The founder of the cryptocurrency information platform CoinGecko, Bobby Ong, stated that a series of failed token launches and rug pull incidents have led investors to lose interest in memecoins. “Memecoins have indeed fallen out of favor at the moment,” he remarked, but those “higher quality” coins capable of capturing user attention have the opportunity to survive in the market.
In a report released on March 6, Ong pointed out that following the LIBRA incident related to the President of Argentina, the relevant metrics of the token launch platform Pump.fun saw a significant decline. The number of new tokens created on the platform and the daily graduation (meeting the criteria to be listed on exchanges) of tokens has dropped by over 90% since its peak in February. The report stated:
Despite this, Ong believes that memecoins are inherently “seasonal,” with their popularity fluctuating over time. However, this also means that those memecoins capable of surviving across cycles and continuing to develop are extremely rare. He noted that memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and BONK “have withstood the test of market cycles, providing valuable lessons for creators of memecoins who aim to build long-term assets.”
Reflecting on KOL Murad’s speech about the supercycle of memecoins at the TOKEN2049 conference last September, Ong stated that the most successful memecoins can establish cult-like communities, filled with passion for a certain idea, who do not sell and continuously create content and stories. Ong further wrote:
Ong speculated that the memecoin market may trend towards “extreme power law,” where 99.99% will fail, and only a very few will stand out. Data source:
Ethereum’s Two Testnets Pectra Encounter Obstacles, Delaying Mainnet Upgrade Progress
According to a report by CoinDesk, Ethereum developers did not finalize the timeline for t…