The enthusiasm for Memecoins appears to be cooled after a series of bad launch and the rug pulled the investor’s interest, according to coingecko founder Bobby Ong.
Metrics for token launchpad pump.fun immediately fell following Libra (Libra) rug, Ong Says In a March 6 report, with newly created tokens and sun -graduates of platform tokens that have been falling more than 90% since their pebbles of February.
“The launch of Trump and Melania marked the top for memecoins as it absorbed liquidity and attention to all other cryptocurrencies.”
The Memecoin market got a serious hit following Libra’s launch. Source: Co ringecko
This is a strong contrast from memecoin activity after The launch of the memecoin of US president Donald Trump On January 18, when the use of pump.fun recorded a full time of $ 3.3 billion in the weekly trading volume.
However, volumes at pump.fun have from fell 63% from January Until February. CoinMarketCap data also Shut up The total capitalization of the Memecoins market hit a full time of $ 124 billion on December 5, but since dropped to $ 54 billion.
“If the launch of both of these coins is not enough to end the Memecoin Mania, Libra is the final nail in the coffin, destroying the illusion that the memecoins are fairly launching to show the cabals and insider meeting almost everyone,” Ong added.
The Libra launch.
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Ong Memecoins said it would be “always” time -time “but some will continue to survive the changing cycles in the market.
In February, the Onchain Analytics platform noted that crypto can head to a healthy market cycle As interest to Memecoins and the attention moved back to Bitcoin (Btc), Ether (Eth) and other layer-1 altcoins.
Ong thought the market could head to a “extreme case of electric law,” which failed 99.99% and some increase in the top and endure.
“The Wike, Shib, and Bonk preferences weather market cycles and offer lessons for Memecoin creators looking to produce a longer property,” Ong said.
“The most successful memes are those who have managed to build communities like a cult that are extremely enthusiastic for a factor, which will not sell and can create content or organic stories.”
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