CryptoQuant CEO Declares Meme Coins “Dead,” but Many Still See Rebound Potential

CryptoQuant CEO Ki Young Ju declared meme coin markets "dead" following on-chain data showing meme coin dominance in altcoin markets has fallen to multi-month lows, hitting 0.034, matching February 2024 levels. Leading meme tokens have seen significant losses, with Dogecoin (DOGE) down 66.3% and Shiba Inu (SHIB) down 71.3%. Analysts attribute this decline to factors like the proliferation of ultra-cheap launches on platforms like Pump.fun, which research suggests are rife with pump-and-dump schemes, eroding community trust. Furthermore, the sector is seen as overcrowded, with participation often being speculative extraction rather than investment. Despite this pessimism, some commentators remain bullish, viewing the dominance drop as a potential bottoming signal and arguing that meme coins are crucial drivers of crypto attention and volume, predicting they will lead the next bull run.

(Source：BeInCrypto)