news 
Week in Memes: Market Bloodbath and New Developments Shake the Meme Coin Space
The past week has been a wild ride for the meme coin market, with the price of Bitcoin (BTC) and Ethereum (ETH) plummeting by 18%. As a result, the entire market dropped to $47 billion. Amidst this chaos, we saw some notable events unfold.
Firstly, it’s essential to acknowledge the significant decline in many leading meme tokens. POPCAT took the largest hit, dropping by 32.5%, followed closely by PENGU (-31.2%) and WIF (-29.2%). FART and SPX also suffered substantial losses of -28.6% and -25.3%, respectively. The market’s overall sentiment is quite bearish at this point.
Despite the turbulent times, some platforms are pushing forward with innovative ideas. Pump(.)fun has launched PumpFi, an undercollateralized lending product that allows users to pay only a third upfront, followed by repayment over 60 days. While this might seem like a bold move, it also raises concerns due to its lack of credit checks and the potential risks involved.
Another notable development is the acquisition of Howkingtech by 9GAG, a popular meme-sharing platform. The $10.2 million deal marks a significant shift in 9GAG’s strategy as it prepares to pivot into the world of meme coins and related businesses under its new arm, MemeStrategy. In an unexpected twist, MemeStrategy has issued guidelines stating that serving or investing in meme coins is now acceptable.
In conclusion, this tumultuous week has demonstrated the incredible volatility that still plagues the meme coin market. While we’re seeing some significant advancements on various platforms, it’s crucial for investors to remain vigilant and pay attention to both technological breakthroughs and broader external forces shaping the sector.
Source: https://nulltx.com/week-in-memes-market-bloodbath-and-new-developments-shake-the-meme-coin-space/
