- 99% of meme cash have crashed, exposing the house as one other pump-and-dump playground fairly than a sustainable market.
- Even top-performing meme cash are struggling, with hope fading for the few that when appeared like exceptions.
- The meme coin hype cycle could also be ending, as merchants understand most tasks have been constructed on hypothesis, not substance.
The memecoin craze that was alleged to dominate this cycle has turned out to be simply one other playground for pump-and-dump schemes. 99% of those tokens have crashed and burned, leaving solely a handful that when felt like they could possibly be the exception. And even that final glimmer of hope is trying shaky. Allow us to get into it.
What’s Poppin?
Memecoins are tanking alongside the market, and a few of the most hyped ones—those we thought had unshakable, nearly spiritual followings—are crumbling too, particularly SPX6900 ($SPX) on Ethereum. It was backed by a military of believers, however recently, that zeal is fading quick. The momentum is gone, and it feels just like the group is dropping religion.
Value Actions
Proper now, $SPX is sitting at $0.30 with a market cap of $279.2 million. It has had a ridiculous 3,150% achieve over the previous yr, making it one of many prime meme performs within the house. However after hitting an all-time excessive of $1.77, it has been in a freefall, bleeding out to the place it’s now.
Credit score: CoinGecko
Market Sentiment
Market sentiment stays blended. Some die-hard holders are nonetheless clinging to their baggage, satisfied $SPX is simply in a brief hunch and can make a giant comeback. Main that cost is Murad, a widely known memecoin advocate, who stays insanely bullish.
However, not everyone seems to be shopping for it. Critics—together with large names like Beeple—are brazenly questioning the narrative. The concept of a 3,000x transfer from right here is being dismissed as pure fantasy. All of this goes to indicate that the group, as soon as unstoppable, has been trying tough recently.
Future Outlook
General, from the skin, it seems grim. However zoom out, and $SPX continues to be one of many best-performing meme cash of the previous yr. If market circumstances shift, there’s at all times an opportunity for a reversal.