Memecoin Hype Faded After TRUMP Token Surge
After the January launch of the TRUMP memecoin, backed by Donald Trump, the memecoin market experienced massive growth. However, following the "Libragate" scandal, the trend slowed down significantly.
According to CoinGecko co-founder Bobby Ong, interest in memecoins has declined due to a series of failed launches and rug pulls that discouraged investors.
📌 Key reasons for the decline:
After the LIBRA rug pull, activity on token launch platforms like Pump.fun plummeted.
Newly created memecoins dropped by over 90% compared to their February peak.
Trading volume on Pump.fun decreased by 63% between January and February.
Ong commented on the situation:
"The launch of TRUMP and MELANIA memecoins marked the peak of the memecoin craze. They drained liquidity and attention from all other cryptocurrencies."
The Memecoin Market Lost Billions
📊 The numbers reveal a sharp decline in the memecoin market:
On December 5, the total memecoin market cap reached $124 billion.
Today, it stands at only $54 billion, reflecting a more than 50% drop.
Ong believes that if memecoins still had room to grow, the LIBRA scandal was the final nail in the coffin.
LIBRA Scandal and Its Impact on Memecoins
The Libra (LIBRA) token, which was promoted by Argentine President Javier Milei, exposed the dark side of the memecoin market.
📌 What happened?
Insiders made $107 million in just a few hours.
LIBRA lost 94% of its value, causing massive losses for investors.
Ong explained:
"LIBRA proved that memecoins are not fair launches—most are controlled by insiders who make money while others lose."
The Future of Memecoins: Some Will Survive Market Cycles
According to Ong, memecoins are a seasonal trend, but some will continue to survive through market cycles.
📌 Onchain analytics platform Santiment suggests that the crypto market is shifting toward a healthier cycle, with interest moving back to BTC, ETH, and Layer 1 altcoins.
Ong speculates that the market could become extremely centralized, where:
99.99% of memecoins will fail.
Only a handful will rise to the top and remain successful.
🐕 Memecoins that have survived:
DOGE (Dogecoin)
SHIB (Shiba Inu)
BONK
Ong explains why these memecoins succeeded:
"The most successful memecoins are those that have built cult-like communities, where members are deeply passionate about the project. These communities organically create content and narratives that keep the tokens alive."
Are Memecoins Truly Dead, or Will They Rise Again?
📌 Current trends show that memecoins are experiencing a major decline. However, if new, innovative projects emerge with strong communities, memecoin mania could return.
🔍 Do you think memecoins have a future, or is their time over? 💭
#memecoins , #LibraGate , #TRUMP , #Melania , #CryptoNewss
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