2024 began with an exponential growth in the meme currency market, dubbed the “summer of meme currency,” which saw unprecedented activity fueled by social media and community engagement as the wave of interest went down and now the market has remained very cool.
Most meme coins have declined over the last 30 days. However, a few lesser-known tokens have bucked the trend, showing a positive reaction to prices.
Crypto analysis from IntoTheBlock on July 31 highlights a stark contrast within the meme cryptos ecosystem. The more famous tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE have struggled.
Top Dog Meme Coins Seeing Red
The original meme coin DOGE has reported a slight decline in value of 2.38% over the past month. However, the top dog fell more than 5%, trading at $0.12.
Meanwhile, Shib has seen a steep decline of nearly 8% over the past 30 days. Shiba Inu is currently trading at $0.000015, a 3.6% decrease in the last 24 hours.
The frog-themed meme token, PEPE, is also red. Pepecoin has dropped 11% in the last 30 days. The meme cryptos is currently trading at $0.000001058, down 7.67% in the last 24h.
According to IntoTheBlock, “over the past 30 days, only a handful of memecoins have shown positive price action.”
Unlike the top puppies, lesser-acknowledged tokens have shown outstanding resilience and growth. Tokens consisting of doginme, Kimbo, Turbo, Dogelon Mars, and Coq Inu have surged through 18%, 16.97%, 15.70%, 11.57%, and 10.1% respectively.
This bifurcation inside the market indicates that traders are probably searching for options amidst growing skepticism in the direction of the established up meme tokens.
Meme Coins Sector Analysis and Future Predictions
The reported shift in the meme cryptos sector shows a potential consolidation or waning interest in speculative investments. According to IntoTheBlock, this cooling-off length can be a transition period, raising questions about whether the marketplace should enjoy some other surge just like the meme coin-spring.
Despite the current downturn, the unpredictable nature of meme coins means that a possibility for a rebound still exists.
The intensified speculative nature in the meme cryptos segment is further underscored by the drastic performance of new launches on the Solana blockchain. Celebrity-themed meme coins, which had become particularly popular, have seen dramatic declines.
Recent data reveals that celebrity-backed tokens on the Layer 1 blockchain have plummeted by 94% within just a month of their launch, with half of these tokens losing 99% of their peak value. The speculative nature of these assets, often fueled by celebrity endorsements, has resulted in numerous scams.
Increase in Celebrity-endorsed Scams
One notable case involves the infamous UK hacker Gurvinder Bhangu. On-chain investigator ZachXBT traced Bhangu’s involvement in the hacks of X accounts belonging to celebrities like Sydney Sweeney and Bob Odenkirk.
These hacked accounts were then used to promote Solana-based tokens SWEENEY and SAUL in classic pump-and-dump schemes.
The meme coin sector’s recent performance paints a cautionary tale for investors. While meme coins can offer explosive gains, they are equally prone to rapid declines and scams.
Over the last month, the meme coin market experienced fluctuations, typically driven by market sentiment, social media trends, and announcements from the broader cryptocurrency ecosystem. As of now, the meme coin market cap stands at $48.8 billion, a -5.2% change in the last 24 hours.
Overall, the meme coin segment tends to reflect a mix of speculative interest and community-driven narratives, contributing to its unpredictable nature.
