Meme Coin Frenzy Fizzles as Lesser-Known Tokens Outperform DOGE and SHIB

Meme coins have been one of the most popular narratives in the first two quarters of 2024. However, there has been a significant cooling

Meme coins have enjoyed immense popularity during the first two quarters of 2024, capturing the attention of both retail traders and crypto enthusiasts alike. However, recent market trends indicate a cooling-off period following the intense activity earlier this year.

According to IntoTheBlock's latest analysis, the enthusiasm surrounding meme coins has waned significantly, with only a handful of tokens experiencing positive price movements over the past 30 days.

Among the lesser-known meme coins that have shown gains are doginme (18%), Kimbo (16.97%), Turbo (15.70%), Dogelon Mars (11.57%), and Coq Inu (10.1%).

Meanwhile, the original meme coin, Dogecoin (DOGE), has seen a modest decline of 2.6% over the past month, while Shiba Inu (SHIB) is down by almost 8%. PEPE also joins the ranks of those experiencing losses during this period.

This shift, as highlighted by IntoTheBlock, marks a period of consolidation or decreased interest in speculative meme coin investments. It also begs the question of whether the market will witness another wave of explosive price movements in the meme coin sector.

"Following the peak of meme coin-spring, the meme coin frenzy has significantly diminished. Over the past 30 days, only a handful of meme coins have shown positive price action. Do you think we'll see another wave of explosive price moves?"

As the year progressed, the Solana blockchain became a hotspot for meme coin creations, especially tokens themed around celebrities. With the market recovering, crypto investors witnessed a surge in these launches. However, recent statistics paint a grim picture.

On average, celebrity-backed meme coins on the Layer 1 blockchain have seen a drastic decline of 94% within the first month after their launch. Around 50% of these tokens, on average, have lost a staggering 99% of their value from their peak prices.

This stark drop highlights the speculative nature of this particular asset class, especially those that heavily rely on celebrity endorsements for investment.

In a recent example, uncovered by prominent on-chain sleuth ZachXBT, the convicted UK hacker Gurvinder Bhangu was linked to the hacks of the X accounts of Sydney Sweeney and Bob Odenkirk. These accounts were then used to promote Solana-based tokens, SWEENEY and SAUL, in pump-and-dump schemes.

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