Memecoin activity flourished after the launch of US President Donald Trump’s TRUMP memecoin on Jan. 18, but fell off after “Libragate.”
Enthusiasm for memecoins appears to have cooled after a series of bad launches and rug pulls killing off investor interest, according to CoinGecko founder Bobby Ong.
Metrics for token launchpad Pump.fun immediately plummeted following the Libra (LIBRA) rug, Ong said in a March 6 report, with newly created tokens and daily graduated tokens on the platform falling over 90% since their February peak.
The memecoin market has taken a serious hit following the Libra launch. Source: CoinGecko
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