According to Bobby Ong, Coingecko founder, enthusiasm for Memecoin appears to have cooled after a series of bad launches and rugs killed investors’ profits.
The metrics on the token launchpad pump quickly fell short following the Libra lag, ONG, in a report on March 6th, features newly created tokens and tokens that graduated daily on a platform that has more than 90% since its peak in February.
“The launch of Trump and Melania marked the top of Memocoin as they sucked liquidity and attention from all other cryptocurrencies.”
This is in stark contrast to Memecoin activities after US President Donald Trump’s Memecoin launch on January 18, when Pump.Fun used a record high of $3.3 billion per week.
However, Pump.Fun volume plunged 63% from January to February. CoinMarketCap data also shows that MemeCoins’ total market capitalization reached $124 billion on December 5th, but has since dropped to $54 billion.
“If the launch of both of these coins wasn’t enough to end Memocoin Mania, then Libra shattered the illusion that Memecoin was the last nail in ffin and a fair launch to reveal that Cabal and insiders would benefit from almost everyone else,” Ong added.
With the launch of Libra, a cryptocurrency “shared” by Argentine President Javier Miley, insiders have won over $107 million, wiping out almost 94% of the token’s value within hours.
Related: MemeCoin ‘Retail Mania’ can go down the path of ICO and NFT, executives say
Memecoins “will always be ‘seasonal’, but some will survive the fluctuating market cycle.
In February, Santiment, the Onchain Analytics platform, noted that crypto could head towards a healthier market cycle as interest in memokine waned and attention returned to Bitcoin (BTC), Ether (ETH), and other Layer-1 altcoins.
Ong speculates that the market may be heading towards a “extreme case of electricity law.” There, 99.99% fail, and a few people rise to the top and endure.
“The likes of Doge, Shib and Bonk offer lessons to Memecoin creators who are trying to weather the market cycle and build long-term assets,” says Ong.
“The most successful memes are those that have been able to build a cult-like community that is very passionate about the cause.
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