The post Memecoins “Likely Dead for Now” – SHIB, PEPE, DOGE appeared on BitcoinEthereumNews.com.

Memecoin trading surged in early 2024 but collapsed after failed launches and insider scandals like the LIBRA controversy. Investors are shifting their focus to Bitcoin and Ether, while only a few strong meme coins may survive in the long term. The meme coin market saw substantial growth in early 2024 after US President Donald Trump introduced the TRUMP token to the market on January 18. The announcement triggered mass attention, producing unprecedented trading volume numbers across different platforms. However, the market has lost substantial enthusiasm because of numerous botched projects and rug pulls, which caused investors’ trust to evaporate. Bobby Ong, founder of CoinGecko, indicated that the TRUMP and MELANIA token launches served as the maximum point for memecoin popularity, which drained liquidity from the overall cryptocurrency industry. The token launchpad Pump.fun achieved $3.3 billion as its maximum weekly trading volume throughout this period. The “Libragate” controversy between token insiders who obtained significant profits from Libra (LIBRA) resulted in complete market inactivity. The metrics at Pump.fun indicate that newly made and graduated tokens fell by 90% from the February high. How Insider Profits Shook the Memecoin Market When the LIBRA token was launched with ties to Javier Milei, the Argentine President, CNF reported that major structural problems became evident within the memecoin market. Insider trading resulted in more than $107 million in profits before the LIBRA token value experienced a loss of 94% during its initial hours. The incident undermined all investor faith while proving that predatory launches occur when certain individuals benefit at stakeholder expense. Source The memecoin market tended to experience seasonal patterns previously, but the LIBRA controversy dramatically slowed up its deterioration process. Memecoins reached their peak market capitalization of $124 billion on December 5, but it declined to $54 billion based on CoinMarketCap statistics. Traders on Pump.fun…

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Filed under: News - @ March 8, 2025 7:21 am