A Significant Drop in Meme Coin Activity and Prices, What’s Next?

In the first two quarters of 2024, meme coins are one of the most popular narratives. However, after the “spring” strong activity, there was a big cooling in their market.

In fact, recent findings show that a handful of meme coins have made gains in the past 30 days, and these are relatively little known. When the celebrities struggle to find strength.

Meme Coin Fizzles Madness

According to a recent observation shared by IntoTheBlock, the frenzy surrounding meme coins has largely subsided, with only a few showing positive price action.

Lesser known tokens such as Dojinme, Kimbo, Turbo, Dogelon Mars, and Kok Inu increased by 18%, 16.97%, 15.70%, 11.57%, and 10.1% respectively during this period.

Meanwhile, the OG meme coin – Dogecoin (DOGE) – saw a modest 2.6% decline last month. Shiba Inu (SHIB), on the other hand, was down about 8 percent. PEPE, too, is in the red in the same time frame.

This change indicates a period of consolidation or reduced interest in speculative meme coin investments, according to IntoTheBlock. The crypto analytic platform has speculated whether the market will see another explosive price movement in the meme coin sector.

“Following the Memcoin-spring peak, the Memcoin frenzy has decreased significantly. Over the past 30 days, only a handful of meme coins have shown positive price action. Do you think we will see another explosive price move?”

Scams in the meme coin sector

Since the beginning of this year, the Solana blockchain has experienced a surge in meme coin creations, especially tokens around celebrities. Crypto investors have seen many startups as the market recovers, but the latest statistics paint a grim picture.

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

For example, the popular on-chain ZackXBT linked recently convicted UK hacker Gurvinder Bangun to the hacking of the X accounts of Sidney Sweeney and Bob Odenkirk. These accounts are used to promote Solana-based tokens, SWEENEY and SAUL, through pump-and-dump schemes.