šØ Memecoins Down 63% Despite Market Frenzy
The memecoin boom that fueled the 2024 crypto surge seems to be fizzling out. Key players like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are down an average of 63%, raising questions about the sustainability of this market craze.
The Game Has Changed: New "safe-launch" platforms like Pump.fun and BaseJump are flooding the market with thousands of new tokens, making it easier than ever for traders to jump in. But this flood of new coins is overwhelming older favorites like DOGE and SHIB, which are struggling to hold their ground.
According to Ilias Salvatore from Flooz, āMoney flows where attention goes.ā With 1.98M tokens launched on Pump.fun alone since March, the memecoin market has become a chaotic battlefield where only 1.3% of tokens reach significant milestones.
"Slaughterhouse" Market: Experts like Evan Luthra warn that this frenzy is siphoning attentionāand liquidityāaway from more substantial blockchain projects. āMemecoins are mostly pumps and dumps; they donāt create inherent value,ā Luthra stated, as liquidity concerns mount across the broader altcoin market.
Whatās Next?: Despite the downturn, some analysts suggest memecoins arenāt going away entirely. New platforms continue to emerge, but theyāre facing the same liquidity crunch. Meanwhile, blockchain innovators are urging the crypto community to shift focus toward real-world assets (RWAs) and AI-driven projects for long-term growth.
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