The post How memecoins impacted crypto last quarter: Grayscale appeared on BitcoinEthereumNews.com.

This is a segment from the Empire newsletter. To read full editions, subscribe. So no one’s surprised that the first quarter of the year wasn’t exactly a stellar one, right?  (If it makes you feel better, tech stocks also sank, according to Grayscale’s Research Insights.) Overall, the crypto sector’s price index fell 18% during the quarter, which ended on March 21.  Source: All charts from Grayscale If you break it up by segments, “Consumer & Culture” had it bad. Some memecoins — like DOGE — were included in this segment, which helps explain the dramatic decline.  A look at Solana active users That’s also the case for smart contract platforms, because Solana’s pretty popular with the memes. But despite the slowdown, Solana still managed to generate roughly half of the estimated total fees for the segment ($390 million) last quarter.  If folks continue to lose interest in memecoins throughout this quarter, then — as Lightspeed’s Jack Kubinec noted earlier this week — “Solana’s validators, stakers and probably even token holders are in for some harder days ahead.” The flipside is that it perhaps allows for some expectation resets and, if we’re going to stay narrative-driven, then maybe a new interest can take the place of memecoins. Or perhaps it has already, given the fresh conversations around stablecoins and RWAs.  Grayscale’s Research team even noted that, for the current quarter, they’re focused on tokens tied to RWAs and DePIN. Funny that. Specifically, they’re looking at Maple and Geodnet. Both should be familiar to our readers, given that Geodnet is one that Ryan Connor of Blockworks Research previously told Empire readers to watch, and we talked about bitcoin margin loans with Maple CEO Sid Powell a few months back.  On the other hand, despite the negativity last quarter, bitcoin network activity measures…

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Filed under: News - @ March 27, 2025 2:25 pm