Significant drop in activity and prices of the same coins, what’s going on?

Meme coins have been one of the most popular narratives of the first two quarters of 2024. However, there has been a significant cooling in their market after the intense activity of the “spring”.

In fact, recent findings suggest that only a handful of meme coins have posted gains over the past 30 days, and these are relatively lesser known. While the popular fight to gain strength.

Meme Coin Frenzy Fizzles

According to the latest observation shared by IntoTheBlock, the frenzy around meme coins has noticeably subsided, with only a few showing positive price action.

The values ​​of lesser known tokens such as doginme, Kimbo, Turbo, Dogelon Mars and Coq Inu have increased by 18%, 16.97%, 15.70%, 11.57% and 10.1% respectively , during this period.

Meanwhile, the OG meme coin, Dogecoin (DOGE), settled down a modest 2.6% over the past month. Shiba Inu (SHIB), on the other hand, is down almost 8%. PEPE, too, is in the red in the same time period.

This change indicates a period of consolidation or waning interest in speculative investments in meme coins, according to IntoTheBlock. The crypto analytics platform also speculated whether the market would witness another wave of explosive price moves in the meme coin sector.

“After the meme coin spring peak, the meme coin frenzy has slowed down significantly. Over the last 30 days, only a handful of meme coins have shown positive price action. Do you think we’ll see another wave of moves? Explosive prices?

Scams in the Meme Coin sector

Since the beginning of this year, the Solana blockchain has seen an increase in meme coin creations, especially celebrity themed tokens. Crypto investors have seen a flurry of launches as the market recovered, but recent statistics paint a bleak picture.

In fact, celebrity-backed meme coins on the Layer 1 blockchain have plummeted 94% in the first month after their launch. Approximately 50% of these tokens have lost 99% of their value due to their peak prices. This essentially highlighted the speculative nature of this asset class, especially those that rely on celebrity endorsements for investment.

For example, prominent chain sleuth ZachXBT recently linked convicted UK hacker Gurvinder Bhangu to X-account hackers Sydney Sweeney and Bob Odenkirk. These accounts were then used to promote tokens based on Solana, SWEENEY and SAUL, in pump and dump schemes.

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