The hype process in the Memecoin market has slowed down significantly, and this has caused many projects to suffer losses, especially the losses in the Solana ecosystem are deepening. Following the Memecoin season, the hype has diminished significantly and only a few select tokens are currently showing gains. In the first two quarters of 2024, memecoin projects had attracted great interest in the market, but after the intense activity, there was a significant cooling in the market. According to the latest data, only a handful of memecoin projects have recorded gains in the last 30 days, and these are generally lesser-known projects. The popular ones are struggling to gain power.
Latest Situation in Memecoin Field
According to data from IntoTheBlock, the frenzy around memecoin projects has decreased significantly, with only a few exhibiting positive price movements. For example, Doginme gained 18%, Kimbo gained 16.97%, Turbo gained 15.70%, Dogelon Mars gained 11.57%, and Coq Inu gained 10.1%. However, among popular memecoin projects, Dogecoin has fallen by 2.6% in the last month. Shiba Inu lost almost 8% in value and PEPE remained in the red zone during the same period. This change indicates that interest in speculative memecoin investments has decreased or entered a period of consolidation.
Crypto analytics platform IntoTheBlock stated that there are uncertainties about whether there will be another wave of explosive price movements in the memecoin sector:
âFollowing the memecoin hype peak, the memecoin craze has subsided significantly and only a handful of memecoins have shown positive price movement in the last 30 days. Do you think we will see another wave of explosive price action?â
Solana Ecosystem and Memecoin Creations
Since the beginning of this year, there has been a surge in the Solana ecosystem in celebrity-backed memecoin projects, especially thematic tokens. However, recent statistics show that these projects lose 94% of their value in the first month following their launch. Approximately 50% of these tokens lost 99% of their value after their peak prices. This highlights the speculative nature of this asset class, which is particularly dependent on celebrity endorsements.
For example, leading blockchain researcher ZachXBT recently noted that British hacker Gurvinder Bhangu was linked to the hack of Sydney Sweeney and Bob Odenkirk's X accounts. These accounts were later used to promote Solana-based tokens such as SWEENEY and SAUL in pump-and-dump schemes.
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