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Meme Coin Meltdown: Crypto Community Turns Against Speculative Tokens
The crypto community has begun to turn against meme coins following a string of high-profile scandals and scams involving some of these speculative tokens. As highly speculative meme coins continue their inevitable plunge, prominent figures in the industry have been weighing in on the matter.
Coinbase CEO Brian Armstrong recently expressed his concerns over the recent developments, stating that “some meme coins have clearly gone too far lately, to the extent people are insider trading.” He emphasized that such practices are illegal and will result in serious consequences. Armstrong also acknowledged the origins of meme coins, dating back to Dogecoin’s inception, but warned that these tokens have taken a turn for the worse.
Other notable figures in the industry have echoed Armstrong’s sentiments. Nic Carter, a Bitcoin enthusiast, went as far as calling meme coins “cooked.” He contended that they were created with no real purpose beyond their initial launch mechanism, which was marketed as a fair and inclusive way to distribute tokens. However, this premise has been exposed as a lie, leaving many investors feeling betrayed.
Hayden Adams, founder of Uniswap, also weighed in on the matter, stating that the financial nihilists who advocated for meme coins having better fundamentals than tokens with real projects behind them were clearly mistaken. His remarks align with those made by Armstrong and Carter, emphasizing that such speculative tokens have no value and are only held onto due to hype.
As a result of these scandals and losses, the crypto community has begun to shun meme coins. Market capitalization for these speculative tokens has plummeted, with the top five memes by market cap all experiencing significant losses from their all-time highs. Dogecoin (DOGE) is down 65%, Shiba Inu (SHIB) has lost 82%, PEPE has tanked by 66%, TRUMP has fallen by a staggering 77%, and BONK and FLOKI have both plummeted 73% from their peak prices.
The Solana network, which has been the go-to platform for minting and trading meme coins, has also felt the brunt of this downturn. SOL has retreated back to October price levels and lost over 40% in a mere month as the meme coin mania dissipates.
As the market continues to correct itself, it is clear that the tide has turned against speculative tokens. Prominent industry figures have come forward to express their concerns about these types of investments, and investors are reevaluating their portfolios accordingly.
Source: cryptopotato.com
