These are stats from pump.fun, the platform where most memecoins are launched. Millions of memecoins were getting launched every month!
These stats only compare last month and this month but we can see some progress - reduction in the amount of memecoins being launched.
In case you are wondering what graduating means, it's supposed to mean the memecoin has gotten a good following and it is not just an experimental coin but now a bona fide coin with a solid base and probably usecase.
But on pump.fun it mostly means reaching around $69k market cap. (For a perfect explanation of the threshold requirement learn about bonding curve here.)
In this post I talked about and showed the stats about how most memecoin trading wallets are running losses and the winners are only a small percentage. Things like these are the reasons why the memecoin trend is waning.
It's good to see this decline, because memecoins have been giving crypto a bad name. Wven though crypto has volatility and a gambling aspect that wasn't the core of crypto, memecoins just came and made volatility/gambling it's core.
Also, it is certain that a lot of the investments that would have gone to meaningful projects and bring on a bigger bull market for Bitcoin and Alts have gone into the gambling in the memecoin space. This is quite sad.
It's still uncertain whether memecoins would completely die out, but further decline would be good. This reduction in the number of memecoins launched was good news that I had to savour more by sharing 🙂.
The End
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