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Fading Interest in Memecoin Craze? Reasons Driving Creators Away from Pump.fun Platform
The cryptocurrency market has seen a 22% drop from its peak in January this year, with a total market capitalization of $2.85 trillion, reflecting a growing bearish sentiment.
Meme coins mirror the overall market slowdown
Even the memecoin market, a significant contributor to the crypto market cap, has followed this trend. The presidential memecoin token Official Trump [TRUMP] saw a massive rally and reached a $1 billion market cap, only to plunge by 83%. Others, like Official Melania Meme [MELANIA], followed a similar trajectory.
However, the memecoin sector still holds a market cap of $53.04 billion, up 2.19% over the past 30 days. Yet, platforms like Pump.fun, which previously enabled rapid memecoin deployment, have seen a significant decline in activity, contributing to the weak performance of the memecoin sector.
Daily token deployments on Pump.fun dropped by 56.3%, from 72,000 to 31,000, with graduated tokens falling from 1.4% to 0.7%. This decline in deployment and graduation escalated following the launch of LIBRA, a project promoted by Argentine president, Javier Milei, which saw its market cap fall from $4.6 billion to $220 million in a "rug pull."
Bitcoin takes the spotlight
In contrast, Bitcoin has become the primary magnet for liquidity as the broader market weakens. Its market dominance stands at 59.1%, a 4.6% climb since the start of the year. As Bitcoin's dominance rises, memecoin dominance declines, confirming the ongoing shift in market preference. With less liquidity flowing into the memecoin sector, most tokens in this category are likely to remain underperforming, except for a few reacting to specific market events.
If you're curious about the latest on Ethereum or Dogecoin, check out our other articles! We've got the scoop on their recent movements and what experts are predicting for the future.
So, stay tuned as we continue to bring you updates from the ever-evolving crypto world!
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- The cryptocurrency market, mirroring a bearish sentiment, has witnessed a 22% drop from its peak in January, with a total market capitalization of $2.85 trillion.
- Even the memecoin market, a significant contributor to the crypto market cap, has followed this trend, with the presidential memecoin token, Official Trump [TRUMP], seeing a massive rally and plunging by 83%.
- However, despite this, the memecoin sector still holds a market cap of $53.04 billion, up 2.19% over the past 30 days.
- Bitcoin, contrastingly, has become the primary magnet for liquidity as the broader market weakens, with its market dominance standing at 59.1%, a 4.6% climb since the start of the year.
- As Bitcoin's dominance rises, memecoin dominance declines, confirming the ongoing shift in market preference.
- If you're interested in the latest on Ethereum or Dogecoin, you can find our articles insightful.
- To stay updated on the ever-evolving crypto market, including the latest on trading trends, financial analysis, and Mirza's investment strategies on TradingView, keep an eye on our articles and surveys like the one offering a chance to win $500 USDT Ethereum.
