Meme Coin Market Heats Up As New Platforms Emerge
CryptoNewsTerminal Staff11 Sep, 2024
Meme Coin Market Heats Up As New Platforms Emerge
Meme Coin Market Becoming Increasingly Competitive Due to Popularity of Issuance Platforms Like Pump.fun The meme coin market is becoming increasingly competitive as new platforms like Pump.fun and BaseJump emerge, making it easier than ever to launch new coins. According to Cointelegraph, the popularity of Pump.fun has made it trendy to look for new meme coin gems, but it's only viable for a certain type of degenerate trader. Data scientist at blockchain analytics firm Flipside Crypto, Carlos Mercado, noted that the lifespan of tokens launched through meme coin platforms is mostly 24 hours. The successful 1% of meme coins tend to last around two to six days. Evan Luthra, founder of NFT project CasaNFT, stated that meme coins are sucking the life out of the crypto market in a bull run. The vast majority are pump-and-dump scams with no intrinsic value. Slava Demchuk, CEO of blockchain forensics firm AMLBot, opined that meme coins have probably absorbed a lot of the froth in the bull market and they've become a victim of their own success as a lot of pump-and-dump scams have drained into them. That's why there's no liquidity in the altcoin market.
