Source: Cointelegraph Original: "{title}"
CoinGecko founder Bobby Ong stated that enthusiasm for meme coins seems to have cooled after a series of poor token launches and exit scams dampened investor interest.
In a report on March 6, Ong noted that after the exit scam of the Libra (LIBRA) project, relevant metrics for the token issuance platform Pump.fun immediately plummeted. Since peaking in February, the number of newly created tokens and daily unlocked tokens on the platform has decreased by over 90%.
"The launch of Trump Coin (TRUMP) and Melania Coin (MELANIA) marked the peak moment for meme coins, as it siphoned off liquidity and attention from all other cryptocurrencies."
The meme coin market suffered a heavy blow after the launch of Libra. Source: CoinGecko
This stands in stark contrast to the activity of meme coins following the launch of the meme coin for U.S. President Trump on January 18, when Pump.fun recorded a historic high of $3.3 billion in weekly trading volume.
However, from January to February, trading volume on Pump.fun plummeted by 63%. Data from CoinMarketCap also shows that the total market capitalization of meme coins reached a historic high of $124 billion on December 5, but has since fallen to $54 billion.
Ong added, "If the launch of these two coins (Trump Coin and Melania Coin) was not enough to end the meme coin craze, then Libra was the last straw that broke the camel's back, shattering the illusion that meme coins are fairly issued and exposing the fact that some small groups and insiders are profiting almost entirely at the expense of everyone else."
After the cryptocurrency Libra, heavily promoted by Argentine President Javier Milei, insiders cashed out over $107 million, and the token's value evaporated by nearly 94% within hours.
In February, the on-chain analytics platform Santiment pointed out that as interest in meme coins waned, attention shifted back to Bitcoin, Ethereum, and other first-layer altcoins, suggesting that the cryptocurrency market may be moving towards a healthier market cycle.
Ong speculated that the market may be heading towards an "extreme power law distribution," where 99.99% of meme coins will fail, with only a few able to stand out and persist.
Ong stated, "Coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) have withstood the test of market cycles, providing lessons for those meme coin creators who wish to build a long-term asset."
"The most successful meme coins are those that have successfully built a fervent fan community, where members are passionate about a certain idea, do not sell their coins, and can spontaneously create related content or stories."
Related: Pump.fun co-founder candidly states: Most altcoins are no different from meme coins.
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