Memecoin

Show

Shiba Inu

Gains

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/memecoin-hype-decreases-as-only-a-few-tokens-show-gains/" data-wpel-link="internal">Memecoin Hype Decreases as Only a Few Tokens Show Gains</a> 
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 <a href="https://en.coin-turk.com/performance-analysis-of-floki-and-pepe-in-the-crypto-market/" data-wpel-link="internal">memecoin</a> projects recorded gains in the last 30 days, and these are relatively lesser-known. Popular ones are struggling to gain strength. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-in-the-memecoin-space">What Is Happening in the Memecoin Space?</h2> 
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: 
<blockquote> 
 “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?” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-376008" src="https://coin-turk.com/wp-content/uploads/2024/08/itb.png" alt="" width="500" height="520"> 
<h2 class="p1" style="text-align: justify" id="here-are-the-notable-details">Here Are the Notable Details</h2> 
Since the beginning of this year, the Solana ecosystem has seen an increase in memecoin creations, especially celebrity-themed tokens. Crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> 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 <a href="https://newslinker.co/what-is-cybersecurity/" target="_blank" rel="noopener" data-wpel-link="exclude">hacker</a> 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. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/memecoin-hype-decreases-as-only-a-few-tokens-show-gains/" data-wpel-link="internal">Memecoin Hype Decreases as Only a Few Tokens Show Gains</a></h5>
The post <a href="https://en.coin-turk.com/memecoin-hype-decreases-as-only-a-few-tokens-show-gains/" data-wpel-link="internal">Memecoin Hype Decreases as Only a Few Tokens Show Gains</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Memecoin Hype Decreases as Only a Few Tokens Show Gains

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