Summary
- Meme coin market capitalization has decreased by 56% since December last year.
- Anmol Singh, co-founder of Zetamarkets, stated that the increase in meme coin issuance by celebrities has negatively impacted the market.
- The meme coin market is likely to consolidate around major meme coins, with global economic uncertainty and lack of regulation also having an impact.
Meme coin market capitalization has plummeted by about 56% since December.
On the 5th (local time), CoinTelegraph reported, "Meme coins have given back all gains made after Trump's election," adding, "Meme coin market cap has fallen by more than 50% since December last year." According to CoinMarketCap data, the meme coin market cap as of the 5th stands at $54 billion, a 56% decrease compared to December 5th last year ($124 billion).
Anmol Singh, co-founder of Zetamarkets, cited the increase in meme coin issuance by celebrities as the main cause of the meme coin market crash. He stated, "Celebrities and their insiders issuing and dumping meme coins has shaken market confidence," adding, "The meme coin market is likely to consolidate around major meme coins in the future." He further explained that global economic uncertainty and the lack of meme coin regulation also contributed to the decline.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
