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Memecoins

The decline of memecoins: investors prefer other cryptocurrencies

TokenTalk Staff

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In the crypto industry, it is clear that memecoins will not disappear completely. However, recently the trading activity and overall market value of memecoins are decreasing.

Although some “abnormal” coins have managed to stay afloat, most memecoins are struggling to keep up with the recent market shift.

It appears that investors are diverting their attention and money to more established assets like Bitcoin and Ethereum. Let’s see all the details below.

Crypto News: Trading Activity and Overall Value of Memecoins Decline

As expected, recently cryptocurrencies like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) underperformed the rest of the market.

Showing a reversal of the trend from the enthusiasm that had previously characterized the sector.

According to data from CoinGeckoThe overall memecoin market capitalization declined over the past 24 hours, recording a 2.7% decline and reaching $55.48 billion.

Among the coins that suffered the biggest losses, Bonk (BONK) fell 6% over the past day. Floki (FLOKI) lost 3.3%, while Memecoin (MEME) comes in third position with a drop of 3% over the same period.

DOGE, the top meme coin by market capitalization, saw its price drop 2.1% in one day, bringing its overall value to $22.74 billion.

Despite the decline, DOGE continues to represent almost 41% of the overall market of memecoins.

Even its main competitor, SHIB, saw a decline on May 6, with a 2.4% loss that brought its market capitalization down to $14.29 billion. This consolidation keeps it firmly as the second most popular memecoin.

Even altcoins are falling: the continuing decline after the memecoin boom

Historically, cryptocurrency bull markets tend to be driven by an altcoin boom.

However, in line with the current memecoin price correction, even Total3the total market capitalization of all cryptocurrencies excluding Bitcoin and Ether, suffered a setback after the rally that began in October 2023.

Concretely, Total3 has fallen 15% since the first week of April, reaching $661.41 billion. This decline led to the formation of a descending parallel channel on the weekly chart.

Traders took profit when the relative strength index (RSI) on the weekly chart reached an overbought level, surpassing the value of 70, amid the frenzy of memecoins based on Solana.

An RSI above 70 indicates that altcoins have been overvalued, leading to a trend reversal or corrective pullback.

Altcoins continue to follow a downward trend, as confirmed by the bearish movement of Total3 within this descending parallel channel.

The RSI has fallen from 89 to 62 over the past seven weeks, suggesting that the market may still be bearish.

If Total3 fails to breach the upper limit of the descending channel at $660 billion, it is possible that altcoins, including major memecoins, will continue to suffer losses. other fluctuations in the next weeks.

Trading volume: 81% drop since early March

Weekly memecoin trading volume has been declining since March. According to Dune data, memecoin transactions on all blockchains including Ethereum and Solana, fell by 81%.

Specifically, going from a high of $998.55 million in March to $191.88 million in the week ending May 3. This decline suggests a loss of interest or confidence in the sector on the part of traders.

If we consider the most important memecoins, CoinMarketCap data shows that DOGE trading volume fell by 50% between March 7 and May 6.

Similarly, SHIB and PEPE volumes fell by 88% and 51%, respectively, during the same period.

Furthermore, the recent change in tone of US Federal Reservewith the Federal Open Market Committee’s May 1 statement reducing the likelihood of interest rate cuts in 2024, has increased risk aversion in the cryptocurrency market.

This change had a particular impact on memecoins, which are among the most profitable assets of 2024.

As the US economy appears to be strengthening, traders are turning to safe haven assets like American treasures, preferring them to cryptocurrencies, which do not offer stable returns.

This change in direction reduces the appeal of riskier investments, notably memecoins.

As a result, investors will likely realize profits on memecoins in the first quarter of 2024, reinvesting in other segments of the crypto ecosystem.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Memecoins

“DOGE is much bigger than D-List celebrity memecoins:” MOTHER and DAD divide the community

TokenTalk Staff

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“DOGE is much bigger than D-List celebrity memecoins:” MOTHER and DAD divide the community
  • Celebrity memecoins like $MOTHER and $DADDY have faced volatility despite community support.
  • Robert Leshner of Superstate recognized the cultural impact of memecoins like Dogecoin.

