Memecoins lose $20 billion in market capitalization since May

[bbc.reporter]

This is very headshaking because I am not quite certain if we should be contrarian and begin buying memecoins or if the investors will not return to memecoins and begin to invest in utility tokens, governance tokens and more important projects again?

The argument that many investors will not buy memecoins again is much of them remain to be holding them at very big losses and we can be certain that they are presently very hateful and angry hehehehe. We might want to avoid these hateful people because they might dump on us with our mouths open heheheheheehee.



During the first half of 2024, meme coins took the spotlight, captivating the crypto world with their quirky charm. However, the hype appears to be cooling off as we move into the latter part of the year. According to Google Trends, searches for “meme coins” have significantly decreased, and since May 21, the meme token market has seen a steep decline of more than $20 billion in value.

Historical data shows that on May 21, 2024, the meme coin market was valued at $59.62 billion. Fast forward to today, and that figure has dropped to $39.59 billion—a staggering loss of $20.02 billion in just 89 days.

While meme coins had a strong start in 2024, the second half of the year has been less kind to these tokens, whether they’re based on humor, celebrities, or presidential candidates. Losing $20 billion in less than 90 days is no small feat, and the future of the meme coin market remains uncertain.

Read in full https://news.bitcoin.com/meme-coins-lose-steam-20-billion-wiped-from-market-since-may/

[Charles-Tim]

Losing $20 billion in less than 90 days is no small feat, and the future of the meme coin market remains uncertain.[/i]

This is not a surprise because it is expected. They will create a coin, people will buy and pump it and later dump it and move to other coins. Meme coins are not different from altcoins. If you want to gamble, gambie with them. If you do not lose money but lucky to gain from the one that you bought, sell it as fast as possible.

So the future of the coins is that people will buy them and later dump them and move to new coins. The new coins will become old and they will also dump it and move to a new one and so on.

[shinratensei_]

this is because the scammers sucks the money out of the market more than ever, solana blockchain never ran out of news about meme coin scams so it is no wonder that so many retailers become traumatized and just decide to take a break from meme coin market which could motivate them to just dump their meme coin whatever the losses.

I think meme coin already peaked at market cap of $60 billion and will go down hill from here on, only the biggest meme coin will remain, the lesser micro cap meme coin will be abandoned.
as for the recovery, I think it will happen only if BTC could break $74k ATH again.

[bbc.reporter]

@shinratensei_. I very much agree on yoir argument on memecoins. Also, on this present bull market, there has been more mememcoins created and this implies that there are more people who are losing their money hehehee. Will much of them return and invest in memecoins again? I very much reckon that they will become bitcoin maximalists and accuse on everything as a scam or they invest only in utility tokens, governance tokens and more important projects that have the backing of venture capitalists who will also dump on them with their mouths open heheheheheh.

[shinratensei_]

@shinratensei_. I very much agree on yoir argument on memecoins. Also, on this present bull market, there has been more mememcoins created and this implies that there are more people who are losing their money hehehee. Will much of them return and invest in memecoins again? I very much reckon that they will become bitcoin maximalists and accuse on everything as a scam or they invest only in utility tokens, governance tokens and more important projects that have the backing of venture capitalists who will also dump on them with their mouths open heheheheheh.

agreed, so many former meme coin enthusiast will become so skeptic because figuring out the harsh reality of meme trenches



overall the scene of meme coin and altcoin doesn't look pretty good, I think people will eventually figure out that sticking with some of the top market valued altcoins or just simply stick with BTC is the way.

[kbhutto]

This is like a very cunning game played by the meme coin developers, they have made many people buy meme tokens which are being dumped, then suddenly fall as if this is something that happened before the meme was transcribed in the crypto market. As a result, everything is just a joke because they have withdrawn a lot of money. Today the meme market has plummeted, many people are already doubtful whether memes will rise again or even become ashes.

[CK485]

This is like a very cunning game played by the meme coin developers, they have made many people buy meme tokens which are being dumped, then suddenly fall as if this is something that happened before the meme was transcribed in the crypto market. As a result, everything is just a joke because they have withdrawn a lot of money. Today the meme market has plummeted, many people are already doubtful whether memes will rise again or even become ashes.

I think memes will rise again, with the current market capitalization showing a slow increase, it shows a market trend that is improving, driven by positive-minded investors, although there are always challenges, it is a risk that always approaches its users.

[DeathAngel]

The price fall has been crypto wide, Bitcoin & other main coins have struggled to get back to the highs. This is just a normal correction in an early bull market. Meme coins have obviously felt the pinch top but it’s nothing to worry about. We will start to rise again in the latter parts of 2024.

