Memecoin season’s hype significantly decreased, with only a few selected tokens showing gains. Memecoin projects became one of the most popular narratives in the first two quarters of 2024. However, after intense activity, the market experienced a significant cooling. Recent findings show that only a handful of memecoin projects recorded gains in the last 30 days, and these are relatively lesser-known. Popular ones are struggling to gain strength.
What Is Happening in the Memecoin Space?
According to the latest observation shared by IntoTheBlock, the frenzy around memecoin projects has significantly decreased, with only a few showing positive price movements. Doginme, Kimbo, Turbo, Dogelon Mars, and Coq Inu, lesser-known tokens, increased in value by 18%, 16.97%, 15.70%, 11.57%, and 10.1%, respectively, during this period. Meanwhile, the popular memecoin project Dogecoin settled for a modest 2.6% drop last month. On the other hand, Shiba Inu fell by almost 8%, and PEPE also remained in the red during the same period.
According to IntoTheBlock, this change indicates a consolidation period or a decrease in interest in speculative memecoin investments. The crypto analytics platform also speculated whether the market would witness another wave of explosive price movements in the memecoin sector:
“After the peak of memecoin hype, the frenzy has significantly decreased, with only a handful of memecoins showing positive price movements in the last 30 days. Do you think we will see another wave of explosive price movements?”
Here Are the Notable Details
Since the beginning of this year, the Solana ecosystem has seen an increase in memecoin creations, especially celebrity-themed tokens. Crypto investors observed a series of launches as the market recovered, but recent statistics paint a grim picture.
In fact, celebrity-backed memecoin projects within the ecosystem dropped by 94% in the first month after their launches. About 50% of these tokens lost 99% of their value from their peak prices. This essentially highlighted the speculative nature of this asset class, especially those relying on celebrity endorsements for investment.
For example, prominent on-chain detective ZachXBT recently linked convicted British hacker Gurvinder Bhangu to the hacking of Sydney Sweeney and Bob Odenkirk’s X accounts. These accounts were later used to promote Solana-based tokens SWEENEY and SAUL in pump-and-dump schemes.
