Exploring the Decline of Meme Coins in 2024 📉
Throughout the first two quarters of this year, meme coins have dominated the cryptocurrency market, attracting significant attention from investors. However, recent data suggests a notable cooling off in the meme coin sector after the frenetic activity during the “spring.”
The Diminishing Frenzy around Meme Coins 📉
Recent observations from IntoTheBlock indicate that the hype surrounding meme coins has dwindled, with only a few coins experiencing positive performance in terms of price.
- Lesser-known tokens like doginme, Kimbo, Turbo, Dogelon Mars, and Coq Inu have seen price surges of 18%, 16.97%, 15.70%, 11.57%, and 10.1%, respectively, in the last 30 days.
- Major meme coins like Dogecoin (DOGE) have only recorded a modest 2.6% decline, while Shiba Inu (SHIB) is down by nearly 8%.
- PEPE has also shown negative performance during the same timeframe.
This shift may indicate a period of consolidation or waning interest in speculative meme coin investments, according to IntoTheBlock’s analysis. The platform has raised questions about the possibility of another surge in price movements within the meme coin sector.
Concerns Over Scams in the Meme Coin Sector 🔍
In the early months of this year, the Solana blockchain witnessed a proliferation of meme coins, particularly those associated with celebrities. However, recent data reveals concerning trends in this space.
- Celebrity-endorsed meme coins on the Layer 1 blockchain have experienced a staggering 94% decrease in value within the first month of their launch.
- Approximately 50% of these tokens have seen a 99% drop from their peak prices, underscoring the speculative nature of coins relying on celebrity promotions for investment.
- Concerns have been raised about the involvement of convicted hacker Gurvinder Bhangu in the manipulation of accounts belonging to celebrities like Sydney Sweeney and Bob Odenkirk to promote Solana-based tokens in pump-and-dump schemes.
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