[bbc.reporter]

This is like a very cunning game played by the meme coin developers, they have made many people buy meme tokens which are being dumped, then suddenly fall as if this is something that happened before the meme was transcribed in the crypto market. As a result, everything is just a joke because they have withdrawn a lot of money. Today the meme market has plummeted, many people are already doubtful whether memes will rise again or even become ashes.

I think memes will rise again, with the current market capitalization showing a slow increase, it shows a market trend that is improving, driven by positive-minded investors, although there are always challenges, it is a risk that always approaches its users.

I very much agree. Memecoins will certainly pump again, however, who will make very big profit and who again will have another empty bank account? You should look at the image @shinratensei_ has shared. I reckon this certainly shows reality hehe. You are top 3.061% if you made only $1000 profit in pump.fun? This is certainly headshaking.

[KiaKia]

Those who makes new meme coins are not worthy to be called developers.

There is nothing to develop on meme coins, just find a creator and click Start, you will get a full memecoin ready in minute.

I hate the fact that everyone either small or adult can click a button and viola a meme coin is ready for them to control, this shit will hurt crypto even more in the future because everybody will be a shitty dev in their bedroom waiting to pump and dump and then move unto the next.

If developers are certified I bet that 95% out of the world humans won't be qualified, this is how shitty crypto space have become.

Developers my foot.

[Son Of Blockchain (SOB)]

 I don't trust memecoins and I won't advice investors to consider them cause they're mostly pump and dump, moreover scammers use them mostly in recent times to get the attention of their victims, but if there's anyone here who's wants to risk investing on it you should prioritize risk management and invest only what you can afford to lose.
 Do not be decieved by their large community and trends on social media prioritize investing in bitcoin over any other cryptocurrency.

[bbc.reporter]

There is positive news for memecoin holders and traders of other tokens in Solana. According to this news update, Paypal USD market capitalization has reached more than $1 billion and much of the supply is in Solana.

I speculate this will only grow and pump to the top 10 in market capitalization. When this has occurred, much of the supply will remain to be in Solana. This will give Solana traders the inflows of stablecoins needed to pump their memecoins and also other tokens hehehe. It appears the Ethereum killer storyline might begin again.



PayPal’s stablecoin PYUSD surpassed $1 billion in market cap on Aug. 24, according to CoinGecko data.

On an X (formerly Twitter) post, PYUSD’s issuer Paxos celebrated the feat, highlighting how fast the stablecoin crossed the important mark when compared to its peers, USD Coin (USDC) and Tether USD (USDT).

CoinGecko data shows that it took 351 days for PYUSD to cross the billion threshold, while USDC and USDT exceeded the same mark within 616 and 1024 days, respectively.

Notably, most of the PYUSD market cap is circulating on Solana, less than three months after PayPal decided to expand the issuance of its stablecoin outside of Ethereum on May 29?

Read in full https://cryptoslate.com/pyusd-hits-1-billion-milestone-with-the-majority-of-its-supply-on-solana/

[jasonjm]

Losing $20 billion in less than 90 days is no small feat, and the future of the meme coin market remains uncertain.[/i]

It was bound to happen because once the hype was over and the whales filled their bags with money, they dumped meme coins and now the retail investors (who wanted to get rich quickly) are in losses. Meme coins are for short-term investment, invest when the price is low, take advantage of the hype, exit the market, and do not invest in the same coin.
Usually, large investors/ whales select a coin, create hype, pump it 2x to 10x, empty their bags, take profit, and move to the next coin. Many coins were pumped significantly in the 2021 alt season, and now they are nowhere to be seen.

There is positive news for memecoin holders and traders of other tokens in Solana. According to this news update, Paypal USD market capitalization has reached more than $1 billion and much of the supply is in Solana.

Solana's ecosystem is expanding quickly and I think Solana will be the next big thing in the coming months. I am expecting a significant pump in Solana's market value.

[betswift]

I don't trust memecoins and I won't advice investors to consider them cause they're mostly pump and dump, moreover scammers use them mostly in recent times to get the attention of their victims, but if there's anyone here who's wants to risk investing on it you should prioritize risk management and invest only what you can afford to lose.
 Do not be decieved by their large community and trends on social media prioritize investing in bitcoin over any other cryptocurrency.

Yep, possibilities are there, but they are going intact with risks attached to them I too think that if you want stability, you can try things differently, not going into the memes for the potential x's at hand.