Bobby Ong of CoinGecko, founder of the company, said that investor enthusiasm has been stifled by a string bad launches.
The Libra rug (LIBRA), Ong, immediately dropped the metrics for Pump.fun’s token launchpad. said In a report dated March 6, the number of newly-created tokens, and tokens that are graduated daily on the platform has fallen by over 90 percent since its peak in February.
“The launch of TRUMP and MELANIA marked the top for memecoins as it sucked liquidity and attention out of all the other cryptocurrencies.”
After the launch of Libra, there has been a significant drop in memecoin prices. Source: CoinGecko
The activity of memecoins after the launch of US President Donald Trump’s memecoin When Pump.fun was first used on January 18, recorded an all-time high Weekly trading volume of $3,3 billion.
Pump.fun has seen a significant increase in its volume since plunged 63% from January In February, CoinMarketCap will also be updated. CoinMarketCap also provides data for February. shows The total market cap of memecoins reached a high of $124 Billion on December 5, and has now dropped to only $54 Billion.
“If the launch of both these coins wasn’t enough to end the memecoin mania, LIBRA was the final nail in the coffin, shattering the illusion that memecoins were fair launches to reveal cabals and insiders profiting off almost everyone else,” Ong added.
It is important to note that the word “you” means “You”. launch of Libra, a cryptocurrency “shared” Insiders were able to cash in over $107,000,000, wiping 94% off the value of tokens within hours.
Related: Memecoin ‘retail mania’ could go the way of ICOs and NFTs, say execs
Ong claims memecoins are “always going to be “It is not all “seasonal” and some products can survive market fluctuations.
Santiment, the on-chain analytics platform, launched in February. noted that crypto could be headed into a healthier market cycle As interest in Memecoins declined, attention turned back to Bitcoin.BTCEtherETHThe, and layer-1 altcoins.
Ong believes that the markets could be heading towards an “extreme power law”.” where 99.99% fail and a few rise to the top and endure.
“DOGE, SHIB and BONK are examples of memecoins that have survived market cycles. They can be used as a guide for creators who want to create a long-term asset.” Ong said.
“Most successful memes will be those who have created cult like communities, are very passionate about their causes and are able to create organic content.
Magazine: Mystery celeb memecoin scam factory, HK firm dumps Bitcoin: Asia Express
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Source: cointelegraph.com