Social media was lively with discussions around two notable memecoins: Mother Iggy [MOTHER] And Papa Tate [DADDY].

Despite the recent decline in their market value, in which DAD experienced a drop of 9.08% and MOTHER was down 15.54%, interest and support for these coins has not diminished among their followers.

However, many believe that celebrity memecoins have no lasting value and are simply a waste of money. Reflecting on this sentiment, user X (formerly Twitter) legend took X and wrote down,

“Stop wasting your money on memecoins. 99.9% of them will go to 0. Especially celebrities. This happens every cycle. Don’t be stupid. Invest in big pieces and let them roll.

Dogecoin, the king of memecoins?

In a recent episode of the “Unchained” podcast, Robert LeshnerCEO and co-founder of Superstate, shared a nuanced perspective contrasting with Dogecoin [DOGE] with other celebrity memecoins.

Leshner pointed out that Dogecoin uniquely established itself by mocking established cryptocurrencies like Bitcoin [BTC] And Litecoin [LTC]. It has shown surprising longevity and cultural impact in the crypto world.

He added,

“I think Dogecoin, for this reason, has a much greater importance in the societal Wikipedia of crypto than a non-unique, completely continuous c-list and d-list of celebrity coins.”

However, he continues to believe that other memecoins associated with celebrities can still generate attention and speculative interest in the market.

Ethereum vs. Solana Memes

According to a recent guide article published by CoinGeckoTHE Solana [SOL] the network has exceeded the Ethereum [ETH] network by hosting a larger number of celebrity memecoins.

However, despite the rise in popularity of Solana memecoins, a recent study by the Web3 platform — Trust recognized,

“While Solana is benefiting from a recent surge in meme coin activity, Ethereum is the original battleground for some of the most well-known and influential meme tokens. These pioneers paved the way for the meme coin phenomenon and continue to be major players.

This sentiment was further confirmed by AMBCrypto’s analysis of Santiment data, which revealed that Ethereum’s social dominance dominated Solana.

Feeling

Source: Santiment

Despite this significant rise, the current memecoin market appears to lack inherent value and is primarily driven by competition and speculative trading.

Sharing a similar line of thinking, Ethereum co-founder Vitalik Buterin better say it when he said,

“I’m quite unhappy with the ‘celebrity experimentation in this cycle’ so far. “Financialization as a means to an end”, I can respect it if the end is worth it (healthcare, open source software, art, etc.).

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Memecoins

“DOGE is much bigger than D-List celebrity memecoins:” MOTHER and DAD divide the community

TokenTalk Staff

Published

on

“DOGE is much bigger than D-List celebrity memecoins:” MOTHER and DAD divide the community
  • Celebrity memecoins like $MOTHER and $DADDY have faced volatility despite community support.
  • Robert Leshner of Superstate recognized the cultural impact of memecoins like Dogecoin.

Social media was lively with discussions around two notable memecoins: Mother Iggy [MOTHER] And Papa Tate [DADDY].

Despite the recent decline in their market value, in which DAD experienced a drop of 9.08% and MOTHER was down 15.54%, interest and support for these coins has not diminished among their followers.

However, many believe that celebrity memecoins have no lasting value and are simply a waste of money. Reflecting on this sentiment, user X (formerly Twitter) legend took X and wrote down,

“Stop wasting your money on memecoins. 99.9% of them will go to 0. Especially celebrities. This happens every cycle. Don’t be stupid. Invest in big pieces and let them roll.

Dogecoin, the king of memecoins?

In a recent episode of the “Unchained” podcast, Robert LeshnerCEO and co-founder of Superstate, shared a nuanced perspective contrasting with Dogecoin [DOGE] with other celebrity memecoins.

Leshner pointed out that Dogecoin uniquely established itself by mocking established cryptocurrencies like Bitcoin [BTC] And Litecoin [LTC]. It has shown surprising longevity and cultural impact in the crypto world.

He added,

“I think Dogecoin, for this reason, has a much greater importance in the societal Wikipedia of crypto than a non-unique, completely continuous c-list and d-list of celebrity coins.”

However, he continues to believe that other memecoins associated with celebrities can still generate attention and speculative interest in the market.

