- The memecoin sector has declined 25.52% in the last 30 days.
- Celebrity meme token shillings drew market attention to the sector in May.
The memecoin sector received the market spotlight in May 2024. The tokens’ activity ranked the highest in the overall monthly analysis. This activity surge was priced in by the memecoin tokens causing notable waves in the overall market.
However, the rally has recently died down as highlighted by downward prices and market hype movements. This has caused community members to speculate an approaching end of the memecoin season.
Memecoin dominance in alt markets is declining.
— Ki Young Ju (@ki_young_ju) June 19, 2024
CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago.
Pack it up lads, it’s over. pic.twitter.com/H5d81mRIJB
Secondly, according to Dune Analytics data, the 30-day relative strength for memecoins indicates a lagging signal. The platform shows that the tokens have suffered a price decline of 25.52% in the past month. Moreover, the recent issuance of new memecoins by famed personalities has also lost pace.
Notably, the frog-based memecoin Pepe hit its new ATH towards the end of the month. Additionally, it flipped positions with Dogwifhat (WIF) reclaiming its position as the third largest memecoin.
Furthermore, PEPE also caused significant waves in the altcoin sector by flipping Uniswap (UNI) and Polygon (MATIC) in market cap. On the contrary, the past week recorded a price dip of 8.69% in the token.
Other leading memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also shown price declines in the past week. DOGE recorded a 12.72% weekly decline while SHIB dropped 14.02% over the week, according to CMC data.
Has the Celebrity Memecoin Mania Quietened Down?
Within the stratum of celebrity memecoin shillings, the beginning of June witnessed ‘rug pull’ incidents in some of the tokens. Particularly, retired pro-boxer Hulk Hogan’s Twitter account was hacked and saw the launch of a memecoin. The token surged in price at launch before plummeting and causing notable losses to buyers.
Additionally, the presidential candidate Donald Trump has inspired multiple meme tokens which also enhanced the memecoin season. The market witnessed the launch of over a hundred Trump-based tokens. However, recently one of the coins believed to be issued by the Presidential candidate was later discovered to be issued under another individual.
Following this, there has been an ensuing silence in activity thus leading to a drive in market attention to the sector. The lack of activity suggests a slowdown in the allure that surrounded the sector in the recent past.
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