The top 10 memecoins, including Dogecoin and Shiba Inu, are down 63% on average as new safe-launch tokens capture attention and investor capital.
The once booming memecoin market is experiencing a sharp decline, with the top 10 memecoins—Dogecoin, Shiba Inu, Pepe, and others—down 63% on average. Despite the broader crypto market frenzy, new tokens launched on platforms like Pump.fun and BaseJump are drawing attention and funds, leaving legacy memecoins struggling to maintain their value.
Key Points:
Top Memecoins Struggling: Legacy memecoins like Dogecoin, Shiba Inu, and Pepe are facing major declines, down an average of 63% from their yearly highs.
Rise of Safe-Launch Tokens: New token launch platforms such as Pump.fun have flooded the market, making it easier for traders to chase new "gems," diverting attention from older memecoins.
Increased Competition: Over 1.98 million new tokens have been launched since March, intensifying competition and leaving older memecoins overshadowed by a wave of speculative short-term coins.
Liquidity Concerns: Experts believe that the memecoin market is draining liquidity from more sustainable projects, threatening the long-term health of the crypto market.
Legacy coins struggle to keep investor attention as the meme coin market faces increasing competition from new safe-launch tokens. The decline of established meme coins signals a shift in the market, but meme coins remain a powerful force in the crypto space. Whether this trend marks the end of memecoin mania or just a temporary dip remains to be seen.
Source: Cointelegraph
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