Ethereum vs. Solana Memes

According to a recent guide article published by CoinGeckoTHE Solana [SOL] the network has exceeded the Ethereum [ETH] network by hosting a larger number of celebrity memecoins.

However, despite the rise in popularity of Solana memecoins, a recent study by the Web3 platform — Trust recognized,

“While Solana is benefiting from a recent surge in meme coin activity, Ethereum is the original battleground for some of the most well-known and influential meme tokens. These pioneers paved the way for the meme coin phenomenon and continue to be major players.

This sentiment was further confirmed by AMBCrypto’s analysis of Santiment data, which revealed that Ethereum’s social dominance dominated Solana.

Feeling

Source: Santiment

Despite this significant rise, the current memecoin market appears to lack inherent value and is primarily driven by competition and speculative trading.

Sharing a similar line of thinking, Ethereum co-founder Vitalik Buterin better say it when he said,

“I’m quite unhappy with the ‘celebrity experimentation in this cycle’ so far. “Financialization as a means to an end”, I can respect it if the end is worth it (healthcare, open source software, art, etc.).

Following: Will Ethereum continue to see green as autonomy increases and whales sell off?

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Memecoins

Boxing Sensation Ryan Garcia Teases Launch of His Own Meme Coin – News Bytes Bitcoin News

TokenTalk Staff

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Boxing Sensation Ryan Garcia Teases Launch of His Own Meme Coin – News Bytes Bitcoin News

https://news.google.com/./articles/CBMiXWh0dHBzOi8vbmV3cy5iaXRjb2luLmNvbS9ib3hpbmctc2Vuc2F0aW9uLXJ5YW4tZ2FyY2lhLXRlYXNlcy10aGUtbGF1bmNoLW9mLWhpcy1vd24tbWVtZS1j b2 luL9IBAA?hl=en-US&gl=US&ceid=US%3Aen

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Memecoins

Galaxy Digital CEO thinks meme pieces have more to offer than laughs

TokenTalk Staff

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Galaxy Digital CEO thinks meme pieces have more to offer than laughs

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Meme pieces, often inspired by Internet jokes or cultural phenomena, have been dismissed by many industry experts due to their perceived lack of usefulness. However, Mike Novogratz, CEO of Galaxy Digital, believes that these meme tokens have a strong narrative that captures investors’ attention beyond simple humor.

“Meme coins – whether you’re a fan or not – have become a cornerstone of the crypto economy. In today’s market, they are one of the most powerful narratives,” Novogratz said in a recent job on X, adding that meme coins on permissionless blockchains have a combined market cap of over $60 billion.

In an accompanying video, Novogratz also outlined two potential ways to profit from coins: one is by choosing memes with humor and the second is by creating memes.

He suggests that successful investors need a “quirky sense of humor” to predict which memes will resonate with people and become successful investments.

The second way is for memecoin creators. Novogratz said meme creators could make big profits by launching their own coins.

He also spoke about his son-in-law’s success with Dogwifhat and Doge. Initially skeptical about investing in memecoins, Novogratz expressed surprise at his son-in-law’s success in simply holding memecoins, suggesting that a well-designed meme can result in financial gain.

“You know Dogwifhat, the first time you see him you laugh, now he’s worth $3 billion,” Novogratz said.

Novogratz’s bullish stance on meme coins is facing resistance from the industry. Commenting on Novogratz’s post, Charlie Silver, CEO of Permission.io, said that meme coins are “just stupid casino chips.” Silver believes that the real foundations of the crypto-economy have yet to be built.

Novogratz’s statements come amid the ongoing controversy surrounding celebrity coins. Many crypto figures have publicly shared their opinions on the movement.

Notably, Vitalik Buterin, co-founder of Ethereum critical recent celebrity coins, such as Iggy Azalea’s Mother Iggy (MOTHER). He argued that projects should prioritize societal value and user engagement over the enrichment of celebrities and early investors.

Despite skepticism from some industry leaders, meme coins like Daddy Tate (DADDY) have shown remarkable performance, rising 218% in the past 24 hours. However, analysts have recently warned of the potential risks of insider trading associated with both MOTHER And DAD.

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