle significantly.
The Wall Street money he refers to is the inflows into spot crypto exchange-traded funds (ETFs). ETFs have enjoyed a massive inflow of funds since listing, and Geraci believes they diverted investors’ attention away from memecoins.
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